Is Japan Inc losing its wa? The concept of harmony has defined corporate Japan since the war. That keeps things cosy in the boardrooms, but sits uneasily with investors. Managers who fear neither coups nor takeovers tend to worry less about maximising shareholder value.
Signs of dissent, therefore, are encouraging. This year, there have been three big hostile takeover bids. A handful of activist investment funds have pushed companies to lift dividends. The courts adjudicated on a number of corporate gripes and Japan is rewriting its commercial code.
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