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Corporate governance reform in Japan and South Korea : Two paths of globalization

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  • Corporate governance reform in Japan and South Korea
  • Ahmadjian, Christina L.; Song, Jaeyong
  • Asia-Pacific Economic Cooperation (APEC)


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Title Corporate governance reform in Japan and South Korea
Similar Titles
Sub Title

Two paths of globalization

Material Type Articles
Author(English)

Ahmadjian, Christina L.; Song, Jaeyong

Publisher

[Singapore]:Asia-Pacific Economic Cooperation (APEC)

Date 2004-04
Journal Title; Vol./Issue Discussion Paper Series:no. 23
Pages 21
Subject Country Japan(Asia and Pacific)
South Korea(Asia and Pacific)
Language English
File Type Link
Original Format pdf
Subject Industry and Technology < Entrepreneurship
Holding Columbia University

Abstract

This paper examines the effect of global pressures on local institutions in a comparative study of corporate governance reform in Japan and South Korea. In the literature on business systems and institutional change, globalization often appears as a monolithic force that either overwhelms all in its path through convergence or is rejected. In this paper, we demonstrate that globalization, in the form of the spread of Anglo-American corporate governance to East Asia, resulted in neither convergence nor rejection, but rather, in two different paths of change. We argue that differences in patterns of reform stemmed from the divergent ways in which local actors—the state, shareholder activists, and large corporations—interacted with each other, and with foreign investors, to respond to external pressures. Two key factors defined these interactions: resource dependencies on global capital, and the way in which local actors framed the concept of corporate governance to fit their ideologies and advance their own interests.