Reforming corporate governance and employment relations
Reforming corporate governance and employment relations
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发表时间:
2005
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通讯作者:
Hiroshi Osano;Mami Kobayashi
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文献类型:
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作者:
Hiroshi Osano;Mami Kobayashi
Before discussing the impact that reform of corporate governance has on company-employee relations it is necessary to clarify the goal of corporate governance. When considering this question, the mass media and others unseriously place emphasis on the interests of shareholders, while some academics, equally ir responsibly, stress the importance of stakeholders and are dismissive of the interests of shareholders. The latter assertion gains persuasive power when remembering the argument that excessive importance placed on shareholders triggered a recent series of accounting scandals in the U.S. However, importance placed on shareholders is less inconsistent with the long-term interests of other stakeholders, and also increases the transparency of its function as a benchmark of corporate governance. Hence, this article attached long-term importance to shareholders’ interests as a benchmark in determining the long-term aims of corporate governance. This article, while noting possible future directions for corporate governance in reaction to ongoing external changes, aims to clarify which company-employee relationship is compatible with such changes. As a first step in preparing for the discussion, significant changes in external conditions faced by the Japanese economy are noted, including the transformation of the financial system consequent to changes in the nature of the main bank system and the unwinding of cross-shareholdings; the transformation of production technology and organization following the evolution of module and openness methods; demographic changes, mainly fewer young people and an increase in the elderly population; changes in the quality of workers as symbolized by educational problems; intensifying international competition; and frequent corporate scandals.