Details of a Researcher - MIYAJIMA, Hideaki

写真a

MIYAJIMA, Hideaki

Scopus Paper Info

Paper Count: 21 Citation Count: 484 h-index: 11

Click to view the Scopus page. The data was downloaded from Scopus API in April 01, 2023, via http://api.elsevier.com and http://www.scopus.com .

Affiliation

Faculty of Commerce, School of Commerce

Job title

Professor

Degree

Waseda University Doctor of Commerce

Homepage URL

https://hideakimiyajima.wixsite.com/hmiyajima

Research Experience

2018.11

-

Now

Waseda University Executive Vice Preseident
2018.09

-

Now

Waseda Institute for Advanced Study Advisor
1995.04

-

Now

Waseda University Faculty of Commerce Professor
2010.10

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2018.09

Waseda Institute for Advanced Study Direcotor
2011.01

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金融庁総務企画局金融研究センター「コーポレートガバナンスの意義」特別研究員
2006.11

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2010.09

Waseda University Institue for Advanced Study
2010

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Fondation France-Japon de l'EHESS, Affiliated Reserchers
2008.09

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グローバルCOEプログラム「企業法制と法創造」総合研究所副所長／企業・会計システム研究センターセンター長
2004.04

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Waseda University
2004.03

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Harvard University
2003.10

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世紀COEプログラム「企業法制と法創造」総合研究所副所長
2002.07

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独立行政法人経済産業研究所ファカルティフェロー
2001.09

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Chung-Ang University, Adjunct Professor
2001.01

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Ministry of Finance
1999

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2000

Hosei University Faculty of Business Administration
1992

-

1995

Harvard University
1989

-

1995

Waseda University School of Commerce
1987

-

1989

Waseda University School of Commerce
1985

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1987

The University of Tokyo Institute of Social Science

▼display all

Education Background

　

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1985

Tokyo University Graduate School, Division of Economics
　

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1980

Rikkyo University Graduate School, Division of Economics
　

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1978

Rikkyo University College of Economics

Professional Memberships

　

　

　

The Society for the Advancement of Socio-Economics (SASE)
　

　

　

Business History Conference
　

　

　

Nippon Finance Association
　

　

　

Japan Society of Monetary Economics
　

　

　

Japan Center for Economic Research
　

　

　

Business History Society of Japan
　

　

　

Socio-Economic History Society

▼display all

Research Areas

Economic policy / Public economics and labor economics / Economic policy / Economic history / Money and finance

Research Interests

Japanese Economy, Economic History of Japan, Corporate Finance, Corporate Governance, M&A

Awards

令和3年度科学技術分野の文部科学大臣表彰科学技術賞（研究部門）（日本の企業統治システムの進化と機能に関する実証研究）

2021.04 文部科学省

Winner：宮島英昭
第2回M&Aフォーラム賞正賞『RECOF賞』

2008.06 社団法人日本リサーチ総合研究所日本のM&A

Winner：宮島英昭

Papers

日本型モデルVer2.0に向けて：株式会社の目的、取締役の役割、所有構造

RIETI Policy Discussion Paper Series 21-P-020 1 - 32 2021.12
株式相互持ち合いの形成と解体 21世紀における日本企業の株式所有構造の進化

宮島英昭

武田晴人編『高成長期日本の産業発展』 365 - 396 2021.11
Outsourcing Active Ownership in Japan

Hideaki Miyajima Marco Becht Julian Franks Kazunori Suzuki

RIETI Discussion Paper 21-E-051 1 - 34 2021.07
戦前日本における会社支配権市場―ターゲット企業の特徴と事後パフォーマンス―

宮島英昭, 川本真哉

経営史学 56 ( 1 ) 3 - 25 2021.06
Corporate Governance Reforms under Abenomics: The Economic Consequences of Two Codes

Hideaki Miyajima, Takuji Saito

Takeo Hoshi and Phillip Y. Lipscy eds., The Political Economy of the Abe Government and Abenomics Reforms 357 - 393 2021.02
Does Regulation Matter?: Effects of Corporate Governance Reforms on Relational Shareholdings in Japan

Hideaki Miyajima, Johan Jidinger

RIETI Discussion Paper 20-E-003 1 - 42 2020.01
Corporate Governance Reforms under the Abenomics: the Economic Consequences of Two Codes

Hideaki Miyajima, Takuji Saito

Waseda, Corporate Governance Research Working Paper Series 2019-001 1 - 50 2019.10
アベノミクス下の企業統治改革：二つのコードは何をもたらしたのか

宮島英昭, 齋藤卓爾

RIETIポリシー・ディスカッション・ペーパー 19-P-026 1 - 46 2019.10
Does Regulation Matter? Effects of Corporate Governance Reforms on Relational Shareholdings in Japan

Hideaki Miyajima, Johan Jidinger

Waseda, Corporate Governance Research Working Paper Series 2019-002 1 - 48 2019
自社株買いと企業支配：日本企業の実証分析

宮島英昭 Julian Franks Colin Mayer 小川亮

RIETI ノンテクニカルサマリー 2018.10
Stock Repurchases and Corporate Control: Evidence from Japan

