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Comparison between Japanese and American management style
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In our study of corporate governance and its impact on the overall economic and business environment, we have considered the example of Japanese Corporate governance and have compared it with other systems. We will study the comparative performances of the companies working in the Japanese system of corporate governance and the organizations working in other systems of corporate governance, primarily that of the United States. We have discussed the concept of corporate governance as well as management practices in detail and have tried to identify the difficulties and the barriers the company’s usually face while following a specific system of corporate governance. The detailed description of the corporate governance concept is primarily derived from the works of several management experts. We have considered the most commonly used concept of corporate governance in our study and have accordingly proposed the solutions to the problems that the companies usually face while adopting a certain system of management. In the next chapter we will discuss the issue of corporate governance in relation to the example that we have considered in the beginning of our study. Instruments: The literature review will be helpful in obtaining certain useful information relating to the study. This information will include: the history of the Japanese business organizations, their management practices, their decision making procedures, their business philosophies and other issues related to their system of corporate governance. In addition to this, the organizational performance of Japanese business entities, as compared to other organizations will be studied. The information thus obtained will be used to identify the effects of Japanese system of co...
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...xposed to several limitations. First, it will not be possible for the researchers to conduct the study at an extensive level because of time and cost restrictions. Therefore, some specific areas will have to be defined for this purpose. Moreover, there is a possibility that all the information gathered for the purpose of the study may not prove to be fully useful in reaching to a plausible conclusion. Implications: This study is expected to make considerable contribution towards the development of an effective system of corporate governance or for further enhancement of the existing system in order to bring further improvements in country’s economic performance. The results of this study will help the researchers in identifying the major problems concerned with the effective functioning of businesses and to develop effective strategies to deal with the problem.
Shivdasani, A., & Zenner, M. (2004). Best practices in corporate governance: What two decades of research reveals. Journal of applied corporate finance, 16(2/3), 29-41.
In the following paper I will be examining the process of economic development in Japan. I begin with their history in the Meiji period and how that effected their great success in the postwar development. Then I will go through the different economic stages of economic development in postwar Japan. I will examine the high periods and low period in Japan economics, and the factors behind these shifts in development. Last I will give a conclusion and where I believe Japan economy will be in the future.
Most American citizens remember December 7, 1941 and the significance that the incidents of that day had. The attack on Pearl Harbor was a shock to the United States of America and it engaged our country in the Second World War of that century (Pearl, 2009). Unfortunately, due to that incident, many Americans harbor many negative feelings and attitudes towards the country of Japan. While this is an understandable sentiment, it is unnecessary, because Japan is an influence on not on the United States but the entire world. Throughout this paper, we will look at the country of Japan as many have never viewed them before. Their actions of the past are just that, the past. Japan is a thriving and successful country within our environment and it is in our best interest to understand that country better. Japan, as a culture, is the
Bibliography: Turnbull, S. (1997). Corporate governance: its scope, concerns and theories. Corporate Governance: An International Review, 5 (4), pp. 180--205.
Corporate gorverance as a system are directed and controlld by companies. Initially, their board of directors should take responsible for the gorverance of companies, which include setting strategic aims of companies , guarantee an effective leadership, supervising the proformance of business management and reporting on it to shareholders. The board's action should comply with the law, regulations and shareholders. In addition, the shareholders also play an important role in gorverance and they have right to decide who can be employed as the companies' directors and auditors to provide good governance structure for them. Therefore, corporate goverance can be regarded as what the board of a company does and how it sets the values of the company.
This report gives the brief overview of the concept of corporate governance, its evolution and its significance in the corporate sector. The report highlights various key issues and concerns that are faced by the organizations while effectively implementing and promoting Corporate Governance.
Nottingham Trent University. (2013). Lecture 1 - An Introduction to Corporate Governance. Available: https://now.ntu.ac.uk/d2l/le/content/248250/viewContent/1053845/View. Last accessed 16th Dec 2013.
