Changing Corporate Governance Practices in China and Japan : Adaptations of Anglo-American Practices

A Timely Evaluation Of Rapidly Globalizing Governance Mechanisms In China And Japan. This Book Looks At How Corporate Governance Practices In These Countries Are Adapting To Anglo-american Practices, But Argues That These Adaptations Are Selective, And Both Countries Continue To Retain Their Own Local Corporate Governance Practices In Some Areas. Edited By Masao Nakamura. Facing rapid globalization, it became evident that the traditional Chinese corporate governance mechanisms, which were heavily influenced by European and Japanese counterparts, had become obsolete. More transparent corporate governance mechanisms must be adopted to support China's continuing economic growth. In Japan, to public criticism that its bank-based corporate governance practices were responsible for the prolonged recession in the 1990s, the Japanese government and corporations undertook massive reforms of corporate governance mechanisms. In China and Japan, the focal point of the reforms, which have continued in the 2000s, has been the transplantation of Anglo-American corporate governance practices. However, because of institutional realities, local business practices, cultural differences and the history of corporate governance in these countries, China and Japan cannot implement Anglo-American mechanisms as instituted, for example, in the United States. With contributions from well-known academics from China, Japan and North America, this book discusses issues associated with the transplantation efforts and the selective adaptations that have taken place in corporate governance practices in China and Japan Front Matter....Pages i-xiv Introduction....Pages 1-11 Front Matter....Pages 13-13 The Two Models of Corporate Governance and the Institutional Reform of Chinese Enterprise....Pages 15-28 How to Prevent China’s Listed Companies from Making Misstatements....Pages 29-51 Issues in the Protection of Minority Shareholders’ Rights and Interests under China’s Company Law....Pages 52-62 An Economic Perspective on Recent Corporate Governance Developments in China with Comments on Chapters by Yang, Gu and Wang....Pages 63-86 The “Grabbing Hand” and Corporate Governance in China....Pages 87-112 Corporate Governance Practices in Post-Bubble Japan: Adapting to the Globalizing Economies of the Twenty-First Century....Pages 113-152 Understanding the M&A Wave in Japan: What Drives Japanese M&As?....Pages 153-182 Front Matter....Pages 183-183 The Strange Role of Independent Directors in a Two-Tier Board Structure in China’s Listed Companies....Pages 185-205 Low Structure, High Ambiguity: Selective Adaptation of International Norms of Corporate Governance Mechanisms in China....Pages 206-234 Selective Adaptation of Anglo-American Corporate Governance Practices in Japan....Pages 235-278 Back Matter....Pages 279-290 "Facing rapid globalization, it became evident that the traditional Chinese corporate governance mechanisms, which were heavily influenced by European and Japanese counterparts, had become obsolete. More transparent corporate governance mechanisms must be adopted to support China's continuing economic growth. In Japan, to public criticism that its bank-based corporate governance practices were responsible for the prolonged recession in the 1990s, the Japanese government and corporations undertook massive reforms of corporate governance mechanisms." "With contributions from well-known academics from China, Japan and North America, this book discusses issues associated with the transplantation efforts and the selective adaptations that have taken place in corporate governance practices in China and Japan."--BOOK JACKET