Hedge Fund Activism in Japan: The Limits of Shareholder - download pdf or read online
By John Buchanan
Hedge fund activism is an expression of shareholder primacy, an concept that has come to dominate dialogue of company governance thought and perform world wide over the last 20 years. This booklet offers an intensive exam of public and infrequently confrontational hedge fund activism in Japan within the interval among 2001 and the whole onset of the worldwide monetary trouble in 2008. In Japan this shareholder-centric notion of the corporate espoused through activist hedge money clashed with the choice eastern belief of the corporate as an everlasting service provider or a 'community'. by means of analysing this conflict, the publication derives a clean view of the practices underpinning company governance in Japan and provides feedback concerning the validity of the shareholder primacy rules at present on the middle people and united kingdom ideals concerning the objective of the enterprise
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Extra resources for Hedge Fund Activism in Japan: The Limits of Shareholder Primacy
The rules of company law can be understood in broad terms as a functional response to the needs of the business enterprise as it has evolved over time. If the process of matching company law to economic conditions were entirely unproblematic, the content of particular legal rules could be assumed to be perfectly aligned with business needs. We have seen already that this is not the case: the legal model of the joint stock company ‘solves’ certain economic problems (such as responding to the needs of irms for external inance by protecting the interests of minority shareholders) while creating others (the moral hazard implications of shareholders’ limited liability).
In a world of unlimited liability, the company’s ability to raise capital and the conduct of its wider business would be dependent in part on the extent of its members’ personal assets. As late as the inal quarter of the nineteenth century, some companies, such as certain private banks in Britain, were structured in this way, with the result that their wealthy members acted, in effect, as guarantors of their trading commitments (Acheson, Hickson, and Turner, 2011). This structure had the advantage of minimising the risk of moral hazard – referring, in this context, to the ability of shareholders to shift risk onto third parties including the irm’s creditors and employees – which was then still widely associated with the limited liability form.
Fischel, in an article that challenged the prevailing desire for formal controls on management practices in the USA, observed in 1982 that ‘the issue of corporate governance has received an enormous amount of attention in the past ten years’. Nevertheless, the earliest reference he cites which uses ‘corporate governance’ in its title refers to a symposium in 1977 (Fischel, 1982: 1259–60). Awareness of the concept of corporate governance by this name outside the USA came later. Tricker had speciically discussed it in relation to British corporate practices in the early 1980s (Tricker, 1984), but widespread use in the UK came only after the publication of the Cadbury Report in 1992 – itself a reaction to a series of UK corporate scandals – only slightly before the rise of concern in Japan.
Hedge Fund Activism in Japan: The Limits of Shareholder Primacy by John Buchanan