MIYAJIMA, Hideaki, Julian Franks, Colin Mayer, Ryo Ogawa

RIETI Discussion Paper 18 ( E-074 ) 1 - 52 2018.10
M&Aと日本企業の成長 ―クロスボーダーM&Aを中心にして―

MIYAJIMA, Hideaki

証券アナリストジャーナル 56 ( 6 ) 16 - 29 2018.06
「クロスボーダーM&Aの選択と企業統治 ―「我が国企業による海外M&A研究会」の議論を振り返って―

MIYAJIMA, Hideaki

旬刊商事法務 2170 4 - 15 2018.06
Corporate governance: Editor's introduction

Franklin Allen, Shin-ichi Fukuda, Takeo Hoshi, Hideaki Miyajima

Journal of the Japanese and International Economies 47 1 - 2 2018.03 [Refereed]

DOI

Scopus

3

Citation

(Scopus)
Changes in corporate governance and top executive turnover: The evidence from Japan

Hideaki Miyajima, Ryo Ogawa, Takuji Saito

Journal of the Japanese and International Economies 47 17 - 31 2018.03 [Refereed]

　View Summary

We examine the turnover of top executives in Japanese firms throughout the period 1990–2013. During this time, the presence of a main bank has been weakened, the ownership of institutional investors has rapidly increased, and independent outside directors have been introduced in many firms. We find that top executive turnover sensitivity to corporate performance has not changed despite skepticism on corporate governance of Japanese firms. On the other hand, there is a shift from return on assets (ROA) to return on equity (ROE) and stock returns as performance indicators that turnover is most sensitive to. We also examine possible sources of this change. We find that foreign institutional investors strengthen the turnover sensitivity to ROE after banking crisis when their shareholding has dramatically increased. This result allows us to interpret that they began to play a disciplinary role. In contrast, we do not find that independent outside directors have any significant effect of enhancing turnover sensitivity to ROE, unless a firm appointed independent outside directors more than three. While the scope of the main bank's authority has substantially contracted, strong ties with main banks increase turnover sensitivity in the more recent period, indicating that main banks continue to perform a certain role in disciplining management.

DOI

Scopus

15

Citation

(Scopus)
Stock Repurchases and Corporate Control: Evidence from Japan

2018-003 1 - 53 2018
政策保有株の再検討

MIYAJIMA, Hideaki

Business Law Journal 118 2018.01
日本的経営と企業統治：ハイブリッドな構造のファインチューイングに向けて

MIYAJIMA, Hideaki

青山アカウンティング・レビュー 7 87 - 94 2017.10
海外M&Aの統治を問う上

MIYAJIMA, Hideaki

日本経済新聞（経済教室） 2017.06
企業統治制度改革：ポスト持合いにおける2つの焦点

MIYAJIMA, Hideaki

月刊監査役 659 2016.10
これからの企業統治上

MIYAJIMA, Hideaki

日本経済新聞（経済教室） 2016.05
Convergence or Emerging Diversity? Understanding the impact of foreign investors on corporate governance in Japan

MIYAJIMA, Hideaki, Ryo Ogawa

RIETI Discussion Paper 16 ( E-53 ) 1 - 48 2016.03
The Bank‑Firm Relationships in Japan:From a Historical Perspective

Arikawa Yasuhirio, Miyajima Hideaki

Organizational Science 49 ( 1 ) 19 - 31 2015.09

　View Summary

This paper reviews the bank-firm relationships in Japan. The Japanese financial system, which gives banks a more prominent role than that of other countries, has been categorized as relationship-based. During the high-growth era from the early 1950s to the early 1970s, in particular, the main banks played an active role not only in providing external funds but also in monitoring client firms. Our research reveals the increasing diversity of the bank-firm relationships in Japan since the deregulation of the financial market in the 1980s and the banking crisis in the 1990s and early 2000s.

DOI CiNii J-GLOBAL
羅針盤企業統治の転換点で考える

MIYAJIMA, Hideaki

月刊監査役 642 2015.07
社外取締役の複数選任制

MIYAJIMA, Hideaki

ビジネス法務 ( 4月 ) 2015.02
The Bank‑Firm Relationships in Japan:From a Historical Perspective

Arikawa Yasuhirio, Miyajima Hideaki

Organizational Science 49 ( 1 ) 19 - 31 2015

　View Summary

This paper reviews the bank-firm relationships in Japan. The Japanese financial system, which gives banks a more prominent role than that of other countries, has been categorized as relationship-based. During the high-growth era from the early 1950s to the early 1970s, in particular, the main banks played an active role not only in providing external funds but also in monitoring client firms. Our research reveals the increasing diversity of the bank-firm relationships in Japan since the deregulation of the financial market in the 1980s and the banking crisis in the 1990s and early 2000s.

