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  1. 117 経済学研究科・経済学部
  2. 70 日本経済国際共同センター
  3. Discussion Paper F series (in English)
  1. 0 資料タイプ別
  2. 60 レポート類
  3. 061 ディスカッションペーパー

Role of Holding Companies in Prewar Japanese Economic Development : Rethinking Zaibatsu in Perspectives of Corporate Governance

http://hdl.handle.net/2261/2339
http://hdl.handle.net/2261/2339
093b90e3-8627-4159-adce-ee8ee5839d84
Item type テクニカルレポート / Technical Report(1)
公開日 2017-01-17
タイトル
タイトル Role of Holding Companies in Prewar Japanese Economic Development : Rethinking Zaibatsu in Perspectives of Corporate Governance
言語
言語 eng
資源タイプ
資源 http://purl.org/coar/resource_type/c_18gh
タイプ technical report
アクセス権
アクセス権 metadata only access
アクセス権URI http://purl.org/coar/access_right/c_14cb
著者 Okazaki, Tetsuji

× Okazaki, Tetsuji

WEKO 98793

Okazaki, Tetsuji

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著者所属
著者所属 University of Tokyo
抄録
内容記述タイプ Abstract
内容記述 This paper examines the function of corporate governance of the zaibatsu holding companies. Since 19th century, or in some cases since 17th century, zaibatsu accumulated assets and diversified them into various businesses. Expansion and diversification of the businesses caused problems which resulted from asymmetric information, namely adverse selection and moral hazard of the agents who executed the businesses. In order to resolve these problems, zaibatsu introduced organizational innovation. By early 1920's, each zaibatsu established the holding company, while it separated the businesses into joint-stock companies. The holding company of zaibatsu had the organizations and full-time stuffs to monitor the affiliated companies. In many cases, the concerning sections of the holding company, such as the section of audit, inspection etc., checked the budget and financial data of the affiliated companies, while the matters of the board of directors were approved by the holding company ex ante and ex post. There existed systematic rules on the allocation of powers between the holding company and the affiliated companies. Also, the holding company frequently dispatched directors to the affiliated companies. The efficacy of these devices of governance was tested quantitatively. We compared ROE between zaibatsu affiliated firms and non-zaibatsu firms, using panel data of 135 firms from 1922 to 1936. By controlling the effects of company scale, industry-specific shocks, and macro-shocks, we obtained the result that zaibatsu-affiliated firms clearly outperformed the other companies. This result supports the hypothesis that the zaibatsu holding company played the role of monitoring the affiliated companies. Besides this governance function concerning the affiliated companies, zaibatsu also disciplined the non-affiliated companies in the capital market. The holding companies and the core affiliated companies frequently executed take over, which contributed to restructure the targeted companies, thorough replacement of the directors, assistance of management.
内容記述
内容記述タイプ Other
内容記述 Social Science Japan Journal, 4(2), 2001, p. 243-268. 掲載予定.
内容記述
内容記述タイプ Other
内容記述 本文フィルはリンク先を参照のこと
書誌情報 Discussion paper series. CIRJE-F

巻 CF-74, 発行日 2000-06
書誌レコードID
収録物識別子タイプ NCID
収録物識別子 AA11450569
フォーマット
内容記述タイプ Other
内容記述 application/pdf
日本十進分類法
主題Scheme NDC
主題 330
出版者
出版者 日本経済国際共同センター
出版者別名
Center for International Research on the Japanese Economy
関係URI
識別子タイプ URI
関連識別子 http://www.cirje.e.u-tokyo.ac.jp/research/dp/2000/2000cf74.pdf
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