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Re-evaluating Minority Shareholding in Competition Law Against the Background of Horizontal Shareholding by Investors: Lessons Drawn From Fintech and E-Commerce Startups in Asia

研究課題

研究課題/領域番号 23K20574
補助金の研究課題番号 21H00666 (2021-2023)
研究種目

基盤研究(B)

配分区分基金 (2024)
補助金 (2021-2023)
応募区分一般
審査区分 小区分05040:社会法学関連
研究機関九州大学

研究代表者

VAN・UYTSEL S  九州大学, 法学研究院, 教授 (30432842)

研究分担者 平山 賢太郎  筑波大学, ビジネスサイエンス系, 准教授 (20376396)
McGinty Sean  名古屋大学, 法学研究科, 准教授 (40706818)
M・D FENWICK  九州大学, 法学研究院, 教授 (90315036)
植村 吉輝  阪南大学, 経済学部, 教授 (90388603)
研究期間 (年度) 2021-04-01 – 2026-03-31
研究課題ステータス 交付 (2024年度)
配分額 *注記
11,830千円 (直接経費: 9,100千円、間接経費: 2,730千円)
2025年度: 1,430千円 (直接経費: 1,100千円、間接経費: 330千円)
2024年度: 2,470千円 (直接経費: 1,900千円、間接経費: 570千円)
2023年度: 2,340千円 (直接経費: 1,800千円、間接経費: 540千円)
2022年度: 2,600千円 (直接経費: 2,000千円、間接経費: 600千円)
2021年度: 2,990千円 (直接経費: 2,300千円、間接経費: 690千円)
キーワードhorizontal shareholding / mergers / hub-and-spoke cartel / cartel facilitator / Asia / hub-and-spoke / Indonesia / India / Japan / corporate governance / new theory of harm / venture capital / hub and spoke / common ownership / keiretsu / Ola / Softbank / Snapdeal / Flipkart / quiet life theory / competition law / institutional investor / startups / unicorns / GoJek and Grab / common shareholding / fintech / e-commerce
研究開始時の研究の概要

This project aims to critically evaluate the debate on horizontal shareholding, which is the simultaneous holding of shared by investors in competing companies, and competition law.To provide a new perspective, this project suggests that empirical research needs to be done on active investors as this may facilitate to map the causal links between horizontal shareholding and anti-competitive effects. The project will focus on corporate venture capital. In doing so, the research can focus on Asia’s e-commerce and fintech startups.

研究実績の概要

This stage of the research has focused on two issues. The first issue is the extent to which Asian competition laws are able to deal with hub-and-spoke cartels and cartel facilitators. One strand in the literature on horizontal shareholding, be it the minority one, is that cartelization is facilitated by direct communication of shareholders with the directors of competing firms. The research has further held that, if this is true, the position of the shareholders should be classified as third party cartel facilitator and not as a hub. This distinction is important, because in some jurisdictions, like Japan, the competition law applies to a hub but not to a cartel facilitator. In other jurisdictions, like Indonesia, the competition law applies to neither of them. Some other jurisdictions, like India and China, amended their competition law to apply to a hub and a cartel facilitator. However, in case of China, there are limitations attached to the scope of the amendment. The second issue is questioning the novelty of the debate on horizontal shareholding. By looking into the literature on Japanese corporate governance, it can be shown that the horizontal shareholding debate comes up with a story similar to the one that was written on Japanese corporate governance in the post-war period. It has further been shown in the research that Japan had competition tools to deal with the potential negative effects but that these tools were gradually abolished.

現在までの達成度 (区分)
現在までの達成度 (区分)

2: おおむね順調に進展している

理由

The progress on the research regarding hub-and-spoke cartels and cartel facilitators in Asia is going as planned. Most of the relevant cases and legislations have been mapped out. However, due to the writing of an article on horizontal shareholding or common ownership on Japan, the book on hub-and-spoke and cartel facilitators has not yet been finalized.

今後の研究の推進方策

The research will progress along three different lines. First, the research team will finalize the research on hub-and-spoke and third-party cartel facilitators. This research will focus on Indonesia and India, but also focus on Japan and China. Second, the research will finalize research on the references of the Indian enforcement authority to hozirontal shareholding or common ownershiop. Third, the research will start elaborating how minority shareholding is regulated in the competition law of key Asian jurisdictions. Also, it will be research on how different horizontal shareholding is present in Asia.