DOI CiNii
企業統治改革に向けて―日本版コーポレートガバナンス・コード策定の視点

MIYAJIMA, Hideaki

月刊資本市場 352 4 - 14 2014.12
The Ownership of Japanese Corporations in the 20th Century

Julian Franks, Colin Mayer, Hideaki Miyajima

REVIEW OF FINANCIAL STUDIES 27 ( 9 ) 2580 - 2625 2014.09 [Refereed]

　View Summary

Twentieth century Japan provides a remarkable laboratory for examining how an externally imposed institutional and regulatory intervention affects the ownership of corporations. In the first half of the century, Japan had weak legal protection but strong institutional arrangements. The institutions were dismantled after the war and replaced by a strong form of legal protection. This inversion resulted in a switch from Japan being a country in which equity markets flourished and ownership was dispersed in the first half of the century to one in which banks and companies dominated with interlocking shareholdings in the second half of the century. (JEL G32, K22)

DOI

Scopus

28

Citation

(Scopus)
Comments on part III: The diversification of corporate governance arrangements: Ownership structure and the board of directors

Hideaki Miyajima

Enterprise Law: Contracts, Markets, and Laws in the US and Japan 267 - 272 2014.08

DOI

Scopus
企業統治改革の論点上

MIYAJIMA, Hideaki

日本経済新聞（経済教室） 2014.08 [Refereed]
パネルディスカッション「法と経済学で、今後どのような研究テーマが重要か」

伊藤秀史, 宍戸善一, 宮島英昭, 柳川範之

法と経済学研究 9 ( 1 ) 11 - 26 2014.07 [Invited]
コーポレート・ガバナンスは何を目指すか

MIYAJIMA, Hideaki

経済セミナー 678 47 - 53 2014.07
「兼任社長」は論理上ありえない

MIYAJIMA, Hideaki

ZAITEN 58 ( 4 ) 50 2014.03
メインバンク制の行方

MIYAJIMA, Hideaki

月刊金融ジャーナル 55 ( 2 ) 8 - 13 2014.02
【病院の経営統合】経済学におけるM&A

宮島英昭

病院 72 ( 7 ) 514 - 519 2013.07
Benchmarking business unit governance in turbulent times: The case of Japanese firms

Hidetaka Aoki, Hideaki Miyajima

Benchmarking 19 ( 4 ) 548 - 566 2012.07

　View Summary

Purpose: The purpose of this paper is to examine how corporate headquarters control business units, the governing of which has emerged as a vital issue as business portfolios have grown increasingly complex due to diversification, globalization, and corporate group expansion via spinoffs and mergers and acquisitions. Design/methodology/approach: This study utilized questionnaire survey data from 251 firms listed on the First Section of the Tokyo Stock Exchange. The authors approached the issue of business unit governance by measuring the degree of decentralization and the intensity of monitoring, and compared the governance of internal business units with that of subsidiaries, and analyzed the impact of corporate governance characteristics on business unit governance. Findings: Comparing in-house business units and subsidiaries, the authors found a significant difference in their governance. The degree of decentralization toward subsidiaries was higher for strategic and personnel decision-making. However, the complementarity of decentralization and monitoring was not observed for subsidiaries, whereas it was for in-house business units. Subsidiary monitoring corresponding to decentralization was inadequate. Examining the relationship between corporate governance and business unit governance, the paper found that firms with reformed boards of directors and under a greater degree of pressure from capital markets monitored their business units more strictly. Originality/value: The paper shows how the business portfolios and governance arrangements of Japanese firms have changed since the 1990s, and analyzes business unit governance based on valuable data obtained from a questionnaire survey. © Emerald Group Publishing Limited.

DOI

Scopus

2

Citation

(Scopus)
日本企業システムの変化をいかにとらえるか:危機後の企業統治の再設計に向けて

宮島英昭

RIETI Policy Discussion Paper 11-P-009 1 - 62 2011.03
株式所有構造の多様化とその帰結:株式持ち合いの解消・「復活」と海外投資家の役割

宮島英昭, 新田敬祐

RIETI Discussion Paper 11-J-011 1 - 54 2011.02
Debt, Ownership Structure, and R&D Investment: Evidence from Japan

Hideaki Miyajima

RIETI Discussion Paper 11-E-013 1 - 32 2011
日本企業における事業組織のガバナンス—企業の境界と二層のエージェンシー問題の視角から—

宮島英昭, 青木英孝

RIETI Discussion Paper 10-J-057 1 - 57 2010.12
Business Groups in Prewar Japan: Historical Formation and Legacy

Hideaki Miyajima, Shinya Kawamoto

The Oxford Handbook of Business Groups 2010.09

　View Summary

The objective of this article is to examine the evolution and economic function of business groups, often referred to as zaibatsu, in prewar Japan. It should be noted, however, that, in spite of the prominence of the zaibatsu as economic actors, the share of business groups in the prewar economy was not as high as is often assumed. While the share of business groups in an economy varies depending on definitions of business groups and dates of estimation, their prewar share was also modest when compared to the shares of their counterparts in developing economies. In prewar Japan, most large firms operated as stand-alone entities, and most of them were listed on the stock exchange. Focusing on the three established zaibatsu and Nissan, this article examines how business groups evolved in prewar Japan, and what functions they served.

