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英語 から 日本語: Thesis (Corporate Cross Shareholding in Japan)/Words from Einstein
原書のテキスト - 英語 Sample translation text #1
English:
In addition to the main bank system, corporate cross shareholding is one of the large characteristics of corporate management in Japan. Cross shareholding has exerted a stabilizing effect on corporate management from the following three viewpoints: the prevention of hostile buyouts, long-term corporate management, and corporate management risk sharing. However, on the other hand, cross shareholding has expanded corporate managers’ discretionary power. There is a view that this has attenuated corporate governance and impaired efficiency in corporate management (Okabe, 2007). The purpose of this paper is to empirically clarify the influence that cross-holding with the above-mentioned characteristics has exerted on the tax aggressiveness of Japanese companies.
Companies that cross-hold shares (hereinafter referred to as the “cross-shareholder”) are characterized by a greater number of long-term and large-scale stable stockholders than non-cross-holding companies. It is possible that this characteristic brings about two conflicting effects in the same way as family firms in which power is concentrated in the hands of founding families. The first effect is the entrenchment effect. This effect motivates corporate managers to give priority to their own profits or gives them more discretionary power to do so. This effect is brought about by an increase in friendly stockholders that will deteriorate the corporate manager monitoring function and expand asymmetry of information between cross-shareholders and external shareholders. In this case, corporate managers prioritize direct or indirect remuneration gains obtained through tax cost reduction as well as other benefits of their own. Therefore, it is possible that corporate managers will be more tax-aggressive.
The other effect is the alignment effect. This effect inhibits corporate managers from giving priority to their own profits or suppressing their discretionary power to do so. This effect is created by the release from hostile buyouts, acceptance of corporate management from a long-term perspective, mutual supervision between cross-shareholders, management risk distribution, and other factors. Cross-shareholders are concerned about additional tax costs or a ruined reputation as a result of the penalties imposed on the counterpart company for tax evasion or other illegal behaviors. Cross-shareholders are also afraid of aggravation in their own business that will be caused by a decline in the counterpart company’s stock price. This fear may reinforce mutual supervision between cross-shareholders. In this case, it is possible that cross-shareholders will be less tax-aggressive. However, nothing has been revealed about which effect is more intense.
English:
A human being is a part of the whole, called by us the 'universe', a part limited in time and space. He experiences himself, his thoughts and feelings, as something separate from the rest - a kind of optical delusion of his consciousness. This delusion is a kind of prison for us, restricting us to our personal desires and to affection for a few persons nearest to us.
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入会時期 May '10
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