A Comparative Study on the effectiveness and Limitations of Corporate Governance in Japan, United States, UK, Germany and France
| Project/Area Number |
17530296
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Business administration
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| Research Institution | The Open University of Japan |
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Principal Investigator |
YOSHIMORI Masaru The Open University of Japan, School of Liberal Arts, Professor (20182834)
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| Project Period (FY) |
2005 – 2007
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| Project Status |
Completed (Fiscal Year 2007)
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| Budget Amount *help |
¥3,600,000 (Direct Cost: ¥3,300,000、Indirect Cost: ¥300,000)
Fiscal Year 2007: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2006: ¥1,000,000 (Direct Cost: ¥1,000,000)
Fiscal Year 2005: ¥1,300,000 (Direct Cost: ¥1,300,000)
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| Keywords | Corporate Governance / shareholder primacy / Corporate Philosophy / Corporate Ethics / Corporate Culture / Corporate Strategy / Corporate Performance / Comparison Japan, USA, UK, Germany, France / 主権者 / 利害関係者 / 顧客満足度の極大化 / 手段としての従業員 / 目的としての従業員 / 米英企業統治の限界 / コーポレート・カバナンス / エージェンシー理論 / 株主至上主義 / 中心的利害関係者 / 経営者機能 / トヨタ / キヤノン / 取締役会 / 社外取締役 / ゼロックス / 株主構造 / 終身雇用 |
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| Research Abstract |
The first aim of the study has been achieved by proving that corporate governance may be a necessary condition for long-term corporate performance but not a sufficient condition. Two typical Japanese sample firms, Toyota and Canon, have no outside directors but are superior in nearly all key performance indicators to their respective rival US firms of GM and Xerox. Foreign investors maintain considerable shareholdings in the said Japanese companies Available evidence also indicates that the Japanese firms that have adopted the optional Board Structure with the three Committees show lower performance records compared with those with the traditional Board structure. This shows that corporate governance alone does not lead to higher results. In the United States, firms that put a premium on customer satisfaction by assuring employee welfare have also shown higher performance. Such firms are Johnson & Johnson, Southwest Airlines in the US, John Lewis in the UK, Bertelsmann in Germany to cite only a few cases.
The second objective of the research was to prove the hypothesis that other factors : value, culture, ethics and strategy play equally important roles in the sustainable performance. This has also been born out by firms with outstanding performance in Japan, US, UK, Germany and France including the said companies including those indicated above.
In conclusion firms that emphasize shareholder primacy do not seem to deliver higher long-term records. In the worst case, excessive emphasis on shareholder wealth may end up in serious economic debacles such as sub prime or Enron incidents.
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Report
(4 results)
Research Products
(30 results)
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[Book] 企業戦略と企業文化2008
Author(s)
吉森 賢
Total Pages
256
Publisher
放送大学教育振興会
Description
「研究成果報告書概要(和文)」より
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[Book] 企業統治と企業倫理2007
Author(s)
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Total Pages
220
Publisher
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Description
「研究成果報告書概要(和文)」より
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