1999 年 6 巻 p. 81-88
Can the Code-of-Conduct imported from the U.S.A. become an effective cure for the corporate scandals and corporate crimes in Japan? In my personal opinion the answer is No. Corporate scandals and crimes of Japanese companies have come from the unethical behavior of top management in Japan. Japanese top management have been deprived their ethicalness by educational situations, social lack of ethics-mindedness, and the Japan specific corporate governance. The Japan specific corporate governance have helped the top management to have full commitment to the strategic decision-making. Japanese top management can manage their company at their command, so they have the possibility to commit moral hazards. Without restructuring of the corporate governance mechanism in Japan, the import of the Code-of-Conduct into the Japanese companies cannot be functioning.