Corporate Governance And Value Creation In Japan
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Corporate Governance And Value Creation In Japan
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Author : Ryohei Yanagi
language : en
Publisher: Springer
Release Date : 2018-04-16
Corporate Governance And Value Creation In Japan written by Ryohei Yanagi and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-04-16 with Business & Economics categories.
This is the first book to furnish a root cause of the low valuation of Japanese listed companies by using, as qualitative evidence, unique global investor surveys, which are rarely available for Japanese companies. Also contained in this book as quantitative evidence is empirical research with regression analysis implying a positive correlation between corporate governance and value creation in Japan. The author explains the rationale underlying the suggestion of the Ito Review on return on equity (ROE) 8% guidance, an almost 50% discounted valuation of the cash held by Japanese companies, corporate value and ROE, equity spread as a key performance indicator for value creation, an optimal dividend policy based on optimal capital structure, risk-adjusted hurdle rates for value-creative investment criteria, and the synchronization of environmental, social, and governance with equity spread. Illustrated with relevant statistics, evidence of shareholders’ voices, case studies, and empirical research, the book is highly recommended for readers who seek qualitative and quantitative evidence of Japan’s problems and potential prescriptions in connection with value creation. “This book empirically proves the relationship between non-financial capitals defined by IIRC and corporate value, and provides a convincing method to unlock corporate value in Japan via Abenomics corporate governance reforms. A must read!” Richard S. Howitt, Chief Executive Officer, International Integrated Reporting Council (IIRC) “This book addresses emerging issues such as the "Power of Intangibles" in addition to IMA-defined "Equity Spread" as a gauge for value creation from the viewpoint of management accounting. It is highly recommended for finance and accounting professionals.” Jeffrey C. Thomson, CMA, CAE. President and CEO, Institute of Management Accountants (IMA)
The New Community Firm
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Author : T. Inagami
language : en
Publisher: Cambridge University Press
Release Date : 2005-01-06
The New Community Firm written by T. Inagami and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-01-06 with Business & Economics categories.
After sweeping all before it in the 1980s, 'Japanese management' ran into trouble in the 1990s, especially in the high-tech industries, prompting many to declare it had outlived its usefulness. From the late 1990s leading companies embarked on wide-ranging reforms designed to restore their entrepreneurial vigour. For some, this spelled the end of Japanese management; for others, little had changed. From the perspective of the community firm, Inagami and Whittaker examine changes to employment practices, corporate governance and management priorities, in this 2005 book, drawing on a rich combination of survey data and an in-depth study of Hitachi, Japan's leading general electric company and enterprise group. They find change and continuity, the emergence of a 'reformed model', but not the demise of the community firm. The model addresses both economic vitality and social fairness, within limits. This book offers unique insights into changes in Japanese management, corporations and society.
Corporate Governance And Managerial Reform In Japan
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Author : D. Hugh Whittaker
language : en
Publisher: OUP Oxford
Release Date : 2009-10-29
Corporate Governance And Managerial Reform In Japan written by D. Hugh Whittaker and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-10-29 with Business & Economics categories.
Japanese corporate governance and managerial practice is at a critical juncture. At the start of the decade pressures mounted for Japan to move to a shareholder-value driven, 'Anglo-American' system of corporate governance. Subsequent changes, however, may be seen as an adjustment and renewal of the post-war model of the Japanese firm. In adapting to global corporate governance standards, Japanese managers have also been reshaping them according to their own agenda of reform and restructuring of decision-making processes. The board's role is seen in terms of strategic planning rather than monitoring, and external directors are viewed as advisers, not as representatives of the shareholders. Managers have adopted a variety of defences against hostile takeovers, including poison pills in some cases. Although shareholder influence is more extensive than it was, central aspects of the Japanese 'community firm' remain in place. The commitment to stable or 'lifetime' employment for a core of employees, although coming under severe pressure, is still an important point of reference for Japanese management. Corporate Governance and Managerial Reform in Japan is based on detailed and intensive field work in large Japanese companies and interviews with investors, civil servants, and policy makers in the period following the adoption of significant corporate law reforms in the early 2000s up to the months just before the global financial crisis of 2008. The Japanese experience suggests that there are limits to the global convergence of company law systems, and that the widespread association of Anglo-American practices with the 'modernization' of corporate governance has been misplaced. This conclusion is unlikely to be altered - it may be reinforced - by reactions to the financial crisis.
