Recent Debate on the “Purpose of a Company” in the United Kingdom and the United States and its Implications for Japan

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  • 英国・米国における「会社の目的」に関する 最近の議論とわが国への示唆
  • 英国・米国における「会社の目的」に関する最近の議論とわが国への示唆 : 株主のための会社か、ステークホルダーのための会社か
  • エイコク ・ ベイコク ニ オケル 「 カイシャ ノ モクテキ 」 ニ カンスル サイキン ノ ギロン ト ワガクニ エ ノ シサ : カブヌシ ノ タメ ノ カイシャ カ 、 ステークホルダー ノ タメ ノ カイシャ カ
  • Do Companies Exist for the Sake of Shareholders or Stakeholders?
  • 株主のための会社か、ステークホルダーのための会社か

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Against the backdrop of widening income and asset disparities and rising interest in climate change, discussions on the “purpose of the company” are intensifying mainly in the UK and the US. In these countries, the shareholder primacy approach is being reassessed, with a focus on stakeholders. On the other hand, in Japan, it seems that traditional large corporations are weakening their traditional stakeholder-oriented attitude and moving toward the aforementioned approach, backed by an increase in the shareholding ratio of foreign institutional investors and governance reform of “Abenomics.” How should we capture such seemingly contradictory movements? This study summarises the discussions in the UK and the US, clarifies the points of discussion, and presents suggestions for Japan.

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