Management Buy-outs in Japan: Causes and Consequences

This book comprehensively examines the motivations and efects of management buy-outs (MBOs) in Japan. Beginning with a discussion of implementation status and functions of MBOs in Japan compared to other countries like Europe and the US, Kawamoto identifes the unique characteristics of Japanese MBOs. 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 buy-outs, which factors influence buy-out funds’ choice of investment destination, and the performance improvement efects 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 fnance, mergers and acquisitions, and corporate governance.