Corporate Governance In Japan
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Author : N. Demise
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-11-22
Corporate Governance In Japan written by N. Demise and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-11-22 with Business & Economics categories.
This book is the result of an international comparative study of corporate governance begun in 2002, and provides analysis of the issue as it applies to management, moral hazards, accounting practices, and the institutional investor from both a Japanese and a global perspective. The study presents a view of the company as an entity that not only maximizes profit for stockholders but that also has a social role to play in maintaining a sustainable society.
M Amp A For Value Creation In Japan
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Author :
language : en
Publisher:
Release Date :
M Amp A For Value Creation In Japan written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Corporate Governance And Corporate Behavior In Japan
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Author : Masaharu Hanazaki
language : en
Publisher: Springer
Release Date : 2016-07-28
Corporate Governance And Corporate Behavior In Japan written by Masaharu Hanazaki and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-28 with Business & Economics categories.
This book carefully examines the effects of changes in the corporate governance structure on corporate behavior or company performance, using micro-data from listed companies in Japan. The author found that in Japan the introduction of stock options had neither a positive impact on profitability nor the negative side effects of promoting risk-taking behaviors. Furthermore, he found that corporate diversification and division of corporations showed negative impacts on profitability. The corporate governance structure of Japan has exhibited a large change from the second half of the 1990s to the present. There have been institutional reforms involving enterprise law, such as the introduction of stock options and the removal of the ban on holding companies. With respect to the ownership structure of a company, discernible trends are that the equity holdings of financial institutions and business corporations have fallen while the presence of foreign stockholders has risen. These trends are often pointed out as signs that the Japanese corporate governance structure has been approaching the American model and that this will energize Japanese firms. The author contradicts common academic theories, however, and concludes that the formation of the corporate governance which emphasizes the agency problem between shareholders and corporate managers is inadequate. He suggests that an institutional arrangement for a corporate governance system that values a variety of stakeholders' interests is greatly needed and concludes that perspectives on maximizing surplus values for various stakeholders and distributing the surpluses appropriately among the stakeholders will become increasingly important for the purpose of managing corporations.
Corporate Governance In Japan
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Author : Masahiko Aoki
language : en
Publisher: OUP Oxford
Release Date : 2007-09-06
Corporate Governance In Japan written by Masahiko Aoki and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-09-06 with Business & Economics categories.
Debates regarding corporate governance have become increasingly important in Japan as the post-war model of bank-based, stakeholder-oriented corporate governance faces the new pressures associated with globalization and growing investor demands for shareholder value. Bringing together a group of leading scholars from economics, law, sociology and management studies, this book looks at how the Japanese approach to corporate governance and the firm have changed in the post-bubble era. The contributions offer a unique empirical exploration of why and how Japanese firms are reshaping their corporate governance arrangements, leading to greater diversity among firms and new 'hybrid' forms of corporate governance. The book concludes by looking at what effect these incremental but transformative changes may have on Japan's distinctive variety of capitalism.
Corporate Governance In The 21st Century
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Author : Luke Nottage
language : en
Publisher: Edward Elgar Publishing
Release Date : 2009-01-01
Corporate Governance In The 21st Century written by Luke Nottage and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-01-01 with Business & Economics categories.
