Management Buy-outs in Japan

Causes and Consequences
1. Auflage 2025
ISBN: 978-1-041-06832-7
Verlag: Taylor & Francis Ltd

Buch, Englisch, 266 Seiten, Format (B × H): 156 mm x 234 mm

Reihe: Routledge-WIAS Interdisciplinary Studies

This book comprehensively examines the motivations and effects of management buyouts in Japan.

Beginning with a discussion of implementation status and functions of MBOs in Japan compared to other countries like Europe and the U.S., Kawamoto identifies unique characteristics of Japanese management buyouts. He then explores how the transformation of corporate governance structures of Japanese companies, and other recent changes have led to the increased demand. Empirical data is used to identify what motivates companies to seek buyouts, which factors influence buyout funds’ choice of investment destination, and the performance improvement effects of privatization. Topics such as governance structure and minority shareholder interests are also covered.

Providing a rare view into the Japanese market, this book will be attractive to researchers of corporate finance, mergers and acquisitions, and corporate governance.

Zielgruppe

Postgraduate

Autoren/Hrsg.

Kawamoto, Shinya

Fachgebiete

• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensfinanzen
• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensorganisation, Corporate Responsibility Unternehmenskultur, Corporate Governance
• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensorganisation, Corporate Responsibility Mergers & Acquisitions (M&A), Übernahmen & Buy-outs

Inhaltsverzeichnis

Introduction MBOs in Japan: An Overview and Analytical Perspective 1. Motivations for Going Private: Comparative Analysis of MBOs and Wholly Owned Subsidiaries 2. Heterogeneity of Going Private MBOs: Motivation, Takeover Premium, and Exit 3. With which Companies Do Buyout Funds Engage in MBO? 4. MBO and Performance Improvement 5. MBOs and Accounting Manipulation: Takeover Structures and Discretionary Accruals 6. Fairness Measures and Minority Interests 7. MBOs as a Tool for Corporate Restructuring 8. Sale of Subsidiaries by MBO and Stock Market Valuation 9. End of Chapter MBOs and Japanese Companies

Über Autor(innen)

Shinya Kawamoto is Professor in the College of Economics, Rikkyo University, Japan. His Japanese books have received recognition from the Japan Association for Applied Economics and the Society for Economic Studies of Securities.