changes in japanese corporate governance.pdfVIP

144 Finance – Challenges of the Future CHANGES IN JAPANESE CORPORATE GOVERNANCE Lect. Ioan Alin NISTOR, PhD “Babeş – Bolyai” University, Cluj – Napoca 1. Introduction financial transactions and supplying loans. Corporations held shares of their Corporate governance systems suppliers and buyers. These vary around the world. These differences interconnected and complementary sets result from different legal systems, of relationships supported the systems of corporate finance and fundamental attributes of the corporate corporate ownership as well as divergent Japanese system. norms around the firm’s responsibilities Foreign portfolio investors, on to its various stakeholders. (Dore 2000). the other hand, had very different While much research has considered interests. They stood apart from the how these differences originated and why Japanese corporate relational system they persist (Hall and Soskice 2001, and had less interest in ongoing business Jackson 2002), less research has relationships with Japanese firms. These considered what happens when different foreign portfolio investors were familiar systems of corporate governance come with the shareholders movements from into direct contact. These different USA and Europe. systems of corporate governance came into direct contact in Japan. Perhaps the 2. Trends in foreign investment in latest example would be the acqu