244
Views
2
CrossRef citations to date
0
Altmetric
RESEARCH ARTICLES

Corporate governance and active engagement in Japan: transformation in the face of incremental shareholder value?

Pages 179-197 | Received 11 Jun 2012, Accepted 01 Sep 2012, Published online: 19 Nov 2012

References

  • Aguilera , R. V. and Jackson , G. 2003 . The cross-national diversity of corporate governance: dimensions and determinants . The Academy of Management Review , 28 ( 3 ) : 447 – 65 .
  • Aguilera , R. V. and Jackson , G. 2010 . Comparative and international corporate governance . The Academy of Management Annals , 4 ( 1 ) : 485 – 56 . (doi:10.1080/19416520.2010.495525)
  • Aoki , M. 1988 . Information, incentives, and bargaining in the Japanese economy , Cambridge, UK : Cambridge University Press .
  • Aoki , M. 1990 . Towards an economic model of the Japanese firm . Journal of Economic Literature , 28 : 1 – 27 .
  • Aoki , M. 1994 . “ The Japanese firms as a system of attributes ” . In The Japanese firm: Sources of competitive strength , Edited by: Aoki , M. and Dore , R. 11 – 40 . Oxford, UK : Oxford University Press .
  • Aoki , M. 2001 . Toward a comparative institutional analysis , Cambridge , , MA : MIT Press .
  • Aoki , M. , Jackson , G. and Miyajima , H. 2007 . Corporate governance in Japan: Institutional change and organizational diversity , Oxford, UK : Oxford University Press .
  • Atsumi and Partners. 2009. US activist hedge fund wins Japanese companies’ board vote. Legal update: Archive. July 2009, Tokyo, Japan
  • Bauer , R. , Braun , R. and Clark , G. L. 2007 . The emerging market for European corporate governance: the relationship between governance and capital expenditures, 1997–2005 . Journal of Economic Geography , 8 ( 4 ) : 441 – 69 . (doi:10.1093/jeg/lbn018)
  • Bebchuk , L. A. 2005 . The case for increasing shareholder power . Harvard Law Review , 118 : 835 – 914 .
  • Clark , G. L. and Hebb , T. 2004 . Pension fund corporate engagement: the fifth stage of capitalism . Relations Industielles/Industial Relations , 59 : 142 – 71 .
  • Clark , G. L. and Wójcik , D. 2007 . The geography of finance, corporate governance in the global marketplace , Oxford, UK : Oxford University Press .
  • Clark , G. L. , Salo , J. and Hebb , T. 2008 . Social and environmental shareholder activism in the public spotlight: US corporate annual meetings, campaign strategies, and environmental performance, 2001–04 . Environment and Planning A , 40 : 1370 – 90 .
  • Cziraki , P. , Renneboog , L. and Szilagyi , P. G. 2010 . Shareholder activism through proxy proposals: the European perspective . European Financial Management , 16 ( 5 ) : 738 – 77 . (doi:10.1111/j.1468-036X.2010.00559.x)
  • Dixon , A. D. 2010 . Variegated capitalism and the geography of finance: Towards a common agenda . Progress in Human Geography , 35 ( 2 ) : 193 – 210 . (doi:10.1177/0309132510372006)
  • Douthett , E. and Jung , K. 2001 . Japanese Corporate groupings (Keiretsu) and the informativessness of earnings . Journal of International Financial Management and Accounting , 12 : 133 – 59 . (doi:10.1111/1467-646X.00069)
  • Eurosif . 2010 . European SRI Study 2010, Revised Edition , Paris, France : The European Sustainable Investment Forum. Eurosif .
  • Gerlach , M. 1992 . The Japanese corporate network: A block model analysis . Administrative Science Quarterly , 37 ( 1 ) : 105 – 39 . (doi:10.2307/2393535)
  • Gillan , S. L. and Starks , L. T. 1998 . A survey of shareholder activism: motivation and empirical evidence . Contemporary Finance Digest , 2 : 10 – 34 .
  • Gillan , S. L. and Starks , L. T. 2000 . Corporate governance proposals and shareholder activism: The role of institutional investors . Journal of Financial Economics , 57 : 275 – 305 . (doi:10.1016/S0304-405X(00)00058-1)
