Corporate Financing And Governance In Japan

Author : Takeo Hoshi,Anil K Kashyap
Publisher : MIT Press
Page : 379 pages
File Size : 47,9 Mb
Release : 2004-01-31
Category : Business & Economics
ISBN : 9780262582483

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Corporate Financing and Governance in Japan by Takeo Hoshi,Anil K Kashyap Pdf

In this book, Takeo Hoshi and Anil Kashyap examine the history of the Japanese financial system, from its nineteenth-century beginnings through the collapse of the 1990s that concluded with sweeping reforms. Combining financial theory with new data and original case studies, they show why the Japanese financial system developed as it did and how its history affects its ongoing evolution. The authors describe four major periods within Japan's financial history and speculate on the fifth, into which Japan is now moving. Throughout, they focus on four questions: How do households hold their savings? How is business financing provided? What range of services do banks provide? And what is the nature and extent of bank involvement in the management of firms? The answers provide a framework for analyzing the history of the past 150 years, as well as implications of the just-completed reforms known as the "Japanese Big Bang." Hoshi and Kashyap show that the largely successful era of bank dominance in postwar Japan is over, largely because deregulation has exposed the banks to competition from capital markets and foreign competitors. The banks are destined to shrink as households change their savings patterns and their customers continue to migrate to new funding sources. Securities markets are set to re-emerge as central to corporate finance and governance.

Author : Megumi Suto,Hitoshi Takehara
Publisher : Springer
Page : 229 pages
File Size : 44,8 Mb
Release : 2018-05-24
Category : Business & Economics
ISBN : 9789811089862

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Corporate Social Responsibility and Corporate Finance in Japan by Megumi Suto,Hitoshi Takehara Pdf

This book explores the linkages between the evolution of corporate social responsibility (CSR) and corporate financing and governance in Japan since the late 2000s. Since the 1990s, increasing economic and financial globalization has steadily eroded the Japanese style of business based on relationships and influenced the awareness and practices of CSR that are unique to Japanese companies. In Japan’s two “lost decades” after the bubble economy, the business model and corporate financing seem to have continued a gradual financial reform toward a more market-oriented system. CSR awareness and practices of Japanese companies have been influenced by social and environmental issues that global society and communities face. Furthermore, the Fukushima nuclear accident in 2011 triggered increasing attention paid to the responsibility of business toward society. In this process, major players in corporate governance and components of governance structure have continued to change. The conventional view of Japanese corporate governance and corporate finance is too narrow to understand this field in Japan. This book is based on empirical research to investigate how multifaceted CSR has aligned with business and finance and has influenced the corporate governance structure of Japanese companies. The findings and discussions in this book act are stepping stones in further research on the linkages between business and society, and provide empirical evidence on changes in Japanese corporate finance and governance.

Author : Masaharu Hanazaki
Publisher : Springer
Page : 88 pages
File Size : 44,8 Mb
Release : 2016-07-28
Category : Business & Economics
ISBN : 9784431560067

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Corporate Governance and Corporate Behavior in Japan by Masaharu Hanazaki Pdf

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.

Author : Masahiko Aoki,Gregory Jackson,Hideaki Miyajima
Publisher : Oxford University Press on Demand
Page : 468 pages
File Size : 47,5 Mb
Release : 2007-09-06
Category : Business & Economics
ISBN : 9780199284511

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Corporate Governance in Japan by Masahiko Aoki,Gregory Jackson,Hideaki Miyajima Pdf

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 buttransformative changes may have on Japan's distinctive variety of capitalism.

Author : N. Demise,Y. Miwa,M. Nabayashi,Y. Nakoshi
Publisher : Springer Science & Business Media
Page : 124 pages
File Size : 40,7 Mb
Release : 2006-11-22
Category : Business & Economics
ISBN : 9784431309208

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Corporate Governance in Japan by N. Demise,Y. Miwa,M. Nabayashi,Y. Nakoshi Pdf

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.

Author : Simon Learmount
Publisher : Oxford University Press
Page : 190 pages
File Size : 43,6 Mb
Release : 2002
Category : Business & Economics
ISBN : 9780199252916

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Corporate Governance by Simon Learmount Pdf

This text examines thinking on corporate governance by way of a detailed study of the governance practices of 14 Japanese companies. It suggests that mainstream conceptualizations of corporate governance are inadequate, failing to account for the actual way the companies are controlled.

Author : Ms.Chie Aoyagi,Mr.Giovanni Ganelli
Publisher : International Monetary Fund
Page : 24 pages
File Size : 43,7 Mb
Release : 2014-08-05
Category : Business & Economics
ISBN : 9781498373340

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Unstash the Cash! Corporate Governance Reform in Japan by Ms.Chie Aoyagi,Mr.Giovanni Ganelli Pdf

Japan’s high corporate savings might be holding back growth. We focus on the causes and consequences of the current corporate behavior and suggest options for reform. In particular, Japan’s weak corporate governance—as measured by available indexes—might be contributing to high cash holdings. Our empirical analysis on a panel of Japanese firms confirms that improving corporate governance would help unlock corporate savings. The main policy implication of our analysis is that comprehensive corporate governance reform should be a key component of Japan’s growth strategy.

Author : Mitsura Misawa
Publisher : Hong Kong University Press
Page : 193 pages
File Size : 40,8 Mb
Release : 2007-10-01
Category : Business & Economics
ISBN : 9789622098916

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Cases on International Business and Finance in Japanese Corporations by Mitsura Misawa Pdf

While Japan's export-oriented economy has been advancing with astounding speed, significant differences remain between the management philosophy and techniques used within Japanese companies and those used in the West. These include the significant differences in the use of capital budgeting techniques, economic and political assessment of projects, decision-making styles, and techniques of corporate governance.

