The problems of reforming the entrepreneurial structure and business competitiveness in the modern strategy of socio-economic development of Japan

The article analyzes the current problems and directions of modernization of Japanese corporate governance, as they are interpreted in the state strategy of socio-economic development, as well as analytical documents of leading business organizations in Japan. The transformation of the traditional model of Japanese management, which developed during the period of high economic growth (the second half of the 1950s – early 1970s), was taking place constantly and gradually as companies adapted to external changes and accepted some features of Western models. By the beginning of the third decade of the 21st century, the Japanese business had already been significantly reformed. The COVID-19 pandemic and its consequences, increasing uncertainty in the global economic space, and geopolitical tensions have accelerated the processes of change. The changes affected many areas of corporate governance – the valuation of companies, the structure of funding sources, investor relations, financial and accounting reporting systems, the system of crossownership of shares, appointment of top managers and their remuneration, financial disclosure. In the system of management priorities, the status of shareholders has increased, which has affected both the distribution of profits and the opportunities for investment in strategic areas. The government’s Strategy for the Formation of “New Capitalism” 2022 names a number of problematic areas of corporate governance – the efficiency of capital use, its distribution, the value of companies, human resource management, innovation and technological development. The Government proposed the concept of “post-neoliberal” capitalism – the capitalism of “stakeholders.” However, in the case of Japan, this concept is only partially new. Many of the projected and proposed changes do not contradict the traditional practice of Japanese business, especially in terms of the expanded composition of stakeholders, social responsibility of business, long-term planning horizon and investment in strategic areas of growth, personnel development. Of course, traditional business practices will acquire new features while taking into account the current situation, i.e., there is a spiral development, which is very typical for Japan, as well as partnership of the state and business, which is also a Japanese tradition.