The Resource Corporate governance and corporate behavior in Japan : the consequences of stock options and corporate diversification, Masaharu Hanazaki

Corporate governance and corporate behavior in Japan : the consequences of stock options and corporate diversification, Masaharu Hanazaki

Label
Corporate governance and corporate behavior in Japan : the consequences of stock options and corporate diversification
Title
Corporate governance and corporate behavior in Japan
Title remainder
the consequences of stock options and corporate diversification
Statement of responsibility
Masaharu Hanazaki
Creator
Author
Subject
Genre
Language
eng
Summary
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
Member of
Cataloging source
YDX
http://library.link/vocab/creatorName
Hanazaki, Masaharu
Dewey number
658.4
Index
no index present
LC call number
HD2741
LC item number
.H36 2016eb
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
Series statement
SpringerBriefs in economics. Development Bank of Japan research series
http://library.link/vocab/subjectName
  • Corporate governance
  • Employee stock options
  • Corporate reorganizations
  • BUSINESS & ECONOMICS
  • BUSINESS & ECONOMICS
  • BUSINESS & ECONOMICS
  • Corporate governance
  • Corporate reorganizations
  • Employee stock options
  • Japan
  • Business and Management
  • Corporate Governance
Label
Corporate governance and corporate behavior in Japan : the consequences of stock options and corporate diversification, Masaharu Hanazaki
Link
https://ezproxy.lib.ou.edu/login?url=http://link.springer.com/10.1007/978-4-431-56006-7
Instantiates
Publication
Bibliography note
Includes bibliographical references
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Contents
  • Preface; Acknowledgments; Contents; About the Author; 1 Introduction; Abstract; References; 2 Institutional Characteristics and Effects of a Stock Option; Abstract; 2.1 What Is a Stock Option?; 2.2 The Development of the Stock Option System in Japan; 2.3 Stock Option Studies on Japanese Firms; References; 3 Empirical Analysis of a Stock Option; Abstract; 3.1 Estimation of Stock Option Value; 3.1.1 Basic Model; 3.1.2 Estimation Approach; 3.1.3 Estimation Results; 3.2 Has the Profitability of Companies Improved by the Introduction of a Stock Option?
  • 3.3 Did the Introduction of a Stock Option Induce Risk-Taking Firm Behaviors?References; 4 Related Studies of Corporate Diversification; Abstract; 4.1 Theories of Corporate Diversification; 4.2 Negative Effects of Corporate Diversification; 4.3 Reexamination of the Diversification Discount; 4.4 Corporate Governance and Corporate Diversification; References; 5 Corporate Diversification of Japanese Firms; Abstract; 5.1 How Can I Determine the Actual Conditions of Corporate Diversification?; 5.2 Corporate Diversification and Division of Corporations in Japanese Firms; Reference
  • 6 Empirical Analyses of Corporate Diversification and Division of CorporationsAbstract; 6.1 Hypotheses; 6.2 The Empirical Analysis: A Comparison Between Consolidated Financial Statements and Non-consolidated Financial Statements for Corporations Which Have Conducted Corporate Diversification and Division of Corporations; 6.3 The Empirical Analysis: A Comparison Between Firms with Consolidated Subsidiaries and Those Without; 6.4 The Empirical Analysis: Analysis Based on Segmental Information; 6.5 The Empirical Analysis: Analysis of Pure Holding Companies; References
  • 7 Main Results and Their InterpretationAbstract; References; Appendix Tables: Basic Statistics for Major Parameters of the Black-Scholes Model; Appendix A: All Listed Firms; Appendix B: Listed Firms of the First Section of the Tokyo Stock Exchange; Appendix C: Listed Firms of the Second Section of the Tokyo Stock Exchange; Appendix D: Listed Firms of the Mothers Section of the Tokyo Stock Exchange
Dimensions
unknown
Extent
1 online resource.
Form of item
online
Isbn
9784431560067
Media category
computer
Media MARC source
rdamedia
Media type code
c
Note
SpringerLink
Other control number
10.1007/978-4-431-56006-7
Specific material designation
remote
System control number
  • (OCoLC)957680091
  • (OCoLC)ocn957680091
Label
Corporate governance and corporate behavior in Japan : the consequences of stock options and corporate diversification, Masaharu Hanazaki
Link
https://ezproxy.lib.ou.edu/login?url=http://link.springer.com/10.1007/978-4-431-56006-7
Publication
Bibliography note
Includes bibliographical references
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Contents
  • Preface; Acknowledgments; Contents; About the Author; 1 Introduction; Abstract; References; 2 Institutional Characteristics and Effects of a Stock Option; Abstract; 2.1 What Is a Stock Option?; 2.2 The Development of the Stock Option System in Japan; 2.3 Stock Option Studies on Japanese Firms; References; 3 Empirical Analysis of a Stock Option; Abstract; 3.1 Estimation of Stock Option Value; 3.1.1 Basic Model; 3.1.2 Estimation Approach; 3.1.3 Estimation Results; 3.2 Has the Profitability of Companies Improved by the Introduction of a Stock Option?
  • 3.3 Did the Introduction of a Stock Option Induce Risk-Taking Firm Behaviors?References; 4 Related Studies of Corporate Diversification; Abstract; 4.1 Theories of Corporate Diversification; 4.2 Negative Effects of Corporate Diversification; 4.3 Reexamination of the Diversification Discount; 4.4 Corporate Governance and Corporate Diversification; References; 5 Corporate Diversification of Japanese Firms; Abstract; 5.1 How Can I Determine the Actual Conditions of Corporate Diversification?; 5.2 Corporate Diversification and Division of Corporations in Japanese Firms; Reference
  • 6 Empirical Analyses of Corporate Diversification and Division of CorporationsAbstract; 6.1 Hypotheses; 6.2 The Empirical Analysis: A Comparison Between Consolidated Financial Statements and Non-consolidated Financial Statements for Corporations Which Have Conducted Corporate Diversification and Division of Corporations; 6.3 The Empirical Analysis: A Comparison Between Firms with Consolidated Subsidiaries and Those Without; 6.4 The Empirical Analysis: Analysis Based on Segmental Information; 6.5 The Empirical Analysis: Analysis of Pure Holding Companies; References
  • 7 Main Results and Their InterpretationAbstract; References; Appendix Tables: Basic Statistics for Major Parameters of the Black-Scholes Model; Appendix A: All Listed Firms; Appendix B: Listed Firms of the First Section of the Tokyo Stock Exchange; Appendix C: Listed Firms of the Second Section of the Tokyo Stock Exchange; Appendix D: Listed Firms of the Mothers Section of the Tokyo Stock Exchange
Dimensions
unknown
Extent
1 online resource.
Form of item
online
Isbn
9784431560067
Media category
computer
Media MARC source
rdamedia
Media type code
c
Note
SpringerLink
Other control number
10.1007/978-4-431-56006-7
Specific material designation
remote
System control number
  • (OCoLC)957680091
  • (OCoLC)ocn957680091

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