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.
General
Imprint: |
Springer Verlag,Japan
|
Country of origin: |
Japan |
Series: |
Development Bank of Japan Research Series |
Release date: |
August 2016 |
Authors: |
Masaharu Hanazaki
|
Dimensions: |
235 x 155 x 5mm (L x W x T) |
Format: |
Paperback
|
Pages: |
88 |
Edition: |
1st ed. 2016 |
ISBN-13: |
978-4-431-56004-3 |
Categories: |
Books >
Business & Economics >
Business & management >
General
Promotions
|
LSN: |
4-431-56004-1 |
Barcode: |
9784431560043 |
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