The latest financial crisis, as well as the 2001-2002 Enron and Worldcom accounting scandals, are both linked to the narrowly focused criteria prevalent in the United States for judging the success of corporate management and governance, said Shyam Sunder, a professor of accounting, economics and finance at Yale University School of Management.

Sunder blamed the traditional emphasis placed on shareholder value in U.S. corporate management, and suggested that the quality of management and governance of a company be judged on how much wealth it creates for all stakeholders, including customers, employees, community and shareholders.

And this broader perspective of management, which could contribute to avoiding future crises, has wide support in Japan, Sunder told the May 29 symposium.