论文标题
日本投资者行动主义的演变
The Evolution of Investor Activism in Japan
论文作者
论文摘要
激进投资者逐渐成为日本公司变革的催化剂。这项研究研究了激进委员会代表制对日本公司绩效的影响。我专注于仅有的两家具有激进董事会代表的日本公司：川崎Kaisha Kaisha，Ltd。（“ Kawasaki”）和Olympus Corporation（“ Olympus”）。总体而言，我记录了决定与这些公司的激进分子互动的重大收益。活动家参与后，目标公司经历了更大的短期和长期异常股票回报。此外，我显示了通过资产回报率和权益回报率来衡量的运营改进。激进董事会成员还与付款政策的重要变化联系在一起，以帮助解释正股票的积极回报。我的发现支持日本公司应考虑与激进投资者进行交往以改造和改善业务的观念。这种互动可以导致创新和前瞻性的政策，从而为日本企业及其利益相关者创造价值。
Activist investors have gradually become a catalyst for change in Japanese companies. This study examines the impact of activist board representation on firm performance in Japan. I focus on the only two Japanese companies with activist board representation: Kawasaki Kisen Kaisha, Ltd. ("Kawasaki") and Olympus Corporation ("Olympus"). Overall, I document significant benefits from the decision to engage with activists at these companies. The target companies experience greater short- and long-term abnormal stock returns following the activist engagement. Moreover, I show operational improvements as measured by return on assets and return on equity. Activist board members also associate with important changes in payout policy that help explain the positive stock returns. My findings support the notion that Japanese companies should consider engagements with activist investors to transform and improve their businesses. Such interactions can lead to innovative and forward-thinking policies that create value for Japanese businesses and their stakeholders.
