Download or read book Ownership Structure Investment Behavior and Firm Performance in Japanese Manufacturing Industries written by Eric Gedajlovic and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using data spanning the 1996-1998 fiscal years of 247 of Japan's largest manufacturers, we empirically evaluate the extent to which a firm's investment behavior and financial performance is influenced by its ownership structure. To do so, we examine six distinct categories of Japanese shareholders: foreign investors, investment funds, pen sion funds, banks and insurance companies, affiliated companies and insiders. Our findings strongly indicate that the relationship between the equity stakes of a particular category of investor and a firm's financial performance and investment behavior is highly idiosyncratic. Such a result emphasizes the importance of making finely grained and contextually relevant distinctions when modeling and evaluating corporate governance relations.
Download or read book Ownership Structure Investment Behavior and Firm Performance in Japanese Manufacturing Industries written by Eric R. Gedajlovic and published by . This book was released on 2001 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corporate Governance and Corporate Behavior in Japan written by Masaharu Hanazaki and published by Springer. This book was released on 2016-07-28 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Corporate Governance and Corporate Ownership written by Alper Kara and published by . This book was released on 2014 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we investigate the investment behaviour of institutional investors in terms of their shareholdings in 2,938 companies listed on the Tokyo and Osaka Stock Exchanges at the end of June 2002. By doing so, we provide one of the first detailed empirical analyses of the involvement of institutional investors in the ownership structure of Japanese listed firms. At the same time, we compare this aspect of Japanese corporate governance with the shareholdings of banks in the same group of firms.Our results show that the equity investments of financial investors - institutional investors and banks - in Japanese listed companies at the end of June 2002 were predominantly in the high-tech manufacturing, traditional manufacturing and communications industries. All financial investors combined held more than 60% of the equity capital of the firms listed on the Tokyo and Osaka Stock Exchanges, with banks being the largest group of these financial investors.Further analysis shows that on average most financial investors were minority shareholders, holding up to 3% of a firm's total shares. Domestic financial investors tended to have higher levels of ownership than foreign institutions, and small and minority shareholdings were more common among foreign financial investors than among domestic banks and institutional investors.Finally, the average shareholdings of six large Japanese financial groups in Japanese listed companies were considerable, representing an average ownership level of 3.3% of a firm's stock. However, they were not as high as to exert a significant degree of corporate control.All in all, we conclude that as of end-June 2002, banks continued to be important shareholders of Japanese listed firms, owing around 34% of the market capitalisation of all listed firms on the Tokyo and Osaka Stock Exchanges. At the same time, institutional investors, predominantly investment firms and insurance companies, were important shareholders as well, accounting for around 27% of total market capitalisation. Moreover, we found that foreign investment funds were very important shareholders of Japanese listed firms, which confirms the general perception that foreign ownership of Japan's corporate sector has become a rather crucial characteristic of the system of corporate governance in Japan.
Download or read book Ownership Structure and Corporate Performance in the U S and Japan written by George M. Pushner and published by . This book was released on 1993 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Determinants of Investor Relations Strategy written by Toru Yoshikawa and published by National Library of Canada = Bibliothèque nationale du Canada. This book was released on 1997 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corporate Governance written by Praveen B. Malla and published by Routledge. This book was released on 2013-11-12 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the increasing awareness that mere economic and production-based explanations do not adequately describe the motivations for governance, researchers have focused on the behavioral side of the firm performance to justify the economic rationale of their typical behaviours. This book describes the concept of corporate governance, its emergence and the contemporary thinking around it. With emphasis on "conflicts of interests" assumed to be related to the theory of separation of ownership and control, the book delves into topics such as insider trading, excessive executive compensation, managerial, expropriation of shareholders’ wealth, false reporting, accounting non-disclosures and self dealing.
