戦間期日本の主要企業と企業間関係

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This paper examines the features of all leading Japanese companies in the so-called interwar period, from 1920 to 1940, with emphasis on their corporate governance, and explores the background from which the present corporate governance was established. First, in Section I, I will focus on leading Japanese companies excluding banks, and in Section II, the focus will be on leading banks. Among the companies and banks studied above, especially regarding the major companies, I will examine all financial information in Section III, followed in the next section (IV) by a more detailed investigation of these companies excluding banks. In the last section, Section V, I will approach the actual condition and role of equity investment in the life insurance company as an institutional investor that positively invested in the companies and banks in those days through the financial and securities market. Corporate governance in present Japan is characterized as "the corporate governance of the continental European and Japanese model = the insider model." The origin of the present corporate governance or the present business group was often sought in the rules of previous Japanese Zaibatsu. It becomes clear, however, that the role of the financial and securities market was very important in financing and managing the leading companies and banks in the inter-war period. In this sense, Japanese corporate governance in the inter-war period remarkably resembled the present U.S. and British model. It is certain that the vertical, integrated, and the control and controlled relations that made the holding company the top, was formed in major Zaibatsu. However, even in this case, the role of the market was not small, and in addition, we cannot conclude that the governance of major Zaibatsu in those days was not dominant.
大阪産業大学の論文
2004-02-28

戦間期日本の主要企業と企業間関係

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