文档介绍：April 1, 2001
Rebirth of panies
Through Governance Reforms
Takashi NARUSAWA, Masafumi EMORI and Satoshi OHMORI
NRI Papers
April 1, 2001
Rebirth of panies
Through Governance Reforms
Takashi NARUSAWA, Masafumi EMORI and Satoshi OHMORI
I Urgent Need for Structural Reforms in Japanese Firms
1 Corporate Earnings Began to Recover
2 Inadequate Recovery in Earnings
3 Delayed Structural Reforms in Japan
4 Signs of Progress in Structural Reforms in Japan
II Business Environments Requiring Adaptability to Changes
1 Far-Reaching Changes in Business Environments
2 Need to Quickly Respond to Changes
III Major Traditional Firms Require Revolutionary Reforms
1 US Firms Suffer Setback After the Booms of the 1960s
2 essful Examples of Management Reforms in the United States
3 Increasing Influence of Institutional Investors
IV Governance Promotes Responses to Changes
1 Changing Governance Structure in panies
2 Reinforced Supervision panies
3 Boardroom Reforms on the Starting Line
4 Towards the Creation of a New Administrative System
ince the collapse of the so-called bubble economy, panies have been working to
S e their sluggish performance by means of reforms in business management strate-
gies. While corporate earnings have begun to recover to some extent, returns on assets and other
indicators of profitability are still hovering at very low levels, suggesting that structural reforms in
business management are far from satisfactory. Recent slumps in the stock markets also suggest
that investors are still disappointed over the delays in corporate structural reforms. The discus-
sions on the need for such reforms have been fully exhausted, and the time e to actually
start carrying them out.
It is difficult panies to put reforms into practice by themselves, however, as they invari-
ably involve internal pain. In many cases in Europe and the United States, for example, such
reforms were achieved under outside pre