Many Japanese companies were obliged to reform various aspects of their management system after the “economic bubble” burst of the 1990s. This led to a drastic change in various management aspects related to the market, technology, and the social system. These companies made strenuous efforts to adapt to these changes in the business environment. Several keywords such as corporate governance reform, rampant merger and acquisition, new strategic alliance, corporate social responsibility (CSR), results-based personnel management, and reward management, indicate these changes that spread after the 1990s.