Innovations in corporate governance system as a necessary improvements of capital market in Japan
Innovations in corporate governance system as a necessary improvements of capital market in Japan

Summary/Abstract: The Japanese economy and corporate governance system is based on culture, so the most important rules are loyalty, obedience and avoiding rush when solving problems. In the conditions of the globalised economy, those rules are not enough to establish and hold competitiveness for Japanese companies and the whole economy. The tradition of making connection between the environment of business and politics, also not employing foreign managers and hiding negative information from investors is the main cause of problems and loss of trustworthiness experienced by many famous Japanese companies: Olympus, TEPCO and Toyota. Improving the system of corporate governance in Japan is the basic change to achieve as the next step in the development of the Japanese capital market. There are some suggestions of improvements, but they are insufficient in the case of the reluctance of government agencies and social opposition.

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