Principles and Agents : CalPERS and Corporate Governance in Japan

  title={Principles and Agents : CalPERS and Corporate Governance in Japan},
  author={Rakesh Khurana and Kuny Kobayaschi and Takashi Miki and Curtis Milhaupt and Keiju Minatani and Vic Murai},
Japan’s corporate governance system differentiates it from other “varieties of capitalism”. Key features of that system – insider boards, cross-holding and main banks – are based on two assumptions: first, that incumbent executives can be trusted to do their best and need only be removed in emergency situations; and second, that the responsibility of senior executives is to maximise the long-term value of the enterprise by balancing stakeholder interests. Stakeholders include shareowners… CONTINUE READING

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