Corporate Governance and Value Creation in Japan Prescriptions for B
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 quantitat
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Corporate Governance and Value Creation in Japan Prescriptions for Boosting ROE
Corporate Governance and Value Creation in Japan
Ryohei Yanagi
Corporate Governance and Value Creation in Japan Prescriptions for Boosting ROE
123
Ryohei Yanagi Eisai Bunkyō, Tokyo Japan
ISBN 978-981-10-8502-4 ISBN 978-981-10-8503-1 https://doi.org/10.1007/978-981-10-8503-1
(eBook)
Library of Congress Control Number: 2018934875 © Springer Nature Singapore Pte Ltd. 2018 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Printed on acid-free paper This Springer imprint is published by the registered company Springer Nature Singapore Pte Ltd. part of Springer Nature The registered company address is: 152 Beach Road, #21-01/04 Gateway East, Singapore 189721, Singapore
Preface
Corporate governance (CG) reform has progressed rapidly in Japan after it was passed by the Diet in June 2015, and it is adequate from an institutional standpoint. However, harsh assessments by overseas investors indicate that considerable work remains. Competitiveness-boosting structural reforms launched in 2012 are “the third arrow”—i.e., the strategy for growth—of Abenomics, which seeks sustainable growth and improved corporate value via the Stewardship Code of June 2014 (SC), the “Competitiveness and Incentives for Sustainable Growth: Building Favorable Relationships between Companies and Investors” Project by METI (the Ito Review) of August 2014, and the Corporate Governance Code of February 2015 (CGC), which emulates the UK’s Kay Review and two Codes. Consequently, 2015 justifiably is called the “First year of governance reform in Japan.” Although these initiatives promote dialog between corporations and investors to create and maximize corporate value, it is difficult to overcome entrenched governance practices spearheaded by banks (e.g., cross-holdings of large stockholders). Furthermore, a traditional
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