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"This book develops a new framework (stakeholder model) that helps understand corporate finance and governance in modern society, where (especially in developed countries) the sources of people's happiness have shifted from monetary to non-monetary factors. The book takes a more comprehensive approach by explicitly incorporating the (monetary and non-monetary) interests of stakeholders and by examining the value creation of corporations from a much broader perspective. Specifically, the book addresses contemporary issues concerning corporate finance and governance all over the world, including: How should we define firm value in stakeholder society? What is the role of modern corporations? What are the principles of corporate financing decisions? To whatextent should shareholder rights be enhanced? What determines the effectiveness of the board of directors? How can we understand the diversity of financial and governance systems among different countries? The book will answer these questions theoretically and empirically. "--
List 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.
