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タイトル: Corporate governance reforms and labor and employment relationsin Japan : whither Japan’s practice-dependent stakeholder model?
著者: Araki, Takashi
著者(別言語): 荒木, 尚志
発行日: 2004年3月31日
出版者: The Graduate Schools for Law and Politics, The University of Tokyo
掲載誌情報: University of Tokyo Journal of Law and Politics. 1, 2004.3, pp. 45-86
抄録: Analyzing features of share ownership, management and employment relations in Japan, this article characterizes the traditional Japanese corporate governance system as an employee-centered stakeholder model which relies heavily on practices. The main pillars that have sustained the Japanese stakeholder model have been:cross-shareholdings and long-term shareholding, internal promotion of management and acceptance of dual-function directors onto the management board,long-term employment, and voluntarily established forums for labor-management consultation. The article then examines recent changes that might affect the traditional governance model. As for the structural changes in shareholders and its influence, the effects of the dissolution of cross-shareholdings, increasing foreign investment, the revision of corporate laws to facilitate shareholders representative suits and reduced importance of banks are examined.Drastic revisions to corporate law that have given large companies the option of adopting a US-type corporate governance system utilizing outside directors might change the nature of the management.The employment system is also experiencing transformation. In the last decade, Japan repeatedly achieved worst-ever unemployment figures. Lateral mobility has increased and the state’s labor market policy has tilted toward the activation of the external labor market.Stable regular employment has gradually shrunk and currently non-regular and contingent workers account for 30%of all workers. In spite of changes surrounding corporate governance, this article confirms that there are countertrends and countermeasures against the one-sided progress towards the shareholder value model.It also examines recent survey results proving that the stakeholder model is still supported widely in Japanese society. These examinations lead the author to the view that the reconsideration of current corporate governance is realignment of the order of priority of various stakeholders’interests occurring within the stakeholder framework,and that stakeholder model in Japan is not likely to completely convert into the shareholder value model at least for the time being.
URI: http://hdl.handle.net/2261/56960
ISSN: 13490672
出現カテゴリ:013 社会科学
1101010 学術雑誌論文

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