The Japanese Economy & nbsp;& nbsp;& nbsp;& nbsp;& nbsp; The prewar economy of Japan was a Socialist economy and the country was ruled by an emperor up to WW2 and after WW2 it started to lean towards a mixed market economy until what it is today, although its government is Socialist it is leaning towards a mixed market economy. & nbsp; The Japanese economy is a mixed economy that leans towards market, it is like this because almost all businesses are run by private corporations or people. and that is the market of the economy. And the reason that they are thriving and are so competitive is because of the trade tariffs and quotas that the government has in place. These regulations include heavy taxes on some products.
Organizations that only have top management as the board members are more susceptible to accounting malpractices. Members of the board should preferably own shares in the company to ensure diligence when it comes to the interests of the company. Apart from the Board of Governors, there should also be an audit committee in place to oversee the financial dealings of the bank. Members of the board and the audit committee should have basic financial knowledge. Some of the members should also be experts in finances so that they can detect any anomaly that may take place in terms of financial reporting. An overhaul of the regulatory framework is required to empower authorities to intervene immediately, and make improvements. New technology is required. Manual antiquated processes should be eliminated because this causes greater human error and poor
The Asian Financial Crisis which exposed the corporate governance weaknesses was a wake-up call for all the policymakers, standard setters as well as the companies (OECD, 2014). The parties that involved and affected from the crisis started to realize the importance of having strong corporate governance practices in their countries. Consequently, the Asian economies along with the OECD established the Asian Roundtable on Corporate Governance in 1999, in order to support the enhancement of corporate governance rules and practices (OECD, 2014).
The Role of the Directors in a Company is of a paramount importance in the discourse of the proper running of the company. Directors are the spirit of the company .The company is merely a legal entity, governed by its directors. These directors have certain duties and responsibilities. These are mainly governed by the Corporation Act, 2001. Section 198A (1) of The Corporations Act, 2001(The Corporations Act 2001 s 198A (1)), clearly states that, ‘The business of a company is to be managed by or under the direction of the directors’.
Japan has very significant characteristics in terms of their economic power either in the Asia- Pacific region or around the world. After World War II the Japanese economy was deeply affected by shortages, inflation, and currency devaluation means that Japanese economy was bankrupt position. Therefore, Japan passed under the control of US in the post- Second World War period. From this point, economic transformation or recovery or development has started in Japan with the impacts of US and Japanese governments. Besides this economic aid, US also guided Japan in democratization and demilitarization whereas Japanese government had direct role dealing with those developments different from what happened in Germany at that time. What it means that is Japanese government had played interventionist role into economy. On the other hand, one of the significant reasons of why US needed to help former enemy is the fact that after the WWII was the beginning of the Cold War and Russian presence was in the region. That’s why US made their contribution in order to revive Japan.
Japan has one the most advanced economies in the world, with an advanced economy comes an advanced equity market. As other advanced equity markets are, the Japanese market is similar to the U.S. in its essential functions and its operation by the exchanges that allow its existence. The Japanese stock market is third largest in the world by market capitalization, surpassed only by the United States and China. Market participants trade over the Tokyo Stock Exchange and the Osaka Securities Exchange which combined to form the Japan Exchange Group (JPX) in 2013 (JPX.com). As of November 2015 there were 3500 companies listed as part of the JPX and over $400 billion dollars of shares traded in 2014 (World Federation of Exchanges).
Organization for Economic Co-operation and Development. Improving Business Behavior: Why we need Corporate Governance. Oct. 2004. OECD.
According to Carol Padgett (2012, 1), “companies are important part of our daily lives…in today’s economy, we are bound together through a myriad of relationships with companies”. The board of directors remain the highest echelon of management in any company. It is the “group of executive and non-executive directors which forms corporate strategy and is responsible for monitoring performance on the behalf of shareholders” (Padgett, 2012:1). Boards are clearly critical to the operation of companies and they are endowed with substantial power in the statute (Companies Act, 2014). The board is responsible for directing and steering the company. The board accomplishes this by business planning and risk management through proper corporate governance.