國立高雄大學圖資館 |

Language: English

Back

Corporate governance and corporate b...

Hanazaki, Masaharu.

Corporate governance and corporate behavior in Japanthe consequences of stock options and corporate diversification /

Record Type:	Electronic resources : Monograph/item
Title/Author:	Corporate governance and corporate behavior in Japanby Masaharu Hanazaki.
Reminder of title:	the consequences of stock options and corporate diversification /
Author:	Hanazaki, Masaharu.
Published:	Tokyo :Springer Japan :2016.
Description:	xi, 88 p. :ill., digital ;24 cm.
Contained By:	Springer eBooks
Subject:	Corporate governanceJapan.
Online resource:	http://dx.doi.org/10.1007/978-4-431-56006-7
ISBN:	9784431560067$q(electronic bk.)

Corporate governance and corporate behavior in Japanthe consequences of stock options and corporate diversification /
Hanazaki, Masaharu.

Corporate governance and corporate behavior in Japanthe consequences of stock options and corporate diversification /[electronic resource] :by Masaharu Hanazaki. - Tokyo :Springer Japan :2016. - xi, 88 p. :ill., digital ;24 cm. - SpringerBriefs in economics,2191-5504. - SpringerBriefs in economics..

1. Introduction -- 2. Institutional characteristics and effects of a stock option -- 3. Empirical analysis of a stock option -- 4. Related studies of corporate diversification -- 5. Corporate diversification of Japanese firms -- 6. Empirical analyses of corporate diversification and division of corporations -- 7. Main results and their interpretation.

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.

ISBN: 9784431560067$q(electronic bk.)

Standard No.: 10.1007/978-4-431-56006-7doiSubjects--Topical Terms:

243159
Corporate governance
--Japan.

LC Class. No.: HD2741 / .H36 2016

Dewey Class. No.: 658.4

Corporate governance and corporate behavior in Japanthe consequences of stock options and corporate diversification /
LDR:03169nmm a2200325 a 4500 001 492739
003 DE-He213
005 20161214105352.0
006 m d
007 cr nn 008maaau
008 170220s2016 ja s 0 eng d
020 $a 9784431560067$q(electronic bk.)
020 $a 9784431560043$q(paper)
024 7 $a 10.1007/978-4-431-56006-7 $2 doi
035 $a 978-4-431-56006-7
040 $a GP $c GP
041 0 $a eng
050 4 $a HD2741 $b .H36 2016
072 7 $a KJR $2 bicssc
072 7 $a BUS104000 $2 bisacsh
082 0 4 $a 658.4 $2 23
090 $a HD2741 $b .H233 2016
100 1 $a Hanazaki, Masaharu. $3 373996
245 1 0 $a Corporate governance and corporate behavior in Japan $h [electronic resource] : $b the consequences of stock options and corporate diversification / $c by Masaharu Hanazaki.
260 $a Tokyo : $b Springer Japan : $b Imprint: Springer, $c 2016.
300 $a xi, 88 p. : $b ill., digital ; $c 24 cm.
490 1 $a SpringerBriefs in economics, $x 2191-5504
505 0 $a 1. Introduction -- 2. Institutional characteristics and effects of a stock option -- 3. Empirical analysis of a stock option -- 4. Related studies of corporate diversification -- 5. Corporate diversification of Japanese firms -- 6. Empirical analyses of corporate diversification and division of corporations -- 7. Main results and their interpretation.
520 $a 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.
650 0 $a Corporate governance $z Japan. $3 243159
650 0 $a Employee stock options $z Japan. $3 753141
650 0 $a Corporate reorganizations $z Japan. $3 753142
650 1 4 $a Business and Management. $2 eflch $3 639169
650 2 4 $a Corporate Governance. $2 swd $3 477867
710 2 $a SpringerLink (Online service) $3 273601
773 0 $t Springer eBooks
830 0 $a SpringerBriefs in economics. $3 559512
856 4 0 $u http://dx.doi.org/10.1007/978-4-431-56006-7
950 $a Business and Management (Springer-41169)