What is it about?
As the Japanese economy languished and foreign share ownership increased in the 1990s, government and industry leaders called for a shift toward U.S.-style capitalism. They wanted companies to cater more to shareholders and less to "stakeholders," such as workers, business partners, and the local community. Ultimately, however, they reformed Japanese corporate governance more in form than in practice.
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Why is it important?
This article addresses one of the most central questions about contemporary capitalism: Can international shareholders force national governments and domestic companies to cater to them? The article finds that international shareholders exert considerable pressure on domestic institutions, yet governments and firms retain leeway in how they respond to these pressures.
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This page is a summary of: Japan’s Ambivalent Pursuit of Shareholder Capitalism, Politics & Society, February 2019, SAGE Publications,
DOI: 10.1177/0032329218825160.
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