CorporateGovernanceinJapan : FromtheViewpointsofManagement, Accounting, andtheMarket Corporate governance in Japan : from the viewpoints of management, accounting, and the market

In Japan, the problem of corporate governance has been cogently argued in the ?eld of social science for the past decade, and the issue has also been taken up separately in law, business administration, and accounting.This book, however, is the ?rst to take a general overview of corporate governance with respect to management, risk management, accounting, and the capital markets. Corporate governance in the broad sense must include stakeholders with various interests while taking into consideration the sometimes unscrupulous affairs of companies and bankruptcies of big businesses, along with today’s increasing numbers of mergers and acquisitions.Both the company manager and the institutional investor have begun to be more concerned about corporate social responsibility (CSR) and socially responsible investment. After 2003, the issue of CSR began to be taken up more frequently by the media in Japan,and study meetings and committees associated with the Ministry of Economy,Trade and Industry, Ministry of the Environment, and the Ministry of Health, Labour and Welfare were established.These trends are evidence of signi?cant changes in Japanese corporate governance.The study presented here proposes that a company should play a social role to bring about a sustainable society. In Japan, the problem of corporate governance has been cogently argued in the?eld of social science for the past decade, and the issue has also been taken up separately in law, business administration, and accounting. This book, however, is the?rst to take a general overview of corporate governance with respect to management, risk management, accounting, and the capital markets. Corporate governance in the broad sense must include stakeholders with various interests while taking into consideration the sometimes unscrupulous affairs of companies and bankruptcies of big businesses, along with today's increasing numbers of mergers and acquisitions. Both the company manager and the institutional investor have begun to be more concerned about corporate social responsibility (CSR) and socially responsible investment. After 2003, the issue of CSR began to be taken up more frequently by the media in Japan, and study meetings and committees associated with the Ministry of Economy, Trade and Industry, Ministry of the Environment, and the Ministry of Health, Labour and Welfare were established. These trends are evidence of signi?cant changes in Japanese corporate governance. The study presented here proposes that a company should play a social role to bring about a sustainable society "The cases of Enron and WorldCom in 2001 in the United States focused worldwide attention on the issue of whether corporations have a social responsibility beyond stockholder value. Recent incidents in Japan have raised similar questions as corporate governance in the broad sense and corporate social responsibility in particular have been taken up by committees established by government ministries. This book is the result of an international comparative study of corporate governance begun in 2002, and provides in-depth 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. In this way the book is a valuable source for managers, investors, and others in business, finance, and economics."--BOOK JACKET Front Matter....Pages I-X Front Matter....Pages 1-1 Management and Corporate Governance....Pages 3-13 Moral Hazard in Corporate Governance....Pages 15-23 Accounting and Corporate Governance....Pages 25-30 Institutional Investors and Corporate Governance....Pages 31-38 Front Matter....Pages 39-39 Institutional Investors Exercising Shareholder Voting Rights in Japan....Pages 41-57 Board of Directors....Pages 59-66 Accounting and Disclosure in Japan....Pages 67-74 Managerial Judgment Hazard in Corporate Governance....Pages 75-90 Front Matter....Pages 91-91 The Effect of Global Shareholder Activism on the Japanese Financial System and the Japanese Corporation....Pages 93-108 OECD Principles of Corporate Governance....Pages 109-117 Back Matter....Pages 119-122 The cases of Enron and WorldCom focused attention on the issue of whether corporations have a social responsibility beyond stockholder value. Incidents in Japan have raised similar questions. This book provides an analysis of the issue as it applies to management, accounting practices and the investor from both a Japanese and a global perspective N. Demise ... [et Al.]. Includes Bibliographical References And Index.