DOI

Scopus

11

Citation

(Scopus)
親子上場をめぐる議論に対する問題提起(下)法と経済学の観点から

宍戸善一, 新田敬祐, 宮島英昭

旬刊商事法務 ( 1900 ) 35 - 46 2010.06

CiNii
親子上場をめぐる議論に対する問題提起(下)

宮島英昭, 宍戸善一, 新田敬祐

旬刊商事法務 ( 1900 ) 35 - 46 2010.06
親子上場をめぐる議論に対する問題提起(上)法と経済学の観点から

宍戸善一, 新田敬祐, 宮島英昭

旬刊商事法務 ( 1898 ) 38 - 45 2010.05

CiNii
金融システムと企業統治:日本型企業システムの多元的進化

宮島英昭, 河西卓弥

橘川武郎、久保文克編講座・日本経営史 6 105 - 156 2010.05
親子上場をめぐる議論に対する問題提起(上)

宮島英昭, 宍戸善一, 新田敬祐

旬刊商事法務 ( 1898 ) 38 - 45 2010.05
親子上場をめぐる議論に対する問題提起(中)

宮島英昭, 宍戸善一, 新田敬祐

旬刊商事法務 ( 1899 ) 4 - 9 2010.05
Corporate mission, corporate policies and business outcomes: evidence from Japan

Shinichi Hirota, Katsuyuki Kubo, Hideaki Miyajima, Paul Hong, Young Won Park

MANAGEMENT DECISION 48 ( 7-8 ) 1134 - 1153 2010 [Refereed]

　View Summary

Purpose - This study sets out to explore questions such as: "Does mission statement matter? If so, in what ways?" Using data on mission statements of 128 large Japanese firms, the paper aims to show that corporate mission has a significant impact on corporate policies that determine employment, board, and financial structures.
Design/methodology/approach - The paper provides evidence that strong-mission firms are more likely to retain incumbent employees, promote managers from within firms, and have less debt and a higher percentage of interlocking shareholdings than weak-mission firms.
Findings - The evidence supports the view that strong-mission firms value their organizational capital and thus tend to adopt policies to preserve it. It also confirms that corporate mission and its embedded policies contribute to better corporate performance. The paper suggests that the effect of explicit corporate mission and its implementation has practical impacts in corporate policies and business outcomes.
Research limitations/implications - The sample is based on firms from Japan. The criteria used to discriminate between strong mission and weak mission firms need further refinement with more rigorous sub-dimensions. In the Japanese context the percentage of inside directors is an important indication of internally promoted managers one might argue that a measure of external pressures (e.g. law, codes, investors, etc.) might be a better one. The small number of cases and the richness of statements need a richer qualitative analysis in the future.
Practical implications - The empirical results provide helpful insight on the organizational behavior of Japanese firms during the long economic downturn from the 1990s to 2000s in Japan and an insight on what to do in view of the challenges facing Japanese firms.
Originality/value - The paper presents a model that clarifies the role of mission statement. The extensive literature review includes a diverse set of papers on the role of mission statement. The empirical results suggest how strong Japanese corporate mission, expressed in mission statements, might have impact on corporate outcomes through the formation and utilization of Monozukuri.

DOI

Scopus

46

Citation

(Scopus)
どのような企業がM&Aを選択するのか--企業統治と組織構造 (金融システム・公共政策の課題と展望--2008年東大・設研共同主催シンポジウム抄録) -- (報告セッションの要約)

宮島英昭

経済経営研究 30 ( 1 ) 13 - 15 2009.04

CiNii
The competitive capabilities and cost of prewar business groups

with Shinya Kawamoto

WIAS Discussion Paper 2009 ( 006 ) 1 - 37 2009
日本型企業システムの多元的進化:ハイブリッドモデルの可能性

宮島英昭

RIETI Discussion Paper 09-J-017 1 - 48 2009
どのような企業がM&Aを選択するのか企業統治と組織構造

蟻川靖浩, 宮島英昭

一橋ビジネスレビュー 56 ( 3 ) 74 - 91 2008.12

J-GLOBAL
Understanding the M&A wave in Japan: What drives Japanese M&AS?

Yasuhiro Arikawa, Hideaki Miyajima

Changing Corporate Governance Practices in China and Japan: Adaptations of Anglo-American Practices 153 - 182 2008.10

DOI

Scopus

1

Citation

(Scopus)
急増する日本のM&Aを読み解く―企業統治分析のフロンティアに向けて

宮島英昭

経済産業ジャーナル 40 ( 9 ) 36 - 37 2007.09

J-GLOBAL
The Performance Effects and Determinants of Corporate Governance Reform 1

Hideaki Miyajima

Corporate Governance in Japan: Institutional Change and Organizational Diversity 2007.09

　View Summary

© Oxford University Press, 2013. This chapter addresses the introduction of the executive officer system as an alternative to the traditional insider board structure. As a result, since 1997 board sizes have decreased and a greater separation has been made between monitoring and management responsibilities. Some firms have also introduced outside directors and performance-related compensation schemes, such as stock options. The extent of these reforms among Japanese firms is examined using a survey-based Corporate Governance Score (CGS) for each corporation. Higher CGS scores are associated with better performance, a higher percentage of foreign shareholders, and a lower percentage of stable shareholders. However, among firms exposed to capital market pressures, the presence of strong employee participation also has a significant positive impact on the degree of reform and suggests a strong mutual reliance on capital markets and long-term employment among strongly performing Japanese firms.

