Case | HBS Case Collection | March 2009


by Robin Greenwood, Rakesh Khurana and Masako Egawa


Steel Partners is a U.S.-based hedge fund that has made a large investment in Japan-based wigmaker Aderans. The case is set at the close of the annual meeting in May 2008, when shareholders have voted against all incumbent board members. Steel Partners must act quickly. The case serves as an overview of corporate governance issues in Japan, as well as describing the costs and benefits of the "stakeholder" view of corporate governance.

Keywords: Voting; Investment; Corporate Governance; Governing and Advisory Boards; Ownership Stake; Business and Shareholder Relations; Japan;


Greenwood, Robin, Rakesh Khurana, and Masako Egawa. "Aderans." Harvard Business School Case 209-090, March 2009.