Integrative Empirical Study of Corporate Governance in Japanese Big Companies : Interdisciplinary approach of institutional and management theories

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First, we did an intensive review of prior studies, undertook series of interviews with business management and, thereby, constructed a conceptual framework which considers (1) the structure of business goals and outcome distributions ; (2) the traditional structure of corporate governance by different stakeholders ; (3) the structure of inter-corporate governance, such as corporate groups and mutual stockholding ; and (4) the structure of external sensivity to investors, customers, and communities.Then, we sent a questionnaire survey to the listed companies, attempted to statistically analyze the collected data and, furthermore, thoroughly studied two representative companies' cases based on their unique corporate governance structures.The major findings revealed that : (1) along with today's rapid environmental changes, the goals and outcome distribution structure of Japanese big companies have been changing considerably. In addition, traditional inter-corporate relations, such as corporate groups, keiretsu and mutual stockholding also have been evolving and changing ; (2) there have been some changes in different stakeholders' influences on business management. E.g., labor unions and industrial associations' influences have been decreasing, customers' influences have been increasing, banks' influences have been decreasing ; (3) management monitoring and control by external bodies, such as institutional investors will increase ; and, finally, (4) traditional Japanese corporate governance will evolve and change gradually along with the corporate operations' borderlessness and globalization and, thus, it will be orientated to a global standard management or an open corporate governance structure.