株主資本主義への移行とメインバンク・システムの確立 : 1980年代の日米のコーポレート・ガバナンス

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In both Japan and the United States before World War II, although there was a gap in economic development, market oriented corporate governance was dominant, two types of which were competing against each other to gain the advantage. In World War II, Japan was defeated by the United States and the United States took the position as the economic, political and military leader in the world. With this as a turning point, corporate governance in the two countries went in completely different directions. In the United States, the transition from management control to stockholder capitalism was brought about, in Japan the main bank system without strong ties to the market developed. This paper examines the fundamental features and the various conditions of establishment of the above two systems, and the circumstances under which both countries compete again now. In Section 1, in the United States in 1980, I focus on the features of stock ownership and its dispersion, and examine the changing process from the prewar days and the development to the present stockholder capitalism. By the 1980s, in the United States, open corporate governance was developing from management control to stockholder capitalism, which is based on a market similarly and aims at the maximization of stockholder's benefits. In this process, institutional investors played an important role. In Section 2, I consider various features of the main bank system that developed newly in the same period in Japan, and the conditions of its formation and dissolution. In Japan, as a result of war and its defeat, the market was dissolved. From the market oriented corporate governance in the prewar days, the main bank system, which is a complete contrast to the corporate governance in the U.S., established and developed as an original system. However, in this system, there were fundamental defects such as the vulnerability of the management of the main bank as a core of this system and the closed character of the entire system, and these defects became obvious during the period when this system developed most vigorously. Two types of corporate governance coexisted in the postwar period. However, economic activity developed through the IT revolution based on the new infrastructure of the Internet from the second half of the 1990s. The IT revolution increased economic and corporate globalization. Such globalization could be the reason for the competition of more open corporate governance particularly between Japan and the U.S. Finally, I would like to emphasize my perspective to compare the corporate governance in Japan and the U.S., and at the same time, to consider the historical evolutionary process from the prewar days in both countries.
大阪産業大学の論文
2005-10-30

株主資本主義への移行とメインバンク・システムの確立 : 1980年代の日米のコーポレート・ガバナンス

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