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Author: Naohito Abe Publisher: ISBN: Category : Languages : en Pages : 29
Book Description
The role of directors in Japanese companies is unique in a number of ways. One such characteristic is the dual nature of their role, which encompasses both monitoring and managing responsibilities. This paper considers their role in management. Empirical analysis with detailed data for each director studied reveals that directors take responsibility for performance, and that executive turnover is one of the main managerial incentive mechanisms. Abnormal turnover of a president does not cause further resignation among directors. Outside directors decrease the turnover performance sensitivity of presidents, suggesting their different role in corporate governance in Japan from that in the United States.
Author: Naohito Abe Publisher: ISBN: Category : Languages : en Pages : 29
Book Description
The role of directors in Japanese companies is unique in a number of ways. One such characteristic is the dual nature of their role, which encompasses both monitoring and managing responsibilities. This paper considers their role in management. Empirical analysis with detailed data for each director studied reveals that directors take responsibility for performance, and that executive turnover is one of the main managerial incentive mechanisms. Abnormal turnover of a president does not cause further resignation among directors. Outside directors decrease the turnover performance sensitivity of presidents, suggesting their different role in corporate governance in Japan from that in the United States.
Author: D. Hugh Whittaker Publisher: OUP Oxford ISBN: 019160982X Category : Business & Economics Languages : en Pages : 316
Book Description
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.
Author: N. Demise Publisher: Springer Science & Business Media ISBN: 4431309209 Category : Business & Economics Languages : en Pages : 124
Book Description
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: Kimio Kase Publisher: Edward Elgar Publishing ISBN: 9781845428112 Category : Business & Economics Languages : en Pages : 216
Book Description
'It is hard to imagine a more enticing topic: why some Japanese firms succeeded in the 1990s despite an economy that failed. The answers are both common sense - operational effectiveness and CEO leadership - and Japan specific - break with traditions. The lessons about leadership, in particular, have wider relevance for leaders, managers, consultants and academics.' - Andrew Campbell, Ashridge Strategic Management Centre, UK Transformational CEOs questions why some Japanese firms succeeded in the 1990s despite an economy that failed - regardless of the burst of the 'bubble' economy, a number of Japanese companies have maintained or extended their international leadership in particular sectors. The authors argue that whilst some of the reasons for successes are plain common sense - operational effectiveness and superior CEO leadership - some are Japan-specific and point to a break with traditional leadership rationale.
Author: Hideaki Miyajima Publisher: ISBN: Category : Corporate governance Languages : en Pages : 49
Book Description
We examine the turnover of top executives in Japanese firms throughout the period from 1990 to 2013. During this time, the presence of a main bank has been weakened, the ownership of institutional investors has dramatically increased, and independent outside directors have been introduced in many firms. We find that top executive turnover sensitivity to corporate performance has not changed, although return on equity (ROE) and stock returns displace return on assets (ROA) as performance indicators that turnover is most sensitive to. The evidence also indicates that instead of the main bank, foreign institutional investors have begun to play an important governance role in Japan. However, the main bank does not abandon its governance role. While the scope of the main bank’s authority may have substantially contracted, main banks continue to perform a certain role in disciplining management.
Author: Naohito Abe
Author: Naohito Abe
Author: Naohito Abe
Author: D. Hugh Whittaker
Author: N. Demise
Author: Kimio Kase
Author: Seung-Joo Lee
Author: Hideaki Miyajima
Author: Yoon Ha Yoo
Author: Wooheon Rhee
Author: Kenji Kojima