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2 results

  • 12 - Corporate Governance Reforms under Abenomics

  • from Part IV - Third Arrow of Abenomics
  • Edited by Takeo Hoshi, University of Tokyo, Phillip Y. Lipscy, University of Toronto
  • Book:
    The Political Economy of the Abe Government and Abenomics Reforms
    Published online:
    05 February 2021
    Print publication:
    25 February 2021, pp 357-393

  • Summary

    Corporate governance reform was one of the central issues in the “third arrow” of the Abe administration’s economic revival program. The Japanese Stewardship Code was introduced in 2014, followed by the Corporate Governance Code in 2015. This chapter quantifies how the reform changed the corporate governance of Japanese firms. Firstly, we examine the changes in institutional ownership, cross-holdings, and board structure following the reforms. Then we study whether changes in ownership structure and board structure affect the firm behavior and performance. We find that the introduction of the Stewardship Code is associated with more institutional ownership, especially in mid-sized firms. Firms with few outside directs increase the number of outside directors to follow the Corporate Governance Code. However, the increase in institutional ownership and outside directors do not promote risk-taking behavior and improve firm performance.

  • On the Use of FTAs by Japanese Firms: Further Evidence

  • Katsuhide Takahashi, Shujiro Urata
  • Journal:
    Business and Politics / Volume 12 / Issue 1 / April 2010
    Published online by Cambridge University Press:
    20 January 2017, pp. 1-15

  • The paper examines the use of free trade agreements (FTAs) by Japanese firms. The FTAs analyzed include Japan's FTAs with Mexico, Malaysia and Chile. Based on 1,688 responses to a questionnaire survey conducted in 2008, the study finds that the utilization rate of FTAs ranges between 32.9% (Japan-Mexico FTA) and 12.2% (Japan-Malaysia FTA). The survey results and the statistical analysis of the determinants of the use of FTAs reveal obstacles to using FTAs that include difficulty in obtaining the certificate of origin that is required to use the FTA, lack of knowledge of FTAs, and the small FTA tariff preference that is the difference between the most-favored-nation (MFN) and FTA tariff rates.