This study examines the impact of bank ownership and bank governance on capital. Using Japanese commercial banks as a sample over a Basel II period (2007-2012), we investigate the impact of bank ownership and management structure on the level of bank capital. Our results suggest that institutional and foreign ownership tends toward a higher level of capital for the sake of risk-taking. In contrast though, inside directors are more concerned with their undiversified human capital risk, thus reluctant to increase capital for a higher level of risk-taking. Additionally, board size, independent directors, and outside directors positively affect the level of capital, revealing the conservatism of these directors in maintaining higher capital levels to prepare for unexpected losses.