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

首先，我们对以前的研究进行了深入的回顾，并对企业管理层进行了一系列访谈，从而构建了一个概念性框架，该框架考虑了(1)企业目标和结果分布的结构；(2)不同利益相关者的传统公司治理结构；(3)公司间治理结构，如公司集团和相互持股；然后，我们对上市公司进行了问卷调查，试图对收集到的数据进行统计分析，并根据两家具有代表性的公司的独特的公司治理结构对其进行了深入的研究。主要发现：(1)随着当今环境的快速变化，日本大公司的目标和结果分配结构发生了很大的变化。此外，传统的企业间关系，如企业集团、集团公司、相互持股等也在不断演变和变化；(2)不同利益相关者对企业管理的影响发生了一些变化。例如，工会和行业协会的影响力在下降，客户的影响力在上升，银行的影响力在下降；(3)机构投资者等外部主体的管理监督和控制将增加；(4)日本传统的公司治理将随着公司运营的无边化和全球化而逐渐演变和变化，从而定位于全球标准的管理或开放的公司治理结构。

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.