일본 코포리트 거버넌스(corporate governance)의 실태에 관한 고찰

The top managers of post-war Japanese companies have usually been free from responsibility for business failure thanks to mutual stock retaining among affiliated companies and the separation of ownership and management. However, recent amendments to the Commercial Code and business reform enhance and strengthen the corporate governance of Japanese companies. Specially, new changes in corporate governance structure of Japanese companies including a set of amendments to the Commercial Code and the Audit Special Exceptions Law provide stockholders to strengthen their rights largely. Nonetheless, it seems that monitoring from insiders including boards of directors and auditors or from outsiders such as acquisition is not active.* 영문저자설명 This study makes clear that Japanese companies still emphasize cross-retaining of stocks of affiliated companies, information exchange, and cooperative relationships with banks. Further, the basic concept of peculiar Japanese ownership structure through mutual stock retaining and employee-centered mind limit in fully adopting American style corporate governance.