DOI

Scopus

9

Citation

(Scopus)
The Unwinding of Cross-Shareholding in Japan: Causes, Effects, and Implications 1

Hideaki Miyajima, Fumiaki Kuroki

Corporate Governance in Japan: Institutional Change and Organizational Diversity 2007.09

　View Summary

© Oxford University Press, 2013. As the ownership structure of Japanese corporations has changed dramatically during the 1990s, this chapter examines the causes and consequences of the decline in cross-shareholding. Using detailed and comprehensive data on ownership structure, including data on individual cross-shareholding relationships and other variables (Tobin's q) developed by the Nissai Life Insurance Research Institute and Waseda University, the chapter highlights the determinants of the choice between holding or selling shares for both banks and firms. Profitable firms with easy access to capital markets and a high level of foreign ownership prior to the banking crisis tended to unwind cross-shareholdings, while low-profit firms which had difficulty accessing capital markets and low foreign ownership tended to keep cross-shareholding with banks. High institutional shareholding and, surprisingly, block shareholding have had positive effects on firms' performance, while bank ownership has had consistently negative effects on firm performance. The result has been a growing diversity of ownership patterns among Japanese firms.

DOI

Scopus

56

Citation

(Scopus)
Preface

Masahiko Aoki, Gregory Jackson, Hideaki Miyajima

Corporate Governance in Japan: Institutional Change and Organizational Diversity 2007.09

DOI

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24

Citation

(Scopus)
Relationship Banking in Post-Bubble Japan: Coexistence of Soft-and Hard-Budget Constraints 1

Yasuhiro Arikawa, Hideaki Miyajima

Corporate Governance in Japan: Institutional Change and Organizational Diversity 2007.09

　View Summary

© Oxford University Press, 2013. This chapter examines the changes in the Japanese main banking system. Despite the deregulation of bond markets in the mid-1990s, the overall dependence of firms on bank borrowing increased rather than decreased among listed firms during the 1990s. Large firms lessened their ties with banks and began financing through bonds, yet smaller listed firms continued borrowing from banks. In particular, firms with previously high levels of bank debt relied on their main bank for an increasing proportion of those loans. By estimating the employment adjustment function, the chapter shows that the main banks did not effectively discipline corporate restructuring, although banks encouraged the restructuring of firms with a relatively better performance. As Japan recovers from the banking crisis, main bank relationships are likely to survive among a segment of smaller and less internationalized Japanese firms.

DOI

Scopus

24

Citation

(Scopus)
Introduction: The Diversity and Change of Corporate Governance in Japan 1

Gregory Jackson, Hideaki Miyajima

Corporate Governance in Japan: Institutional Change and Organizational Diversity 2007.09

　View Summary

© Oxford University Press, 2013. The introductory chapter gives a comprehensive overview of the crisis and transformation of corporate governance in Japan since the mid-1990s. Drawing on the main empirical findings of the book, these changes are examined in relation to three areas: corporate ownership and finance, patterns of corporate organization and employment, and changes in the legal and governance role of the board of directors. Based on data from a Japanese Ministry of Finance survey, a summary typology of corporate governance practices in Japanese firms is developed that identifies three major clusters or types: firms with traditional Japanese-style practices, firms with hybrid practices combining market-oriented finance and governance with relationship-oriented employment, and firms with 'inverse' hybrid practices that combine relationship-oriented finance and governance with market-oriented employment. The implications of this growing diversity in organizational practices are discussed in relation to institutional change and the viability of a new Japanese-style model of corporate governance in the future.

DOI

Scopus

63

Citation

(Scopus)
Japan's banking crisis: An event-study perspective

Hideaki Miyajima, Yishay Yafeh

JOURNAL OF BANKING & FINANCE 31 ( 9 ) 2866 - 2885 2007.09 [Refereed]

　View Summary

We calculate abnormal stock returns for Japanese non-financial companies around major events associated with the banking crisis (1995-2000), and find that not all companies were equally sensitive to the malaise of the banking sector: the most affected were small, leveraged, low-tech companies with low credit ratings and low market to book ratios. This is consistent with "credit crunch" theories (companies with limited access to financial markets are sensitive to changes in bank lending) and with claims that innovation is rarely financed by bank debt. We do not find much evidence on the alleged misallocation of loans to support ailing bank clients. (c) 2007 Elsevier B.V. All rights reserved.

