2001 Fiscal Year Final Research Report Summary
A Historical Research ^n Corporate Governance of Insurance Companies. Insurance company as a principal
| Project/Area Number |
12630090
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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 | Hitotsubashi University |
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Principal Investigator |
YONEYAMA Takati Hitotsubashi University, Graduate School of Commerce arid Management, Professor, 大学院・商学研究科, 教授 (00175019)
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| Project Period (FY) |
2000 – 2001
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| Keywords | insurance / corporate governance / life insurance / Japan / history / business history / 経営史 |
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| Research Abstract |
As a result of the preliminary research in 2000, it was found that there were not so much statistical data, which made clear of the 'principal' behavior of insurance companies in Japanese corporate system. In order to overcome the problem, some hearings with retired businesspersons took effect in 2001. The hearings strengthened the result from the statistical analysis, so the following hypotheses were proposed.
(1) Life insurance companies were not major players in Japanese corporate system, at least, until 1975. We could agree with that a common view that life insurance company was a marginal source of corporate finance in Japanese corporate system.
(2) In a high-growth period, life insurance companies played very important role in the corporate loans, but we cannot find out any evidence that these life insurance companies deeply intervened to do the corporate management of the enterprises borrowed from insurance fund.
(3) After the high-growth period, life company's conducts became to make difference slowly. Especially it depends on the scale of the life fund.
(4) The more group insurance sold the political investment did.
(5) Life fund managers made due investigation on credit risk of borrowers, including of political investment case
Panel data on life fund are almost completed. The data consist of the amount of loan for corporate borrowers, % of all loan of each life company, and % of all loan of borrowers. After simple statistical analysis, we confirm hypotheses of 1,2, and 4, although the others are not confirmed. The future research, I believe, will make clear of the other hypotheses.
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