By M. Nakamura
A well timed review of speedily globalizing governance mechanisms in China and Japan. This e-book seems to be at how company governance practices in those international locations are adapting to Anglo-American practices, yet argues that those variations are selective, and either international locations proceed to keep their very own neighborhood company governance practices in a few parts.
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Additional resources for Changing Corporate Governance Practices in China and Japan: Adaptations of Anglo-American Practices
This issue will not be discussed in this chapter. The effectiveness of the Anglo-American model in previous practices Before the exposure of the Enron scandal in November 2001, many people believed that the Anglo-American model was the best (in the regulation of the securities market). The American model is based on the “efﬁcient market” theory which holds that the public disclosure of information is the core to the securities regulatory system. According to this theory, as long as all the important information pertaining to securities and their issuance is disclosed completely, timely, and accurately, the market itself can receive and process the information and reﬂect it on the price of the stocks so that investors can make informed decisions.
In Phase III, the company executives can sell their shares legally at the market price. The key point of the stock option system is whether or not it is proﬁtable for executives to purchase the stock. If the market price is higher than the exercise price, then the executives can make a proﬁt through the stock option. In order to make the market price higher than the exercise price, the executives must work hard to improve the company’s performance. Only thus will the stock price in Phase III be higher than the exercise price, enabling the executives to make a proﬁt from the stock option.
The Anglo-American model of external control by markets The Anglo-American model of corporate governance is characterized by external market control that depends on external forces to monitor corporate management. This can be seen from the following: 1. Corporate shares are dispersedly distributed. Investors have little inﬂuence on corporate operation and management. 2. External directors (independent directors) play an important role on the board of directors, and become a key part of corporate monitoring.
Changing Corporate Governance Practices in China and Japan: Adaptations of Anglo-American Practices by M. Nakamura