Download or read book The Investment Motivation Strategy and Structure of Japanese Manufacturing Subsidiaries in the United States An Exploratory Interview based Study written by Manuel Gelacio Serapio (Jr) and published by . This book was released on 1990 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is exploratory in nature and has three objectives: (1) to describe the investment motivation, strategy, and structure of Japanese manufacturing subsidiaries in the United States, (2) to compare the investment behavior, strategy, and structure of Japanese manufacturing subsidiaries in terms of their industry affiliation, size, and timing of entry into the United States, and (3) to explore possible relationships between the strategy and structure of Japanese manufacturing subsidiaries in the United States. Data were collected from the author's personal interviews of thirty-six executives from twenty-seven Japanese manufacturing subsidiaries in the United States between December 1988 and February 1989. The sample companies had thirty-three plants in three industries: (1) transportation equipment, (2) electronics/electrical equipment, and (3) industrial/commercial machinery and computer equipment. Some of the important findings of this study are as follows: (1) some of the most significant factors influencing the Japanese companies' decision to invest in the United States were the large U.S. market, currency fluctuation, the presence or threat of trade restrictions, and pressures from competitors or customers; (2) most of the sample companies emphasized production or sales growth, localization, and expansion or protection of market share in their goal setting; (3) most sample companies maintained multiple linkages with general management or functional departments, or both, in the parent company; and (4) the parent company relied upon personal control in overseeing the operations of their U.S. subsidiary. The study found several important differences in the investment motivation, strategy, and structure of Japanese companies from different industries, and among companies of different sizes and ages. Both Chandler's thesis that "structure follows strategy," and Fayerweather's paradigm of "unification vs. fragmentation" offer useful paradigms to explain the relationships between some aspects of the sample companies' strategy and structure.
Download or read book Corporate Governance Ownership Structure and Firm Performance written by Hoang N. Pham and published by Routledge. This book was released on 2022-01-24 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: The relationship between ownership structure and firm performance has been studied extensively in corporate finance and corporate governance literature. Nevertheless, the mediation (path) analysis to examine the issue can be adopted as a new approach to explain why and how ownership structure is related to firm performance and vice versa. This approach calls for full recognition of the roles of agency costs and corporate risk-taking as essential mediating variables in the bi-directional and mediated relationship between ownership structure and firm performance. Based on the agency theory, corporate risk management theory and accounting for the dynamic endogeneity in the ownership–performance relationship, this book develops two-mediator mediation models, including recursive and non-recursive mediation models, to investigate the ownership structure–firm performance relationship. It is demonstrated that agency costs and corporate risk-taking are the ‘missing links’ in the ownership structure–firm performance relationship. Hence, this book brings into attention the mediation and dynamic approach to this issue and enhances the knowledge of the mechanisms for improving firm’s financial performance. This book will be of interest to corporate finance, management and economics researchers and policy makers. Post-graduate research students in corporate governance and corporate finance will also find this book beneficial to the application of econometrics into multi-dimensional and complex issues of the firm, including ownership structure, agency problems, corporate risk management and financial performance.
Download or read book Firm s Resources as Determinants of Manufacturing Efficiency in Tanzania written by Esther Kokunywanisa Ishengoma and published by LIT Verlag Münster. This book was released on 2005 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Japanese Management in Evolution written by Tsutomu Nakano and published by Routledge. This book was released on 2017-07-20 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: Japanese Management in Evolution illustrates the significant changes that have been taking place in Japanese business by focusing on "emerging industries" in the relatively neglected service and "creative" sectors as well as other key industries, and to put those changes in historical perspective by providing an overview of business development since World War II. By employing state-of-the-art research techniques and unconventional innovative approaches in analysing Japanese management – including network and discourse analysis, ethnographic explorations, and more – the book reveals historical developments and in-depth analyses of established and emerging composition of sectors and industries where cultural capital matters. Throughout the book, the common theme conveyed to readers is a consistently strong message that the change is ongoing and the evolution of management style is real in the Japanese context. The book would be of great interest to researchers, academics and practitioners in fields of global management, international management, and Asian capitalism.
