日本におけるMBO（マネジメント・バイアウト）：原因と結果 Management Buy-outs in Japan : Causes and Consequences (Routledge-wias Interdisciplinary Studies)

Kawamoto, Shinya

Routledge（2025/12発売）

• 製本 Hardcover:ハードカバー版／ページ数 204 p.
• 言語 ENG
• 商品コード 9781041068327
• DDC分類 658.16

Full Description

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.

Contents

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 Buy-out 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