DOI

Scopus

56

Citation

(Scopus)
Understanding M&A Boom in Japan: What Drives Japanese M

with Yasuhiro Arikawa

Discussion Paper, RIETI 07-E-42 2007.06
Does Corporate Culture Matter? An Empirical Study on Japanese Firms

with Shinichi Hirota, Katsuyuki Kubo

Discussion Paper, RIETI 07-E-30 2007.05
戦前日本企業の経営者交代メカニズムと企業統治

経営史学会第42回全国大会、一橋大学 2006.11
小泉期の経済改革の評価と展望:経済改革

現代日本学会国際学術大会、韓国・延世大学校 2006.09
増加するM&Aをいかに理解するか

日本経済学会春季全国大会、福島大学 2006.06
急増するM&Aをいかに理解するか:その歴史的展開と経済的役割

RIETIディスカッションペーパーシリーズ06-J-044 2006.06
Research&Review 126 M&Aはなぜ増加したのか

蟻川靖浩, 宮島英昭

経済産業ジャーナル 39 ( 6 ) 66 - 69 2006.06

CiNii J-GLOBAL
日本型取締役会の多元的進化-その決定要因とパフォーマンス効果-

新田敬祐氏と共著

財務省財務総合政策研究所 2006.05
日本型取締役会の多元的進化-その決定要因とパフォーマンス効果-

宮島英昭, 新田敬祐

財務総合政策研究実態経済の変化と法制度の対応に関する研究会報告書 2006.05
近年のM&Aの増加をいかに理解するか

日本金融学会全国大会、早稲田大学 2006.04
M&Aの経済分析:M&Aはなぜ増加したのか

蟻川靖治氏と共著

RIETIディスカッションパーパーシリーズ06-J-034 2006.04
Varieties of Takeover Markets: Comparing Mergers and Acquisitions in Japan with Europe and the USA

with Gregory Jackson

mimeo 2006
Overview of the Japan’s Development and Growth Process: Knowledge Economy Perspective,

Transition to the Knowledge-Based Economy and Its Success Elements, The World Bank 2006
日本型取締役会の多元的進化

神田秀樹他著

金融財政事情研究会 2006
企業再構築研究調査事業

宮島英昭

経済産業省平成18年度皮革産業振興対策調査等報告書 2006
実態経済の変化と法制度の対応に関する研究会報告書第2章日本型取締役会の多元的進化:その決定要因とパフォーマンス効果

宮島英昭, 新田敬祐

実態経済の変化と法制度の対応に関する研究会報告書平成18年 23 - 59 2006

J-GLOBAL
Relationship banking and debt choice: evidence from japan

Y Arikawa, H Miyajima

CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW 13 ( 3 ) 408 - 418 2005.05

　View Summary

The purpose of this paper is to test hypotheses regarding the mix of bank borrowing and bonds that occur under relationship banking, thereby constructing a detailed data set on the debt structure of large Japanese firms from the late 1980s to the 1990s. We show that debt choice is affected by main bank relationships, in the sense that successful firms with strong bank ties are much more likely to issue public bonds than resort to bank borrowing.

DOI

Scopus

17

Citation

(Scopus)
Relationship banking and debt choice: evidence from japan

Y Arikawa, H Miyajima

CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW 13 ( 3 ) 408 - 418 2005.05

　View Summary

The purpose of this paper is to test hypotheses regarding the mix of bank borrowing and bonds that occur under relationship banking, thereby constructing a detailed data set on the debt structure of large Japanese firms from the late 1980s to the 1990s. We show that debt choice is affected by main bank relationships, in the sense that successful firms with strong bank ties are much more likely to issue public bonds than resort to bank borrowing.

DOI

Scopus

17

Citation

(Scopus)
日本経済発展のミクロ分析 1900-1955年 : 産業政策・企業統治と投資行動

宮島英昭

商学研究科紀要 60 181 - 192 2005.03

CiNii
The Unwinding of Cross-shareholding: Causes, Effects, and Implications.

with Fumiaki Kuroki

Discussion Paper, RIETI ( 05-E-006, 2005年 ) 2005
Relationship Banking in post Bubble Japan: Co-existence of soft-and hard budget constraint.

with Yasuhiro Arikawa

Discussion Paper, RIETI ( 05-E-015 ) 2005
The Performance Effects and Determinants of Corporate Governance Reform in Japan

with Fumiaki Kuroki

in Masahiko Aoki et al. eds., Corporate Governance in Japan: Institutional Change and Organizational Diversity” Working paper in SSRN ( 818347 ) 2005
The Unwinding of Cross-Shareholding in Japan: Causes, Effects, and Implications

with Yasuhiro Arikawa

in Masahiko Aoki et al. eds., Corporate Governance in Japan: Institutional Change and Organizational Diversity” Working paper in SSRN ( 818346 ) 2005
The Unwinding of Cross-shareholding: Causes, Effects, and Implications.

with Fumiaki Kuroki

RIETIディスカッションペーパー 05-E-006 2005
Relationship Banking in post Bubble Japan: Co-existence of soft-and hard budget constraint

with Yasuhiro Arikawa

RIETIディスカッションペーパー05-E-015 2005
The Unwinding of Cross-Shareholding in Japan: Causes, Effects, and Implications

with Yasuhiro Arikawa

in Masahiko Aoki et al. eds., Corporate Governance in Japan: Institutional Change and Organizational Diversity” Working paper in SSRN ( 818346 ) 2005
The Performance Effects and Determinants of Corporate Governance Reform in Japan

with Fumiaki Kuroki

in Masahiko Aoki et al. eds., Corporate Governance in Japan: Institutional Change and Organizational Diversity” Working paper in SSRN ( 818347 ) 2005
Overview of the Japan’s Development and Growth Process: Knowledge Economy Perspective,Transition to the Knowledge-Based Economy and Its Success Elements

