The cases of Enron and WorldCom in 2001 in the United States focused worldwide attention on the issue of whether corporations have a social responsibility beyond stockholder value. Recent incidents in Japan have raised similar questions as corporate governance in the broad sense and corporate social responsibility in particular have been taken up by committees established by government ministries. This book is the result of an international comparative study of corporate governance begun in 2002, and provides in-depth analysis of the issue as it applies to management, moral hazards, accounting practices, and the institutional investor from both a Japanese and a global perspective. The study presents a view of the company as an entity that not only maximizes profit for stockholders but that also has a social role to play in maintaining a sustainable society. In this way the book is a valuable source for managers, investors, and others in business, finance, and economics.

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