  • Gillan , S. L. and Starks , L. T. 2007 . The evolution of shareholder activism in the United States . Journal of Applied Corporate Finance , 19 ( 1 ) : 55 – 73 . (doi:10.1111/j.1745-6622.2007.00125.x)
  • Gilson, R.J., and C.J. Milhaupt. 2004. Choice as regulatory reform: The case of Japanese corporate governance. Working Paper No. 251, Columbia Law School, The Center for Law and Economic Studies, New York, NY
  • GPIF . 2011 . Review of operations in Fiscal 2010 , Tokyo, Japan : Government Pension Investment Fund .
  • Guest , P. M. 2008 . The determinants of board size and composition: Evidence from the UK . Journal of Corporate Finance , 14 : 51 – 72 . (doi:10.1016/j.jcorpfin.2008.01.002)
  • Gugler , K. , Mueller , D. C. and Yurtoglu , B. B. 2004 . Corporate governance and globalization . Oxford Review of Economic Policy , 20 ( 1 ) : 129 – 56 . (doi:10.1093/oxrep/grh008)
  • Harris , M. and Raviv , A. 2008 . Control of corporate decisions: shareholders vs. management . The Review of Financial Studies , 23 ( 11 ) : 4115 – 47 . (doi:10.1093/rfs/hhq081)
  • Hawley , J. P. and Williams , A. T. 2000 . The rise of fiduciary capitalism: How institutional investors can make corporate America more democratic? , Pennsylvania , , PA : University of Pennsylvania Press .
  • Hitachi Ltd. 2012a. About Hitachi Groups (in Japanese). http://www.hitachi.co.jp/csr/outline/index.html (accessed May 9, 2012)
  • Hitachi Ltd. 2012b. Hitachi to apply for delisting from New York stock exchange and certain domestic stock exchanges. News Releases, March 30, 2012. http://www.hitachi.us/about/press/03302012.html (accessed May 9, 2012)
  • ICCR . 2012 . 2012 Shareholder resolutions/environmental performance by sector , New York, NY : Interfaith Center on Corporate Responsibility . http://www.iccr.org/shareholder/trucost/index.php (accessed June 11, 2012)
  • Ishida , T. 2012 . ISS proxy voting advisory policy 2012 (in Japanese) . Shoji Homu , 1960 : 40 – 29 .
  • Isobe , T. , Makino , S. and Goerzen , A. 2006 . Japanese horizontal keiretsu and the performance implications of membership . Asia Pacific Journal of Management , 23 ( 4 ) : 453 – 66 . (doi:10.1007/s10490-006-9015-2)
  • ISS . 2012 . The standard of proxy voting recommendation for Japan, 2012 (in Japanese) , Tokyo, Japan : Institutional Shareholder Services Inc .
  • Jackson , G. 2009 . The Japanese firm and its diversity . Economy and Society , 38 ( 4 ) : 606 – 29 . (doi:10.1080/03085140903190334)
  • Jackson , G. 2010 . “ Actors and institutions ” . In The Oxford handbook of comparative institutional analysis , Edited by: Morgan , G. , Campbell , J. , Crouch , C. , Pedersen , O. K. and Whitley , R. 63 – 86 . Oxford, UK : Oxford University Press .
  • Jackson , G. and Miyajima , H. 2007 . “ The diversity and change of corporate governance in Japan ” . In Corporate governance in Japan: Institutional change and organizational diversity , Edited by: Aoki , M. , Jackson , G. and Miyajima , H. 1 – 47 . Oxford, UK : Oxford University Press .
  • Japan Securities Investment Advisers Association . 2011 . The trend of shareholder resolution in Discretionary Management Companies for 10 years (in Japanese) , Tokyo, Japan : Japan Securities Investment Advisers Association .
  • Johnston , S. and McAlevey , L. 1998 . Stable shareholdings and Japan's bubble economy: An historical overview . Strategic Management Journal , 19 ( 11 ) : 1101 – 7 . (doi:10.1002/(SICI)1097-0266(1998110)19:11<1101::AID-SMJ998>3.0.CO;2-Q)
  • Lehn , K. and Poulsen , A. 1989 . Free cash flow and stockholder gains in going private transactions . Journal of Finance , 44 : 771 – 87 . (doi:10.1111/j.1540-6261.1989.tb04390.x)
  • Linck , J. S. , Netter , J. M. and Yang , T. 2008 . The determinants of board structure . Journal of Financial Economics , 87 ( 2 ) : 308 – 28 . (doi:10.1016/j.jfineco.2007.03.004)
  • Lincoln , J. R. , Gerlach , M. and Ahmadjian , C. 1996 . Keiretsu networks and corporate performance in Japan . American Sociological Review , 61 ( 1 ) : 67 – 88 . (doi:10.2307/2096407)