報告書

(3件)
  • 2023 実績報告書
  • 2022 実績報告書
  • 2021 実績報告書
  • 研究成果

    (20件)

すべて 2023 2022 2021 その他

すべて 国際共同研究 (6件) 学会発表 (11件) (うち国際学会 4件、 招待講演 7件) 備考 (1件) 学会・シンポジウム開催 (2件)

  • [国際共同研究] Oxford University(英国)

    • 関連する報告書
      2021 実績報告書
  • [国際共同研究] German Monopolies Commission(ドイツ)

    • 関連する報告書
      2021 実績報告書
  • [国際共同研究] Duke University(米国)

    • 関連する報告書
      2021 実績報告書
  • [国際共同研究] Catholic University of Leuven(ベルギー)

    • 関連する報告書
      2021 実績報告書
  • [国際共同研究] Lund University(スウェーデン)

    • 関連する報告書
      2021 実績報告書
  • [国際共同研究]

    • 関連する報告書
      2021 実績報告書
  • [学会発表] Common Ownership in Japan: The Value of Corporate Governance Mechanisms to Tackle Competition Issues2023

    • 著者名/発表者名
      Steven Van Uytsel
    • 学会等名
      Asian Law Institute
    • 関連する報告書
      2023 実績報告書
    • 国際学会
  • [学会発表] The Japanese Corporate Governance Paradox: Common Ownership2023

    • 著者名/発表者名
      Steven Van Uytsel
    • 学会等名
      ZEW - Leibniz Centre for European Economic Research
    • 関連する報告書
      2022 実績報告書
    • 招待講演
  • [学会発表] From Keiretsu to Common Ownership: Japan's Corporate Governance2023

    • 著者名/発表者名
      Steven Van Uytsel
    • 学会等名
      Chulalongkorn University
    • 関連する報告書
      2022 実績報告書
    • 招待講演
  • [学会発表] Japan's Corporate Governance Paradox: Common Ownership2022

    • 著者名/発表者名
      Steven Van Uytsel
    • 学会等名
      Workshop on Corporate Governance in Japan
    • 関連する報告書
      2022 実績報告書
    • 招待講演
  • [学会発表] Horizontal Shareholding and Competition Law: An Overview of the Issues and its Relevance for Asia2022

    • 著者名/発表者名
      Steven Van Uytsel
    • 学会等名
      Guanghua School of Law - Zheijiang University
    • 関連する報告書
      2022 実績報告書
    • 招待講演
  • [学会発表] Corporate Externalities, Common Ownership and Shareholder Proposals in Japan2022

    • 著者名/発表者名
      Sean McGinty
    • 学会等名
      Workshop on Corporate Governance in Japan
    • 関連する報告書
      2022 実績報告書
    • 招待講演
  • [学会発表] Competition Law in A Digital Environment2021

    • 著者名/発表者名
      Steven Van Uytsel
    • 学会等名
      Presentations at Zhejiang University
    • 関連する報告書
      2021 実績報告書
    • 招待講演
  • [学会発表] Horizontal Shareholding and Competition Law: An Overview of the Issues and its Relevance for Asia2021

    • 著者名/発表者名
      Steven Van Uytsel
    • 学会等名
      Kobe University Innovation Workshop
    • 関連する報告書
      2021 実績報告書
    • 招待講演
  • [学会発表] Regulating Digital Markets as a Sector, or Focus on Big Tech Companies: What's the Right Answer for ASEAN?2021

    • 著者名/発表者名
      Steven Van Uytsel
    • 学会等名
      CLIP Discussion on Regulating Competition in Digital Markets
    • 関連する報告書
      2021 実績報告書
    • 国際学会
  • [学会発表] Horizontal Shareholding in Asia: A Competition Law Problem2021

    • 著者名/発表者名
      Steven Van Uytsel
    • 学会等名
      ASLI (Universitas Pelita Harapan)
    • 関連する報告書
      2021 実績報告書
    • 国際学会
  • [学会発表] The Digital Economy and Competition in Asia2021

    • 著者名/発表者名
      Steven Van Uytsel
    • 学会等名
      ASCOLA (University of Porto)
    • 関連する報告書
      2021 実績報告書
    • 国際学会
  • [備考] Horizontal Shareholing

    • URL

      https://www.ascola-asia.com/kyushu-univ-horizontal-shareholding

    • 関連する報告書
      2021 実績報告書
  • [学会・シンポジウム開催] Workshop on Corporate Governance in Japan2022

    • 関連する報告書
      2022 実績報告書
  • [学会・シンポジウム開催] Kyushu University Workshop on Horizontal Shareholding2021

    • 関連する報告書
      2021 実績報告書

URL: 

公開日: 2021-04-28   更新日: 2024-12-25  

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