COVID-19 and Japanese shareholder activism: Brief respite for Japan's self-healing concrete

• Main Authors: YOSHIKAWA, Toru, CHUA, Gavin
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2020
• Subjects: Japanese firms; Shareholder activism; Corporate governance; Stakeholder model; COVID-19; pandemics; Japan; business enterprises; Asian Studies; Business Law, Public Responsibility, and Ethics; Strategic Management Policy
• Online Access: https://ink.library.smu.edu.sg/lkcsb_research/6978; https://ink.library.smu.edu.sg/context/lkcsb_research/article/7975/viewcontent/Yoshikawa_Chua2020_Article_COVID_19AndJapaneseShareholder.pdf
• Institution: Singapore Management University

Extrapolating from modern international understanding of corporate Japan’s distinct form of managerial capitalism, we elaborate on the growing momentum of shareholder activism in Japan leading up to the COVID-19 health crisis, so as to inform the subsequent discussion on the relevant primary considerations that belie the future direction of shareholder activism in Japan post-COVID-19. On an initial logical extrapolation, it appears probable that COVID-19 could mark the peak of Japanese activism. However, it is crucial to acknowledge that the success of Japan’s managerial capitalism have also declined, which poses a question on to which direction Japanese corporate governance may be shifting. Finally, we point out how corporate Japan’s impeding market developments will provide a useful case-study for global financial discourse.