The World Bank 2005
いまなぜ企業統治が問題なのか

ニッセイ基礎研究所所報 33 3 - 23 2004.07
持合解消の計量分析:分化する企業・銀行間の株式持合い構造

黒木文昭氏と共著

ニッセイ基礎研究所所報 33 24 - 51 2004.07
企業統治と経営効率:企業統治の効果と経路、及び企業特性の影響

新田敬祐, 齊藤直, 尾身裕介氏と共著

ニッセイ基礎研究所所報 33 52 - 98 2004.07
企業統治と経営効率--企業統治の効果と経路、及び企業特性の影響 (特集コーポレート・ガバナンス)

宮島英昭, 新田敬祐, 齊藤直

ニッセイ基礎研所報 33 52 - 98 2004.06

CiNii
ガバナンス構造と企業パフォーマンスとの関係について

宮島英昭, 黒木文明

経済産業省コーポレートシステムに関する研究報告書 7 - 75 2004.03
Corporate Governance and Performance in Twentieth Century Japan

with Yusuke Omi, Nao Saito

Business and Economic History (online Journal) 1 1 - 39 2004
Japan’s Banking Crisis: Who has the Most to Lose?

with Yishay Yafeh

Discussion Paper, Center for Economic Policy research ( No.4403 ) 2004
Japan’s Banking Crisis: Who has the Most to Lose?

with Yishay Yafeh

Discussion Paper, Center for Economic Policy research ( 4403 ) 2004
Corporate Governance and Performance in Twentieth Century Japan

with Yusuke Omi, Nao Saito

Business and Economic History (online Journal) 1 1 - 39 2004
コーポレート・ガバナンス特集

ニッセイ基礎研究所所報 2004
進展するコーポレートガバナンス改革と日本企業の再生

原村健二, 稲垣健一氏と共著

財務省財務総合研究所『ファイナンシャル・レヴュー』 68 240 - 277 2003.12
戦後日本企業の株式所有構造:安定株主の形成と解消

原村健二, 江南喜成氏と共著

財務省財務総合研究所『ファイナンシャル・レヴュー』 68 278 - 312 2003.12
生産性と外部からの規律:不振産業におけるガバナンス問題は何か

新田敬祐氏と共著

証券アナリストジャーナル 41 ( 12 ) 30 - 46 2003.12
コーポレート・ガバナンス特集2

宮島英昭

財務総合政策研究所ファイナンシャル・レビュー 682 2003.12
戦後日本企業の株式所有構造--安定株主の形成と解消 (コーポレート・ガバナンス特集(2)宮島英昭早稲田大学商学部教授責任編集)

宮島英昭, 原村健二, 江南喜成

フィナンシャル・レビュー ( 68 ) 203 - 236 2003.12

CiNii
進展するコーポレート・ガバナンス改革をいかに理解するか--CGS(コーポレート・ガバナンス・スコア)による分析 (コーポレート・ガバナンス特集(2)宮島英昭早稲田大学商学部教授責任編集)

宮島英昭, 原村健二, 稲垣健一

フィナンシャル・レビュー ( 68 ) 156 - 193 2003.12

CiNii
はじめに (コーポレート・ガバナンス特集(2)宮島英昭早稲田大学商学部教授責任編集)

宮島英昭

フィナンシャル・レビュー ( 68 ) 1 - 7 2003.12

CiNii
生産性と外部からの規律--不振産業におけるガバナンス問題は何か (特集「コーポレート・ガバナンスの実際」)

宮島英昭, 新田敬祐

証券アナリストジャーナル 41 ( 12 ) 29 - 47 2003.12

CiNii
Japan - Change and continuity

Jeffrey Graham, Javed Maswood, Hideaki Miyajima

Japan - Change and Continuity 1 - 230 2003.09

　View Summary

Japan is currently undergoing many interesting changes, which the Japanese government trumpets as fundamental reform, but which some observers suspect will turn out to be superficial, part of a long sequence of changes which have been much less far-reaching than at first anticipated. This book provides a survey of the many changes currently in progress in Japan, including political reform, economic deregulation and liberalisation, and reforms to environmental policy, science and technology, education, and immigration policy. The essays in this volume explore the reform process in Japan overall, and provides a thorough overview of major current developments in Japan. © 2002 Javed Maswood, Jeffrey Graham and Hideaki Miyajima
All rights reserved.

