bank-based and market-based systems sets the cornerstone for system convergence, followed by the discussion on bad …-debt problems, managerial group entrenchments, unclear monitoring relationships and recent mergers and acquisitions waves. Following … La Porta et al. (1998) legal system comparison methodology we conclude that Japan has a good legal framework, but norms …

two systems have relied on case studies of Germany, Japan, the United Kingdom, and the United States, countries with …

Corporate governance in Japan is now undergoing dramatic changes. A set of global standards for corporate governance … what type of corporate governance should be adopted as their own. What we need in Japan is a new type of corporate …. This idea can only be achieved through a high degree of measurement, monitoring, and motivation. …

approached the issue of business unit governance by measuring the degree of decentralization and the intensity of monitoring, and … personnel decision‐making. However, the complementarity of decentralization and monitoring was not observed for subsidiaries …, whereas it was for in‐house business units. Subsidiary monitoring corresponding to decentralization was inadequate. Examining …