This book investigates the rise and impact of hedge fund activism in Japan during a pivotal period of corporate governance reform. It examines the clash between the shareholder primacy model championed by activist hedge funds and the traditional Japanese conception of the company as a community or enduring organization. The analysis focuses on the years between 2001 and the 2008 global financial crisis, drawing insights into the practices that shaped Japanese corporate governance and questioning the universal applicability of shareholder primacy.

The book offers a thorough examination of a specific period of corporate governance evolution in Japan. It highlights the tension between global shareholder primacy trends and established Japanese corporate structures. The analysis provides a fresh perspective on the practices underpinning Japanese corporate governance, with implications for understanding the purpose of firms. The work is likely to be of interest to academics and practitioners in finance and corporate governance.