The simple view of joint ventures and venture businesses is that both partners will cooperate to maximize their equity value. In reality, however, there is no guaranty that each partner always behaves to maximize the value of the equity, because partners may have conflicting interests. The...

It has long been said that the Japanese corporate governance does not pay sufficient attention to shareholders as the owners of the corporation. An yet, despite this seeming lack of shareholder ownership, Japanese firms have performed quite well until recently. This paper seeks to solve this...

It has long been said that the Japanese corporate governance does not pay sufficient attention to shareholders as the owners of the corporation. And yet, despite this seeming lack of shareholder ownership, Japanese firms have performed quite well until recently. This paper seeks to solve this...

We can observe a typical two-sided agency problem between human capital providers (entrepreneurs) and monetary capital providers (venture capitalists) in a venture company. If one party feels too much risk, she will hesitate to invest her capital. To maximize each party's payoff, both parties...

The firm is a consecutive joint project among providers of indispensable capital, which includes both monetary capital and human capital, for the project. Like other joint projects, the firm cannot maximize the added value without achieving an efficient incentive bargain among those...