  • McGuire , J. and Dow , S. 2009 . Japanese keiretsu: Past, present, future . Asia Pacific Journal of Management , 26 : 333 – 51 . (doi:10.1007/s10490-008-9104-5)
  • Miyajima , H. 2007 . “ The performance effects and determinants of corporate governance reform ” . In Corporate governance in Japan: Institutional change and organizational diversity , Edited by: Aoki , M. , Jackson , G. and Miyajima , H. 330 – 69 . Oxford, UK : Oxford University Press .
  • Miyajima, H., and T. Hoda. 2012. How to understand the changing ownership of Japanese firms: Analysis of stock selection by domestic and foreign institutional investors (in Japanese). FSA Institute Discussion Paper Series, DP 2011-11, March 2012, Financial Research Center, Financial Services Agency, Government of Japan, Tokyo, Japan
  • Miyajima, H., and K. Nitta. 2011. A diversification of ownership structure and its effect on corporate performance: Unwinding and resurgence of cross-shareholdings and the role of surging foreign investors (in Japanese). REITI Policy Discussion Paper Series 11-J-011. Research Institute of Economy, Trade and Industry, IAA, Tokyo, Japan
  • Nomura Institute of Capital Market Research. 2008. Looking at the past ten years of annual general meeting in Japan: more open general meetings and increasing interest in shareholder resolution (in Japanese). Capital Market Quarterly, 2008 Autumn, Nomura Institute of Capital Market Research, Tokyo, Japan
  • Renneboog, L., and P. Szilagyi. 2009. The success and relevance of shareholder activism through proxy proposals. Tilburg University Working Paper No. 2009.65, Tilburg, the Netherlands
  • Saito , T. 2011 . “ The determinants of implementing outside directors by Japanese corporations and its impact (in Japanese) ” . In Japanese corporate governance: Towards the re-design and competitiveness recovery (in Japanese) , Edited by: Miyajima , H. 181 – 213 . Tokyo, Japan : Keizai Inc .
  • Sako , M. 2007 . “ Organizational diversity and institutional change: evidence from financial and labor markets in Japan ” . In Corporate governance in Japan: Institutional change and organizational diversity , Edited by: Aoki , M. , Jackson , G. and Miyajima , H. 399 – 426 . Oxford, UK : Oxford University Press .
  • SIF-Japan . 2009 . 2009 Review of socially responsible investment in Japan , Tokyo, Japan : Social Invest Forum Japan .
  • SIF-Japan . 2011 . 2011 Review of socially responsible investment in Japan (in Japanese) , Tokyo, Japan : Social Invest Forum Japan .
  • The Investment Trust Association Japan. 2011. The Result of Shareholder's Resolution in 2011 (in Japanese). http://www.toushin.or.jp/statistics/report/voting/ (accessed June 6, 2012)
  • The Sumitomo Trust & Banking. 2011. The Trend of proxy voting by domestic and international institutional investors. The Sumitomo Trust and Banking Transfer Agent News No. 247 (in Japanese), Tokyo, Japan
  • Tokyo Stock Exchange. 2011a. Survey of Stock Distribution (in Japanese). http://www.tse.or.jp/market/data/examination/distribute/index.html (accessed June 6, 2012)
  • Tokyo Stock Exchange . 2011b . TSE-listed companies white paper on corporate governance 2011 , Tokyo, Japan : Tokyo Stock Exchange, Inc .
  • Tokyo Stock Exchange. 2012. Corporate governance information service (in Japanese). http://www.tse.or.jp/listing/corpgov/index.html (accessed June 6, 2012)
  • Toyo Keizai . 2012 . Kaisha Shikiho, 2012 Spring. CD-ROM , Tokyo, Japan : Toyo Keizai .
  • UN PRI. 2012. Signatories to the principles for responsible investment. http://www.unpri.org/signatories/ (accessed May 11, 2012)
  • Weisbach , M. S. 1988 . Outside directors and CEO turnover . Journal of Financial Economics , 20 : 431 – 60 . (doi:10.1016/0304-405X(88)90053-0)

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.