Corporate Governance and Value Creation in Japan

Corporate Governance and Value Creation in Japan

Author: Ryohei Yanagi

Publisher: Springer

Published: 2018-04-16

Total Pages: 251

ISBN-13: 981108503X

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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)


Corporate Governance and Managerial Reform in Japan

Corporate Governance and Managerial Reform in Japan

Author: D. Hugh Whittaker

Publisher: Oxford University Press

Published: 2009-10-29

Total Pages: 316

ISBN-13: 0199563632

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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.


The Road to Co-operation

The Road to Co-operation

Author: Gordon Pearson

Publisher: CRC Press

Published: 2016-02-24

Total Pages: 274

ISBN-13: 1317017293

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This critical and informed protest against the absurdity and dishonesty of neoclassical economic theory as it has progressed through the 20th century down to the present, sheds new light on the predicament faced in 2012. In The Road to Co-operation, Pearson highlights the dangers of using unrealistic mathematical models of human, organisational and market behaviour to guide policy prescriptions. He shows the damage done to real economies, markets, firms and people, by the unwarranted trust in unregulated markets, proclaimed by Friedman and colleagues, promulgated by academia and adopted by the financial-political-corporate nexus, now dominant in Anglo-American jurisdictions. Though real markets work better than known alternatives, Pearson makes the crucial distinction between the real and the speculative-financial, where totally different realities apply. Failure to make that distinction has transformed financial sectors from supportive of the real economy, to exploitative and sometimes fraudulent. Pearson provides a comparative analysis of corporate governance theory, law, and practice in different jurisdictions, including the self-destruction of post-mature Anglo-American governance with the more robust custom and practice in the industrial economies of Germany and Japan and emerging economies of China and India, which all exercise care for their real economic strengths and provide object lessons for governance in UK and US. The Road to Co-operation proposes realistic changes in policy and practice, in the context of sustainability, which would be prerequisite to recapturing real long term economic success on a co-operative and non-exploitative foundation. It will be invaluable for today's business faculty, students and practitioners as well as the 'madmen in authority'.


Corporate Governance

Corporate Governance

Author: Chris A. Mallin

Publisher: Oxford University Press

Published: 2016

Total Pages: 441

ISBN-13: 0198718020

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The most accessible and user-friendly introduction to corporate governance, providing broad coverage of international issues and clear examples of theory in a business context.


Hedge Fund Activism in Japan

Hedge Fund Activism in Japan

Author: John Buchanan

Publisher: Cambridge University Press

Published: 2012-05-24

Total Pages: 389

ISBN-13: 1107016835

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Charts the rise and fall of confrontational hedge fund activism in Japan.


Routledge Handbook of Japanese Business and Management

Routledge Handbook of Japanese Business and Management

Author: Parissa Haghirian

Publisher: Routledge

Published: 2016-01-29

Total Pages: 421

ISBN-13: 1317859553

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The Routledge Handbook of Japanese Business and Management provides a comprehensive overview of management and business processes and practices in Japanese companies. The contributors combine theoretical findings and research results with a practical and contemporary view on how corporations and firms are managed in Japan. The handbook is divided into eight sections covering: historical perspectives on Japanese management; structure and theory of the Japanese firm; the corporate environment in Japan; the Japanese work environment; the Japanese market; manufacturing and logistics; interaction and communication; the future of Japanese management. This book is an essential reference resource for students and scholars working on Japanese companies, the Japanese market-place, Japanese consumers, or management processes in the Japanese firm. The book also provides an interesting and informative read for managers who need to deepen their knowledge on Japanese business processes.


The Rule of Law in Japan

The Rule of Law in Japan

Author: Carl F. Goodman

Publisher: Kluwer Law International B.V.

Published: 2017-04-01

Total Pages: 401

ISBN-13: 9041186751

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Practitioners who deal with Japanese law have put great store by earlier editions of this major work, which systematically compares United States (US) law and Japanese law across all the major fields of legal practice. This fourth revised edition updates the work with the continuing dramatic changes in Japan’s legal system, including changes in criminal trials, disclosures to defense counsel of evidence to be used by the prosecution, the increasing use of recordings of interrogation sessions, and the impact of the indigenous movement for judicial reform. All chapters have been updated. In the fourth revised edition, which follows the same comparative structure as formerly, author Carl Goodman ̄ an internationally known authority with extensive experience in international practice, university teaching in both Japan and the US, and US government service — takes expert stock of new developments, including the following: • the Cabinet’s Declaration reinterpreting the Renunciation of War Clause in the Constitution and legislation following such reinterpretation; • interpretation of new rules for international jurisdiction of Japanese courts, including the new law’s effect on mirror image lawsuits filed in Japan; • the Supreme Court’s rulings dealing with the presumption of paternity, the waiting period for remarriage after divorce, and inheritance rights of “out of wedlock children”; • international and domestic Japanese child custody; • unanticipated consequences of criminal trials before the new mixed lay/professional panels; • debate concerning the Emperor’s announcement of his desired abdication; and • an update of Japan’s experiment with new graduate legal faculties. Although the alteration of the legal landscape in Japan is highly visible, the author does not hesitate to raise questions as to how far-reaching the changes really are. In almost every branch of the new Japanese legal practice he uncovers ways in which laws and judicial rulings are closely qualified and are likely to present challenges in any given case. He reminds the reader in each chapter that “what you see may not be what you get”. For this reason, and for its comprehensive coverage, this new edition is sure to gain new adherents as the best-informed practical guide for non-Japanese lawyers with dealings in Japan.


Marketcraft

Marketcraft

Author: Steven Kent Vogel

Publisher: Oxford University Press

Published: 2018

Total Pages: 201

ISBN-13: 019069985X

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Marketcraft argues that markets do not arise spontaneously but rather are crafted by individuals, firms, and most of all by governments. Thus "marketcraft" represents a core function of government comparable to statecraft. Vogel systematically reviews the implications of this argument, critiquing prevalent schools of thought and presenting innovative lessons for policy.


Independent Directors in Asia

Independent Directors in Asia

Author: Dan W. Puchniak

Publisher: Cambridge University Press

Published: 2017-11-02

Total Pages: 638

ISBN-13: 1316846091

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The rise of the independent director in Asia is an issue of global consequence that has been largely overlooked until recently. Less than two decades ago, independent directors were oddities in Asia's boardrooms. Today, they are ubiquitous. Independent Directors in Asia undertakes the first detailed analysis of this phenomenon. It provides in-depth historical, contextual and comparative perspectives on the law and practice of independent directors in seven core Asian jurisdictions (China, Hong Kong, India, Japan, Singapore, South Korea, Taiwan) and Australia. These case studies reveal the varieties of independent directors in Asia, none of which conform to its original American concept. The authors develop a taxonomy of these varieties, which provides a powerful analytical tool for more accurately understanding and effectively researching independent directors in Asia. This new approach challenges foundational aspects of comparative corporate governance practice and suggests a new path for comparative corporate governance scholarship and reform.