コーポレート・ガバナンス改革の促進要因と成果に関する試論的考察

ソニー、パナソニック、キヤノンの事例から

抄録

The purpose of this paper is to examine the factors behind corporate governance reforms by Japanese corporations and the benefits of these reforms. Since the 1990s, Sony, Panasonic, and Canon have been working to reform corporate governance, and these efforts are particularly evident in their board of directors and board of auditors. The reforms resulted in a reduction in the size of the board of directors and increase in the percentage of outside directors and outside auditors. Each company, however, implemented the reforms at different times. As for factors behind the reform, even Canon, which was hesitant to reform its system of corporate governance, did so in response to demands to disclose the reason why outside directors were not appointed. As for the benefits from corporate governance reform, the supposition is that reforms increase corporate earnings, but not all three cases support this.