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BL
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| Record Number
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889331
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| Main Entry
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Yanagi, Ryohei
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| Title & Author
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Corporate governance and value creation in Japan : : prescriptions for boosting ROE /\ Ryohei Yanagi.
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| Publication Statement
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Singapore :: Springer,, 2018.
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| Page. NO
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1 online resource
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| ISBN
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9789811085031
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: 981108503X
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9789811085024
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9811085021
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| Bibliographies/Indexes
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Includes bibliographical references and index.
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| Contents
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Intro; Preface; Contents; About the Author; 1 Dawn of Corporate Governance: Japan Must Change; 1.1 Japan's Stewardship Code, Corporate Governance Code, and the Ito Review (Three Pillars of Japan's Corporate Governance Reforms); 1.1.1 Japan's Stewardship Code: Principles for Responsible Institutional Investors to Promote Sustainable Growth of Companies Through Investment and Dialogue; 1.1.2 Japan's Corporate Governance Code: Seeking Sustainable Corporate Growth and Increased Corporate Value Over the Mid- to Long-Term.
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1.1.3 The Ito Review: Competitiveness and Incentives for Sustainable Growth Building Favorable Relationships Between Companies and Investors (Final Report)1.2 The Perspective of Global Investors and Japan's Corporate Value; References; 2 Cash Valuation Assessment of Japanese Corporations: When 100 Yen Is Valued at 50 Yen; 2.1 Why Is 100 Yen Valued as 50 Yen?: Discounting the Value of Cash Held by Japanese Companies; 2.2 Background of Cash Discount Previous Academic Research Results: 100 Yen of Japanese Company Is Worth Only 55 Yen.
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2.3 Latest Empirical Research on the Marginal Value of Japanese Companies' Cash-Evidence and Reconfirmation of the 50% Discount2.3.1 Research Design and Sample; 2.3.2 Empirical Results and Analysis; 2.4 85% of Overseas Investors Discount the Value of Cash Held by Japanese Companies; 2.4.1 Global Investor Survey Results; 2.4.2 Major Comments by Overseas Investors Concerning the Value of Cash Held by Japanese Companies; 2.5 How Can Japanese Companies Obtain the Market Valuation of 100 Yen as 100 Yen?; References; 3 Abenomics Requires Enhancement of Corporate Value via ROE; 3.1 What Is ROE?
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3.2 Inconvenient Truth: Japan as a Low ROE Nation Primary Cause of International ROE Inferiority Is not Leverage but Margin3.2.1 Decomposition of ROE by DuPont Analysis Method, in Which the Primary Cause of the Problem Was not Leverage but Margin; 3.3 Leverage Matters (Life-Cycle Consideration and Optimal Capital Structure Needed for Value Maximization); 3.4 Global Investor Perceptions of ROE and Governance: Investors Expect to Improve ROE Through Governance Reforms; 3.4.1 Japanese Companies and Investors, and the Gap in ROE Recognition.
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3.5 Global Investor Survey of Japan's Version of Its Stewardship Code3.5.1 Global Investor Survey About the Corporate Governance Code; 3.6 Why Is ROE a Priority for Global Investors? ROE Is a Proxy of Shareholder Value; 3.6.1 Total Return of Shareholders Is Attributable to ROE; 3.7 Companies' Valuation of PBR Depends on ROE; 3.8 High ROE Is Partly Determined by Corporate Governance; 3.9 Japanese Companies Will Benefit from Enhancing ROE: Win-Win Situation on a Long-Term Basis; References; 4 Equity Spread and Value Creation; 4.1 "Ito Review" and Equity Spread 8% Is Magic Number.
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| Abstract
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This is the first book to furnish a root cause of the low valuation of Japanese listed companies by using, as qualitative evidence, unique global investor surveys, which are rarely available for Japanese companies. Also contained in this book as quantitative evidence is empirical research with regression analysis implying a positive correlation between corporate governance and value creation in Japan. The author explains the rationale underlying the suggestion of the Ito Review on return on equity (ROE) 8% guidance, an almost 50% discounted valuation of the cash held by Japanese companies, corporate value and ROE, equity spread as a key performance indicator for value creation, an optimal dividend policy based on optimal capital structure, risk-adjusted hurdle rates for value-creative investment criteria, and the synchronization of environmental, social, and governance with equity spread. Illustrated with relevant statistics, evidence of shareholders' voices, case studies, and empirical research, the book is highly recommended for readers who seek qualitative and quantitative evidence of Japan's problems and potential prescriptions in connection with value creation. "This book empirically proves the relationship between non-financial capitals defined by IIRC and corporate value, and provides a convincing method to unlock corporate value in Japan via Abenomics corporate governance reforms. A must read!" Richard S. Howitt, Chief Executive Officer, International Integrated Reporting Council (IIRC) "This book addresses emerging issues such as the "Power of Intangibles" in addition to IMA-defined "Equity Spread" as a gauge for value creation from the viewpoint of management accounting. It is highly recommended for finance and accounting professionals." Jeffrey C. Thomson, CMA, CAE. President and CEO, Institute of Management Accountants (IMA).
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| Subject
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Corporate governance-- Japan.
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Corporations-- Valuation-- Japan.
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BUSINESS ECONOMICS-- Industrial Management.
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BUSINESS ECONOMICS-- Management Science.
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BUSINESS ECONOMICS-- Management.
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BUSINESS ECONOMICS-- Organizational Behavior.
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| Subject
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Corporate finance.
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| Subject
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Corporate governance.
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Corporate governance.
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Corporations-- Valuation.
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| Subject
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Investment securities.
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| Subject
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Japan.
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| Dewey Classification
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658.4
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| LC Classification
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HD2741
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