| Budget Amount *help |
¥1,800,000 (Direct Cost: ¥1,800,000)
Fiscal Year 1992: ¥700,000 (Direct Cost: ¥700,000)
Fiscal Year 1991: ¥1,100,000 (Direct Cost: ¥1,100,000)
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| Research Abstract |
This research deals with the relationship between the structure and behavior of British large-scale firms and their internal capital markets. We started from a hypothesis that the structure and behavior of firms are determined by the nature of resources which these firms internalized. In the case of British firms, it has been the financial resources that played the most importnat role. Most of the large-scale British firms adopted holding company structure, which is an appropriate organisational form to control this financial resource.
We were also able to distinguish two types of holding companies; one formed by the "market failure", which is typically found in the post-war samples,while the other, which internalized financial resources from the beginning, is found in the pre-war samples.
Most British firms acted for the profit of their stock-holders, which is quite contrasting to their American of Japanese counterparts.
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