Corporate Governance in the 21st Century is a very useful addition to the literature on corporate governance in Japan. It is worth reading simply because it updates many of the ongoing issues such as adoptions of takeover defenses, appointments of independent directors, and increases in foreign direct investment. It is also useful because it examines corporate governance from the perspectives of business as well as law. Furthermore, it provides the beginnings of a framework through which to understand the process of gradual transformation. Christina L. Ahmadjian, Journal of Japanese Studies An invaluable set of resources for everyone with an interest in corporate governance in Japan. Covering both basic information and recent developments, the collection provides readers with an excellent survey of the complexity of modern corporate governance and its legal setting. . . in Japan. Hideki Kanda, University of Tokyo, Japan The essays in this collection approach Japanese corporate governance in the 2000s from a variety of novel perspectives novel in terms of subject matter, methodology, and points of comparison. The result is a comprehensive portrait of the current dynamics of change and stasis in the institutional environment for Japanese firms. Curtis Milhaupt, Columbia Law School, US The lost decade of economic stagnation in Japan during the 1990s has become a found decade for regulatory and institutional reform. Nowhere is this more evident than in corporate law. In 2005, for example, a spate of reforms to the Commercial Code culminated in the new Company Act, a statute promising greater organisational flexibility and shareholder empowerment for Japanese corporations competing in a more globalised economy. But does this new law herald a more Americanised system of corporate governance? Has Japan embraced shareholder primacy over its traditional loyalty to other key stakeholders such as main banks , core employees, and partners within diffuse corporate (keiretsu) groups? This book argues that a more complex gradual transformation is unfolding in Japan a process evident in many other post-industrial economies. The book brings together contributions from academics and practitioners from Japan, Australia, New Zealand, Canada and the United States. It includes chapters on comparative corporate governance theory and methodology, lifelong employment, the main bank system, board structures, and governance issues in small and medium-sized enterprises. The procedural, substantive and FDI policy dimensions of takeover law and practice are discussed, as well as empirical changes to corporate governance practices in large, publicly listed companies during the past twenty years. The authors rich mix of national, disciplinary and professional backgrounds allows for a broad comparative perspective on developments in Japanese corporate governance. The book will be of great interest to scholars and students of law, business, political economy and Japanese studies, and will also appeal to corporate lawyers and policymakers.
Corporate Governance
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Author : Simon Learmount
language : en
Publisher: OUP Oxford
Release Date : 2002-09-05
Corporate Governance written by Simon Learmount and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-09-05 with Business & Economics categories.
This book explores current thinking on corporate governance by way of a detailed study of the governance practices of fourteen Japanese companies. The author was granted extensive access to these Japanese companies, as well as to their partner companies, their shareholders, and their banks, and is therefore able to provide a detailed insight into the way that Japanese companies are actually governed on a day-to-day basis. The book suggests that current mainstream conceptualizations of corporate governance are inadequate, as they do not help to understand the way that these Japanese companies are directed and controlled in practice. In the majority of cases, governance operates through a system which draws on the reciprocal obligations, responsibilities, and trust generated in everyday interactions at the individual and organizational level. The conclusions of the research have important implications not only for our understanding of the Japanese system of corporate governance, but also for international corporate governance policy and research in general. In particular, the book commends greater recognition that alongside the currently dominant concern 'controlling' the behaviour of company managers, the governance of companies might equally be considered in terms of the responsibilities, reciprocal obligations, and trust inherent in everyday interactions. The book is equally accessible and relevant to both academics and to those involved with corporate governance issues on a day-to-day basis, including financial services providers, lawyers, policymakers, and company directors.
Control And Coordination Of Subsidiaries In Japanese Corporate Groups
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Author : Akira Mitsumasu
language : en
Publisher: World Scientific
Release Date : 2015-06-29
Control And Coordination Of Subsidiaries In Japanese Corporate Groups written by Akira Mitsumasu and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-06-29 with Business & Economics categories.
This book attempts to bridge academic knowledge and practitioner's knowledge regarding the control and coordination of subsidiaries in Japan. It specifically explores two questions: why do corporations establish subsidiaries and form corporate groups? How do corporate groups manage their subsidiaries? Based on the case studies presented in the book, the author identifies four different types of parent-subsidiary relationships and uses this typology to understand control and coordination issues within Japanese organizations.The chapters in the book are designed to cover many characteristics of large Japanese corporate groups. Chapter 2 gives the definition of corporate group in Japan and distinguishes it from the keiretsu business group, while Chapter 3 provides a backdrop and context for understanding the corporate landscape in which Japanese firms today operate. Chapters 4 and 5 provide a literature review on some of the major literatures that are related to the research questions concerning why corporate groups exist and how they are managed. Chapter 6 attempts to bridge academic knowledge with practitioners knowledge by looking at five corporate groups: Hitachi, Panasonic, Mitsubishi Heavy Industry, Nihon Yusen and Japan Airlines, and by identifying areas where practitioner's knowledge could be used to expand existing theories. Chapter 7 proposes a four-part classification of subsidiaries to facilitate the discussion of different issues that arise under different parent-subsidiary settings. Chapter 8 attempts to illustrate a simplistic roadmap for creating successful subsidiary management, while Chapter 9 concludes the book.Written in a simple and accessible manner, this book will be of interest to business practitioners, decision makers in organizations and academics alike.