2000 Fiscal Year Final Research Report Summary
日本企業システムの20世紀史:企業金融・コーポレートガバナンス・内部組織構造
| Project/Area Number |
10630082
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Economic history
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| Research Institution | Waseda University |
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Principal Investigator |
MIYAJIMA Hideaki Waseda University, School of Commerce, Professor, 商学部, 教授 (60182028)
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| Project Period (FY) |
1998 – 2000
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| Keywords | Corporate System / Corporate Governance / Corporate Finance / Investment Function / Debt Choice / Cross Share Holdings / Main Bank |
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| Research Abstract |
This research project has tried to highlight the corporate behavior of Japanese large firms in the 20^<th> century from the historical perspectives, focusing on the corporate governance structure and financial system. Main body of this research composed of two parts. First one is the historical one that aims at highlighting the role of financial system and governance structure of firms on Japanese rapid industrialization from 1900 to 1955. To clarify the emergence process of Japanese-type firm system is another concern. In the line or this theme, the investment function of large firms during interwar periods is estimated, and the re-evaluation of corporate fixed assets in the 1950s are revisited through econometric analysis. As a part of this research project, the author also have been preparing a book tentatively titled by Japanese Economic Development and its micro Foundation : Industrial Policy and Corporate Goverance.
Second topic is to treat the high growth era and the post high growth era. Main concern is to clarify the changing characteristics of J-type firms after bubble collapse in the 1990s, and its effect on corporate behaviors. From this perspective, the author has tried to test the debt choice between bonds and borrowing in the 1980s and 1990s, focussing on the bank-firm relationships. He also estimated the physical and R＆D investment function in the same periods considering on the effect of changing corporate finance pattern and governance structure on firm's investment. Another fruit is a paper that treats the contingent governance structure of Japanese firms by testing the outsider intervention when firms faced financial distress. All these papers including others are reported in conference either in Japan or abroad. After that they have already been published in academic journal or in the process of printing.
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