Capital Market and Corporate Governance in Prewar Japan

• Project/Area Number: 16K17156
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Economic history
• Research Institution: Meiji Gakuin University
• Principal Investigator: Kitaura Takashi 明治学院大学, 経済学部, 准教授 (00633489)
• Project Period (FY): 2016-04-01 – 2020-03-31
• Project Status: Completed (Fiscal Year 2019)
• Budget Amount: ¥3,640,000 (Direct Cost: ¥2,800,000、Indirect Cost: ¥840,000); Fiscal Year 2019: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000); Fiscal Year 2018: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000); Fiscal Year 2017: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000); Fiscal Year 2016: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
• Keywords: 企業統治 / 資本市場 / 社債市場

Outline of Final Research Achievements

The aim of this research is to reveal the relationship between the capital market and corporate governance in prewar Japan. The main corporate financial method was stock issue in prewar Japan. I considered the regulation of stock issue in 1890s, the dividend policy and depreciation cost in 1920s and 1930s and directorate interlocking by the large owner-manager. In addition, I analyzed the role of special contract in the corporate bond market in 1930s.

Academic Significance and Societal Importance of the Research Achievements

戦前期日本の資本市場や企業統治は、日本経済が大きく成長した戦後や現在の状況とは大きく異なるものであった。そのため、戦前期日本における現在とは異なるシステムを詳細に分析することを通じて、現在の日本が抱える資本市場や企業統治の問題点をどのように解決していけばいいのか、また今後のあるべき資本市場や企業統治の姿とはどのようなものであるのかを考えることが可能であると思われる。

Research Products

• [Int'l Joint Research] Edith Cowan University(オーストラリア)
• [Journal Article] 戦前期日本における配当政策―特別配当・臨時配当・記念配当との関係から― (2020)
  • Author(s): 北浦貴士
  • Journal Title: 産業協会 Volume: 80-1 Pages: 1-10
  • NAID: 40022245582
• [Journal Article] 1893年～1899年の株式会社規制 (2019)
  • Author(s): 北浦貴士
  • Journal Title: 経済研究 Volume: 157 Pages: 65-76
  • NAID: 40021846939
• [Journal Article] The growth of the Electric Power Industry and the World Bank's Request to Increase Depreciation Costs between 1951 and 1973 (2018)
  • Author(s): Takashi Kitaura
  • Journal Title: Essays in Economic & Business History Volume: 36-1 Pages: 159-186
  • Peer Reviewed / Open Access
• [Journal Article] The Growth of the Japanese Electric Power Industry and the World Bank’s Request to Increase Depreciation Costs Between 1951 and 1973 (2018)
  • Author(s): Takashi Kitaura
  • Journal Title: Essays in Economic and Business History Volume: 36
  • Peer Reviewed / Open Access
• [Journal Article] 日本企業の会計処理の歴史 : 東京電燈にみる「投資家との対話」 (2017)
  • Author(s): 北浦貴士
  • Journal Title: 企業会計 Volume: 69-4 Pages: 453-458
• [Journal Article] 日本企業の会計処理の歴史－東京電燈にみる「投資家との対話」 (2017)
  • Author(s): 北浦貴士
  • Journal Title: 企業会計 Volume: 69-4 Pages: 453-458
• [Journal Article] The Dividend Policies and Depreciation Approaches of Japanese Companies in the 1930s (2016)
  • Author(s): Takashi Kitaura
  • Journal Title: Japanese Research in Business History Volume: 33 Issue: 0 Pages: 33-60
  • DOI: 10.5029/jrbh.33.33
  • NAID: 130006903503
  • ISSN: 1349-807X, 1884-619X
  • Acknowledgement Compliant
• [Presentation] The collateralization of the corporate bond and the unsecured bond with special provision in 1930s Japan (2020)
  • Author(s): Takashi Kitaura
  • Organizer: World Conference on Business History
  • Int'l Joint Research
• [Presentation] 株式会社の誕生 (2018)
  • Author(s): 北浦貴士
  • Organizer: 東京証券取引所
  • Invited
• [Presentation] 簿記論・会計学講義で語るべき会計史 (2017)
  • Author(s): 北浦貴士・清水泰洋・中村恒彦・野口昌良・本間正人
  • Organizer: 日本会計史学会第36回大会
• [Book] 会計のヒストリー８０ (2020)
  • Author(s): 野口 昌良、清水 泰洋、中村 恒彦、本間 正人、北浦 貴士
  • Total Pages: 200
  • Publisher: 中央経済社
  • ISBN: 9784502336713