Download or read book The Investment Motivation Strategy and Structure of Japanese Manufacturing Subsidiaries in the United States written by Manuel G. Serapio and published by . This book was released on 1990 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Narrative Management in Corporate Japan written by Chie Yorozu and published by Routledge. This book was released on 2015-11-19 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt: Scandals and failures in some of the best known international Japanese-owned companies have shown that there is sometimes a considerable difference between the public and internal narratives of Japanese firms. This book explores the extent to which Japanese firms’ public claims reflect wider reality. Exploring how and why corporate narrative-management is ‘accepted’ or ‘rejected’ by external and internal audiences in Japan, the book clarifies what narrative-management means for Japanese organizations. It argues that the role of narrative-management has become much more prevalent in Japan in recent years, but that it does not serve quite the same role as it does in the Western environments where the theory and practice first emerged. The author presents interview-based case studies within four very different large Japanese organisations, all of which have deployed and loudly announced new restructuring plans based largely on Western models of corporate ‘best practice’. The book aims to describe and account for these Japanese corporate narratives, and asks what they are, why they are deployed and who believes in them. As the first narrative-related work in the Japanese context, this volume provides an insight into the development of Japanese narrative-management. It will appeal to students and scholars of Japanese Business, International Business and Organizational Studies.
Download or read book Corporate Governance and Investment Incentives of Japanese Firms written by Noriko Ozawa and published by . This book was released on 2006 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis studies the vertical governance structure employed by large Japanese manufacturing firms that creates transaction relations that are different from arms-length relations. Chapter 2 describes the regulatory environments of post-war Japan that fostered the bank-centred financial system and then analyses the manufacturer-supplier relationships today. The findings suggest that equity participation by a large manufacturer may have been motivated by its need for expanded suppliers and by their suppliers' borrowing constraints. Chapter 3 formalizes this proposition and examines the effects of the manufacturer's equity holding on the supplier's investment incentives when a large manufacturer has access to a lower cost of capital than the supplier. I assume that the supplier can make either general or specific investment. Specific investment is more profitable than general investment but requires the supplier's effort for its successful implementation. With this set-up, I obtain a unique equilibrium in which the manufacturer holds minority equity interest, and the supplier invests more in physical assets and exerts more effort than the case when the manufacturer holds no equity. Chapter 4 evaluates the theory developed in Chapter 3 empirically, using unique data on Japanese trading relationship in which the actual good traded between the parties is used to infer the nature of investment (general or specific) involved in the relationship. The empirical results indicate that the supplier's investment decision and the manufacturer's equity holding decision are influenced by the supplier's borrowing constraints and their trading relationships. Hence, they provide empirical support for the incentive effects of the manufacturer's equity holding. Chapter 5 considers a strategic value of having a director on the supplier's board when a downstream firm faces Cournot competition in a final good market. Under the assumption that an outside director collects private information about the supplier, I show that the expected profit of the downstream firm increases with the amount of information it has. The largest gain from having a director on the supplier's board is obtained when both downstream firms have their directors on a common supplier's board because of the improved coordination of the production decisions by the downstream firms.
Download or read book Corporate Governance in Japan written by N. Demise and published by Springer Science & Business Media. This book was released on 2006-11-22 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The Market for Corporate Control in Japan written by Enrico Colcera and published by Springer Science & Business Media. This book was released on 2007-09-04 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes the modern trend in the Japanese M and A market. It reveals from different perspectives the process of convergence to a new monitoring model of the corporation: "the market for corporate control". The book contains a systematic survey of all relevant economic and legal information in this field. Analysis of 17 recent cases of hostile takeover is presented.
Download or read book Japanese Direct Manufacturing Investment in the United States written by Mamoru Yoshida and published by Praeger. This book was released on 1987 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dramatic increase of Japanese direct manufacturing investment in the United States since the 1970s has brought with it many questions about the Japanese investment decision-making process. Japanese Direct Manufacturing in the United States is the first book to investigate this process, explaining the behavior of both the micro- and macro-level actors involved in it and examining such issues as government-business interaction. Based on interviews with Japanese executives and government officials, this book provides an up-to-date and intensive look at this investment phenomenon for Japanese and American policymakers as well as researchers and students interested in Japanese multinational business.
