It is company managers, not politicians or institutional investors, who call the shots on corporate governance, an American scholar said at a recent seminar in Tokyo.
This is evident even in Japan, where business executives — with help from government bureaucrats — recently played a major role in framing the public debate on hostile takeovers, according to Pepper D. Culpepper, associate professor of public policy at Harvard University's John F. Kennedy School of Government.
At a May 29 seminar on "The politics of corporate control: European developments and their implications for Japan," organized by the Keizai Koho Center, Culpepper explained how changes in the concentration of corporate ownership in Europe often just reflect a change in management interests.