This book comprehensively examines the motivations and effects of management buyouts in Japan.

Beginning with a discussion of implementation status and functions of MBOs in Japan compared to other countries like Europe and the U.S., Kawamoto identifies unique characteristics of Japanese management buyouts. 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 buyouts, which factors influence buyout funds’ choice of investment destination, and the performance improvement effects 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 finance, mergers and acquisitions, and corporate governance.