Shareholder relations at Entity Firms 「人」的企業の株主総会
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I examine shareholders meetings of companies that uphold strong values, and put them in theoretical and historical context. Presented at my lecture at the School of Public Polity, Tokyo U.
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Shareholder relations at Entity Firms 「人」的企業の株主総会
- 1. Shareholder Relations at “Entity Firms” Makiko Shinoda December 13, 2018 Case Study: Business environment, stakeholders and issues Tokyo University 1
- 2. I was CFO of Hobonichi until three weeks ago. PositiveNegative 20s 30s 40s Baby #2Baby #1 Married & Wharton Offer from McK Joined Hobonichi CTL from McK IPO 2
- 3. I’ve translated “The Alliance” in Japanese. 3
- 4. Hobonichi shareholders’ meeting is a whole-day event. Shareholders’ meeting Office visit, food tasting Lecture by Dr. Katsuhito Iwai Panel discussion: “What is content?” Q&A session 4
- 5. Dr. Katsuhito Iwai’s theory 5
- 7. Dr. Iwai’s theory nominalism (thing) & realism (person) is both possible “this person/thing duality … is capable of generating two seemingly contradictory corporate structures--one approximating corporate realism and the other approximating corporate nominalism. “ exogenous purpose vs autonomous reproduction “In organization theory there are two competing views of organizations – one as collectivities rationally constructed to attain exogenously given purposes and the other as collectivities autonomously striving to reproduce themselves as going concerns. …these two views of organizations correspond to our ‘nominalistic’/’realistic’ dichotomy of corporate structures. “ 7
- 8. Let’s bridge terms used by Dr. Iwai and Dr. Aoki Nominalism/Property firms • Firms are for shareholders. Shareholders can sell the firms as their property • Firms get best from its employee at its lowest price. • Beside few core staffs, firm can function as a machine regardless of the changing employees (Temporary workers) Realism/Entity firms • Brand and Reputation. Reputation of its own, irrespective of who are working in it. • A sense like a school or university • Employees behave like trustees of the firm with history. • Firm is a company, not a machine. Heritage and pride. 8 From lecture No.1 September 27
- 9. What do shareholder relations look like at “entity firm” corporations? • Historically, cross-shareholding • What are some examples today? Let’s look at shareholders’ meetings of some interesting corporations. 9
- 10. Weathernews • market cap 38 billion JPY • 10,346 shareholders • individual stakeholders own 38.61% of outstanding shares • Let’ see some pictures 10
- 11. Kayac • market cap 13.7 billion JPY • 4,325 shareholders • individual stakeholders own 87% of outstanding shares • Let’s look at their shareholders’ meeting 11
- 12. Kagome • market cap 305 billion JPY • individual stakeholders own 63% of outstanding shares 12
- 13. Number of Kagome shareholders grew from 6,500 in 2000 to 175K in 2017 Here are some of Kagome’s shareholder related activities 13
- 14. Starbucks • market cap 81 billio USD • Institutional holdings: 77.6% • Let’s see their webpage • Let’s see some pictures • Compare with P&G 14
- 15. Berkshire Hathaway • market cap 505 billion USD • Institutional holding: 67.4% • Warren Buffet’s letter to shareholders: 3 pages are devoted to the shareholders’ meeting • Let’s see some pictures 15
- 16. Common theme These corporations use their shareholders’ meetings to show shareholders: • their people • their business and internal processes • corporate culture 16
- 17. TSE official told me… “Diversity is the cornerstone of a thriving stock market.” 17
- 18. Investment objectives are diverse Long term Short term Volatility (tickersymbol) Name&industry Strategy –highlevel Strategy --indetail Like thecompany 18
- 20. Modern investment theories and discussion may focus on only a portion of the universe. Volatility (tickersymbol) Name&industry Strategy –highlevel Strategy --indetail Like thecompany Long term Short term 20
- 21. Modern investment theories and discussion may focus on only a portion of the universe. Volatility (tickersymbol) Name&industry Strategy –highlevel Strategy --indetail Like thecompany 21 Long term Short term Property firms Entity firms
- 22. Perspective on diversity around corporations • historical perspective – corporations were “unethical” in 19 century US – US investors today are expecting corporations to be “people” more and more … see Blackrock’s letter to CEOs • cross-cultural perspective – corporations exist only because society acknowledges them – each society may have different expectations for corporations 22
- 23. For discussion… Do you observe such diversity in markets other than Japan? What is expected of corporations in these societies? 23