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1、296CorporateGovernance:AnInternationalReview,2014,22(4):296–311AgencyTheoryinPractice:aQualitativeStudyofHedgeFundActivisminJapanJohnBuchanan,DominicHeesangChai*,andSimonDeakinABSTRACTManuscriptType:EmpiricalResearchQuestion/Issue:Welookatthereactiontohedgefundactivism
2、ofmanagersandshareholdersinJapanesefirmsandexploretheimplicationsofourfindingsforagencytheory.ResearchFindings/Insights:ConfrontationalshareholderactivismofthekindpracticedbyAmericanandBritishhedgefundsinJapanduringthe2000sfailedtogainacceptancefromJapaneseinvestorsandma
3、nagersortoaltertheinternalfocusofcorporategovernancepracticesinJapanesefirms.Theoretical/AcademicImplications:Weuseaqualitativeresearchdesignwhichtreatsthestandardagency-theoreticalmodelofthefirmasonlyonepossibleapproachtounderstandingcorporategovernance,tobetestedthroug
4、hempiricalresearch,ratherthanasanassumptionbuiltintotheanalysis.WefindthatJapanesemanagersdonotgenerallyregardthemselvesastheshareholders’agentsandthat,conversely,shareholdersinJapanesefirmsdonotgenerallybehaveasprincipals.Ourfindingssuggestthatthestandardprincipal-agentm
5、odelmaybeaweakfitforfirmsincertainnationalcontexts.Practitioner/PolicyImplications:Forpolicymakers,ourworkdemonstratestheimportanceofunderstandingthedistinc-tivefeaturesofnational-levelcorporategovernancearrangements.Forpractitioners,itcautionsagainsttheviewthatnationalc
6、orporategovernancesystemsareconvergingaroundthemodelofshareholderprimacyanddirectsattentiontotheneedforinvestorstobeinformedofthediversityofpracticesacrossdifferentcountries.Keywords:CorporateGovernance,AgencyTheory,Japan,HedgeFunds,ShareholderActivismINTRODUCTIONuncle
7、arimplicationsforfirmperformancebeyondaone-ortwo-yeartimehorizon(Klein&Zur,2009),othersclaimedtoHedgefundactivismisarelativelynewphenomenonidentifyimprovedreturnsforshareholdersandhigherfirmwhichhasattractedgrowinginterestfromcorporatevaluesoverboththeshortandmediumterm(
8、Bebchuk,Brav,governanceresearchersandpractitioners.Fromthelate&Jiang,2013;Brav,Jiang,Partnoy,&Thomas,2008).Hedge1980s
