Corporate Law Reform and the Political Environment: An Empirical Analysis Employing Public-Comment Procedure Data in Japan

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Abstract

Corporate law shapes the fundamental business environment and affects various stakeholders. It is possible to determine the behaviour of various stakeholders by examining the politics of the reform process of corporate law. In order to understand the process, this paper uses the notice-and-comment procedure (public-comment procedure). Under this procedure, people submit comments to the Ministry of Justice; some of the comments are reflected in the final Bill, while others are not. The paper performs a quantitative analysis of a hand-collected dataset from two recent public-comment procedures on corporate law reform. The results showed that the bureaucrats are rigid and not willing to take public comments seriously. However, on some technical issues, legal academics, and legal professionals influence the behaviour of the bureaucrats. In addition, the bureaucrats employed these comments to honour the technical views of professionals. In other cases, corporate managers significantly influence the reform process.

Original languageEnglish
Pages (from-to)309-328
Number of pages20
JournalAsian Journal of Law and Society
Volume4
Issue number2
DOIs
Publication statusPublished - 2017 Nov 1

Keywords

  • bureaucracy
  • corporate law
  • empirical analysis
  • political process
  • public comment

ASJC Scopus subject areas

  • Sociology and Political Science
  • Law

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