戦間期アメリカのコーポレート・ガバナンス

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概要

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• I have already published two papers and clarified that Japanese corporate governance in the interwar period was market oriented and that it was very like the present U.S. and British type. Incidentally, in U.S. companies in those days, as Berle, Adolf A. & Gar diner C. Means (1932) clarified, stockholding was widely dispersed and separation of ownership and control was performed. In this paper, I want to focus on various investigation reports on U.S. companies from those days, and reexamine their validity in detail. Moreover, based on the examination result, I think that a comparison with Japan is another important subject. First, in Section I, I survey the discussion on corporate governance actively developed since the second half of the 1990s in the United States, show clearly that the comparative survey on the corporate governance in each country was started on a worldwide basis for the first time, and point out various problems. In Section II, I examine the top 30 companies of Berle & Means in detail, and reexamine U.S. corporate governance in the interwar period, as well as the fundamental features of Berle & Means type companies. As a result, I prove the theory of Berle & Means to be fundamentally correct, and at the same time, clarify that the state of management control differed considerably by industry; the financial features of each company in every industry were very different. In Section III, I point out that in the United States in those days, while Berle & Means type companies were dominant, business groups played a large role and Berle & Means type companies themselves were often centers and important factors. And I confirm that investment companies, which were the most representative institutional investors, urged the formation of business groups. In the final Section IV, based on the above examination, I compare comprehensively corporate governances between U.S. companies and Japanese companies in the interwar period. Through this comparison, I can determine not only large differences or contrastive characters, but also common features. Concretely speaking, these were the dispersed stocks, the high dependence on financing through the market and the role of business groups etc. These common features of each corporate governance were created by the composition of economic structure and industry in those days and their global correlation.

• 大阪産業大学の論文
• 2005-02-28

著者

• 新保 博彦

  大阪産業大学経済学部国際経済学科

• 新保 博彦

  大阪産業大学

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