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Contesting “Corporate Value” Through Takeover Bids in Japan

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  • D. Hugh Whittaker
  • Masaru Hayakawa

Abstract

Livedoor’s attempted takeover of Nippon Broadcasting System in February 2005 marked a watershed in the history of mergers and acquisitions in Japan. The drama was played out in public, changing popular perceptions, influencing policy makers and sending managers scurrying to debate and erect legitimate defence measures in case they themselves should be targeted. Tensions on the investor relations interface were not subsequently reversed by Livedoor’s equally dramatic demise. The article considers the rise of takeover bids in Japan, responses to it, and their significance for corporate control and governance, as well as for the “community firm”.

Suggested Citation

  • D. Hugh Whittaker & Masaru Hayakawa, 2007. "Contesting “Corporate Value” Through Takeover Bids in Japan," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(1), pages 16-26, January.
    • Handle: RePEc:bla:corgov:v:15:y:2007:i:1:p:16-26
    DOI: 10.1111/j.1467-8683.2006.00538.x
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    References listed on IDEAS

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    1. Simon Deakin & Richard Hobbs & David Nash & Giles Slinger, 2002. "Implicit contracts, takeovers and corporate governance: in the shadow of the city code," Working Papers wp254, Centre for Business Research, University of Cambridge.
    2. Dore, Ronald, 2000. "Stock Market Capitalism: Welfare Capitalism: Japan and Germany versus the Anglo-Saxons," OUP Catalogue, Oxford University Press, number 9780199240616, Decembrie.
    3. Learmount, Simon, 2002. "Corporate Governance: What Can Be Learned From Japan?," OUP Catalogue, Oxford University Press, number 9780199252916, Decembrie.
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    Cited by:

    1. Kathryn Harrigan, 2014. "Comparing corporate governance practices and exit decisions between US and Japanese firms," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 18(4), pages 975-988, November.

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