Table of Contents

1. Corporations in Modern Society 2. For Whom are Contemporary Companies Managed? 3. Corporate Value in Stakeholder Society 4. Are Strong Shareholder Rights Desirable? 5. Is Governance by Shareholders Necessary? Employees’ Quiet Exit 6. The Board of Directors in Stakeholder Society 7. Corporate Finance and its Objectives 8. The Bank-centered Financial System in Stakeholder Capitalism 9. Is the Mission Statement Important? 10. How should We Evaluate Japanese Firms?

About the Author

Shinichi Hirota is a Professor at the School of Commerce of Waseda University. His research interests are corporate governance, corporate finance, comparing financial systems, and experimental finance. Shinichi received his PhD in economics from Doshisha University, Japan.

Reviews

"The financial crisis has highlighted that we live in a stakeholder society. This book offers a fresh approach for everyone interested in gaining a deeper understanding on its implications for corporate governance and finance." —Christopher Koch, Professor and Chair of Corporate Governance, Faculty of Law and Economics, Johannes Gutenberg-University Mainz, Germany"The book presents a somewhat unique position in financial economics. It will add a positive value in the discussion on corporate governance in the global academic community." —Hideki Kanda, Professor, Graduate Schools for Law and Politics, University of Tokyo, Japan "In Anglo-Saxon economies like the United States and United Kingdom, the view that corporations should be run in the interests of shareholders dominates. However, in many other countries like China, France, Germany and Japan, it is widely believed the corporation should be run in the interests of all stakeholders. Despite this, economic analyses have focused almost exclusively on the shareholder paradigm. This book represents a major step forward in that it develops a stakeholder model. It should be read by all those with a serious interest in corporate governance." – Franklin Allen, Professor, Imperial College London and University of Pennsylvania