Author : Masahiko Aoki,Gary R. Saxonhouse
Publisher : Unknown
Page : 0 pages
File Size : 51,6 Mb
Release : 2023
Category : Competition
ISBN : 1383019118

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Finance, Governance, and Competitiveness in Japan by Masahiko Aoki,Gary R. Saxonhouse Pdf

The contributors to this study examine Japan's financial system, corporate governance, and the role of government and the legal system and assess how these institutions will affect Japanese industrial and commercial performance in the future.

Author : Curtis J. Milhaupt,Mark D. West
Publisher : OUP Oxford
Page : 272 pages
File Size : 43,7 Mb
Release : 2004-07-22
Category : Business & Economics
ISBN : 0199272115

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Economic Organizations and Corporate Governance in Japan : The Impact of Formal and Informal Rules by Curtis J. Milhaupt,Mark D. West Pdf

Using an institutional and empirical approach, this book analyses the role of formal rules (law and regulations) and informal rules (norms, practices, and shared beliefs) in the Japanese economy. Through in-depth studies of corporate governance and finance, mergers and acquisitions, financial regulation, and markets for everything from venture capital to legal talent and organized crime, Milhaupt and West show that institutions play a crucial and heretofore overlooked role in the structure of the Japanese economy, which often is portrayed as being governed exclusively by interpersonal relations and bureaucratic fiat. The book demonstrates that despite outward appearances of a decade of stagnation in Japan, the formal and informal rules of the Japanese economy are changing significantly. The evidence suggests that in the mix of formal and informal rules that govern Japanese firms and set the incentive structure for other economic actors, law is gaining in importance. As these rules change, Japanese actors are responding, reshaping corporate governance and financial markets, eroding the bureaucracy's power. This book's emphasis on the centrality of institutions, institutional change, and responses to change portray a Japanese economy far different from those provided by previous accounts. It provides a wealth of previously unexplored data on the Japanese economy and legal system, and demonstrates the importance of a sound incentive roadmap for Japan's economic recovery and transition.

Author : D. Hugh Whittaker,Simon Deakin
Publisher : Oxford University Press
Page : 316 pages
File Size : 45,7 Mb
Release : 2009-10-29
Category : Business & Economics
ISBN : 9780199563630

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Corporate Governance and Managerial Reform in Japan by D. Hugh Whittaker,Simon Deakin Pdf

This book examines recent changes in Japanese corporate governance. It is based on detailed field work in large Japanese companies and interviews with investors, civil servants, and policy makers in the period after the significant corporate law reforms in the early 2000s up to the months just before the global financial crisis of 2008.

Author : Kenju Kojima
Publisher : Unknown
Page : 198 pages
File Size : 49,9 Mb
Release : 1997
Category : Comparative management
ISBN : STANFORD:36105022380971

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Japanese Corporate Governance by Kenju Kojima Pdf

Author : Ryohei Yanagi
Publisher : Springer
Page : 240 pages
File Size : 54,7 Mb
Release : 2018-04-16
Category : Business & Economics
ISBN : 9789811085031

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Corporate Governance and Value Creation in Japan by Ryohei Yanagi Pdf

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)

Author : Joseph P. H. Fan,Masaharu Hanazaki,Jūrō Teranishi
Publisher : Psychology Press
Page : 424 pages
File Size : 52,9 Mb
Release : 2004
Category : Business & Economics
ISBN : 0415322545

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Designing Financial Systems in East Asia and Japan by Joseph P. H. Fan,Masaharu Hanazaki,Jūrō Teranishi Pdf

This collection discusses the role of financial institutions and markets in East Asian and Japan, corporate governance and new technology and how to redesign the East Asian and Japanese financial systems.

Author : Masahiko Aoki,Hugh Patrick
Publisher : Clarendon Press
Page : 684 pages
File Size : 44,5 Mb
Release : 1995-02-16
Category : Business & Economics
ISBN : 9780191521744

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The Japanese Main Bank System by Masahiko Aoki,Hugh Patrick Pdf

BL Gives a definitive description and analysis of the main bank system BL Strong contributors BL Understudied subject BL Incorporates results of a major World Bank research programme BL Balances institutional description with financial theory and empirical analysis This volume looks at systems of corporate finance, concentrating on the Japanese main bank system. The remaining chapters describe different systems, assessing to what extent the Japanese system can serve as a model for developing market economies and transforming socialist economies. The basic characteristics of the main bank system are examined here, its roots, development, and its role in the heyday of its rapid growth. The volume looks at how the system has performed and at its strengths and weaknesses. It goes on to look at how the system has changed and what its approprate role is as deregulation, liberalization, and internationalization of Japan's financial markets have proceeded over the past two decades and a new issue securities market has emerged. A basic conclusion of the book is that banking-based systems are in most cases the most appropriate for industrial financing until a rather late stage of a country's economic and financial development. It aims to identify the conditions under which banks are better able that securites market institutions to evaluate the credit worthiness of borrowers and the viability of new projects, to monitor the ongoing performance of firms, and to rescue or liquidate firms in distress. Contributors: Masahiko Aoki, Theodor Baums, V.V.Bhatt, John Campbell, Yasushi Hamao, Toshihiro Horiuchi, Takeo Hoshi, Anil Kashyap, Dong-Wong Kim, Gary Loveman, Sang-Woo Nam, Frank Packer, Hugh Patrick, Yingyi Qian, Mark Ramseyer, Clark Reynolds, Satoshi Sunamura, Paul Sheard, Juro Teranishi, Kazuo Ueda,