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  • October 2016 (Revised October 2017)
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Misaki Capital and Sangetsu Corporation

By: Ian Gow, Charles C.Y. Wang, Naoko Jinjo and Nobuo Sato
  • Format:Print
  • | Language:English
  • | Pages:26
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Abstract

Japan’s corporate culture has traditionally prioritized the interests of stakeholders such as customers, employees, and suppliers over those of shareholders. After a decades-long economic slump, Japan’s government has revitalized efforts to improve corporate governance in the country’s public firms and to elevate public firms’ incentives to engage with shareholders. Misaki Capital was founded in 2013 with a strategy of constructively engaging with portfolio firms, providing operational and financial advice to management to improve enterprise and shareholder value. This case asks students to consider the attractiveness of Japanese equities given recent reforms and to evaluate Misaki Capital’s constructive investment approach. Students will evaluate how corporate governance in Japan is connected to public firms’ market valuations and how elevating shareholders’ de facto rights could improve firm performance and valuations. Which of Misaki’s recommendations should Sangetsu Corporation pursue? How do they create value?

Keywords

Activist Investing; Constructivist Investing; Japan; Valuation; Stock Screens; Return On Equity; Investment; Business and Stakeholder Relations; Corporate Governance; Financial Strategy; Business and Shareholder Relations; Japan

Citation

Gow, Ian, Charles C.Y. Wang, Naoko Jinjo, and Nobuo Sato. "Misaki Capital and Sangetsu Corporation." Harvard Business School Case 117-007, October 2016. (Revised October 2017.)
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About The Author

Charles C.Y. Wang

Accounting and Management
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Related Work

    • September 2018 (Revised March 2022)
    • Faculty Research

    Misaki Capital and Sangetsu Corporation

    By: Charles C.Y. Wang
    • April 2021
    • Faculty Research

    Misaki Capital and Sangetsu Corporation (B)

    By: Charles C.Y. Wang, Akiko Saito and Nobuo Sato
    • October 2016 (Revised October 2017)
    • Faculty Research

    Misaki Capital and Sangetsu Corporation

    By: Ian Gow, Charles C.Y. Wang, Naoko Jinjo and Nobuo Sato
Related Work
  • Misaki Capital and Sangetsu Corporation By: Charles C.Y. Wang
  • Misaki Capital and Sangetsu Corporation (B) By: Charles C.Y. Wang, Akiko Saito and Nobuo Sato
  • Misaki Capital and Sangetsu Corporation By: Ian Gow, Charles C.Y. Wang, Naoko Jinjo and Nobuo Sato
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