A Ponzi scheme. Alleged yakuza ties. Accounting scandals. Executive misuse of company funds for gambling. A record-breaking bankruptcy. Callous disregard of public health and safety.
Japanese companies are in the headlines a lot these days. But for all the wrong reasons. While each is unique, there are some common threads running through such recent corporate misadventures as AIJ, Olympus, Daio Paper, Elpida and Tepco: poor corporate governance, lack of transparency, parochialism, groupthink, tunnel vision, excessive deference to authority, indifference to shareholder value, and just plain mismanagement. Whatever the cause, the effect has been a collective black eye for Japanese business.
It is deeply unfair for the image of Japanese companies generally to be tarnished by the acts of a few. The talent, intelligence and integrity of Japanese businesspeople are at least the equal of their counterparts anywhere in the world. And while there is, as with any country, room for improvement, many Japanese businesspeople have strengths that Americans, Europeans, Asians and others would be wise to emulate, including an unyielding work ethic, a heartfelt commitment to customer service, devotion to engineering excellence, and sincere concern for the wellbeing of their employees.