@article{943220,
      recid = {763182},
      author = {Hanazaki, Masaharu,},
      title = {Corporate governance and corporate behavior in Japan : the  consequences of stock options and corporate diversification  /},
      publisher = {Springer,},
      address = {Japan :},
      number = {943220},
      pages = {1 online resource.},
      year = {2016},
      abstract = {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.},
      url = {http://library.usi.edu/record/763182},
}