DOI

Scopus

2

Citation

(Scopus)
Changes in the J-type firm from bank-centred governance to internal governance

Hideaki Miyajima, Hidetaka Aoki

Japan - Change and Continuity 72 - 105 2003.09

DOI

Scopus

2

Citation

(Scopus)
スポットライト進展するコーポレート・ガバナンス改革と日本企業の再生

宮島英昭, 原村健二, 稲垣健一

旬刊経理情報 ( 1026 ) 34 - 36 2003.08

CiNii
「進展するコーポレート・ガバナンス改革と日本企業の再生」報告書の概要

宮島英昭, 原村健二, 稲垣健一

財経詳報 ( 2337 ) 5 - 10 2003.07

CiNii
RESEARCH&REVIEW(91)多様化する日本企業の統治構造--高まる機関投資家への期待とガバナンス評価の試み

宮島英昭

経済産業ジャーナル 36 ( 7 ) 50 - 53 2003.07

CiNii
進展するコーポレートガバナンス改革と日本企業の再生

宮島英昭

財務総合政策研究所 2003.06
「日本企業の多様化と企業統括」報告書の概要

宮島英昭, 稲垣健一

財経詳報 ( 2323 ) 5 - 9 2003.02

CiNii
日本企業の多様化と企業統治:事業戦略・グループ経営・分権化組織の分析

宮島英昭, 稲垣健一

財務総合政策研究所 180P 2003.02

J-GLOBAL
Investment and Corporate Governance: Evidence from Japan in the 1990s, in Proceeding on Comparative Corporate Governance: Changing Profiles of National Diversity Corporate Governance

with Yasuhiro Arikawa, Nao Saito

Research Institute of Economy, Trade and Industry. 2003
Investment and Corporate Governance: Evidence from Japan in the 1990s, in Proceeding on Comparative Corporate Governance: Changing Profiles of National Diversity Corporate Governance”,

with Yasuhiro Arikawa, Nao Saito

Research Institute of Economy, Trade and Industry. 2003
持合解消の計量分析 Mark Ⅱ

黒木文明氏と共著

早稲田大学ファイナンス研究所WFS-03-008 2003
株式持ち合い解消の計量分析

黒木文明氏と共著

証券アナリストジャーナル 40 ( 12 ) 30 - 46 2002.12
Rethinking the Cash Flow Constraint on Investment: the evidence from 20th century Japan

mimeo, Waseda University. 2002
Corporate Governance and Investment in the 20th Century Japan: Comparison between prewar zaibatsu and postwar keiretsu

Waseda Institute of Financial Studies Discussion Papers, WIFS-02-03 2002
Corporate governance, relational banking and R&D: evidence from Japanese large firms in the 1980s and 1990s

H Miyajima, Y Arikawa, A Kato

INTERNATIONAL JOURNAL OF TECHNOLOGY MANAGEMENT 23 ( 7-8 ) 769 - 787 2002 [Refereed]

　View Summary

We investigate the effects of the Japanese corporate governance structure on corporate investments, especially R&D, dividing Japanese high R&D firms into two groups, i.e, young growing firms and old mature firms. The main bank relationship mitigates the asymmetric information problem for young growing firms' R&D expenditure in the 1990s, Portfolio investors strengthen the cash constraints on R&D, while stable shareholders offset the myopic pressure by portfolio investors. We also show some evidence that stable shareholders induced old mature firms to overinvest during the bubble economy period.

DOI
Change and Overhaul in the J-type firm: Stepping back bank-centred governance and increasing role of internal governance

with Hidetaka Aoki

in Syed Maswood and Hideaki Miyajima eds., "Changes and Continuity in Japan", RoutledgeCurzon Press 2002

DOI

Scopus

2

Citation

(Scopus)
Rethinking the Cash Flow Constraint on Investment: the evidence from 20th century Japan

mimeo, Waseda University. 2002
経営者の選任と企業統治:標準的な経営者交代確率からの接近

青木英孝氏と共著

早稲田大学ファイナンス研究所WFS-02-007 2002
Corporate governance, relational banking and R&D: evidence from Japanese large firms in the 1980s and 1990s

H Miyajima, Y Arikawa, A Kato

INTERNATIONAL JOURNAL OF TECHNOLOGY MANAGEMENT 23 ( 7-8 ) 769 - 787 2002

　View Summary

We investigate the effects of the Japanese corporate governance structure on corporate investments, especially R&D, dividing Japanese high R&D firms into two groups, i.e, young growing firms and old mature firms. The main bank relationship mitigates the asymmetric information problem for young growing firms' R&D expenditure in the 1990s, Portfolio investors strengthen the cash constraints on R&D, while stable shareholders offset the myopic pressure by portfolio investors. We also show some evidence that stable shareholders induced old mature firms to overinvest during the bubble economy period.

DOI
日本型企業統治と過剰投資:過剰流動性期とバブル期の比較分析

財務省財務総合研究所『ファイナンシャル・レヴュー』 Vol.60 139 - 168 2001.12
メインバンク介入型ガバナンスは変化したか?:1990年代と石油ショック後との比較

広田真一氏と共著

『現代ファイナンス』 10 ( 10 ) 35 - 61 2001.09

DOI CiNii
日本企業における企業統治・外部役員派遣・企業パフォーマンス:日本企業システムの形成と変容

近藤康之, 山本克也氏と共著

日本経済研究 43 2001.07
企業統治・外部役員・企業パフォーマンス--日本企業システムの形成と変容

宮島英昭, 近藤康之, 山本克也

日本経済研究 ( 43 ) 18 - 45 2001.07

CiNii
Changing Corporate Finance and its Impact on Corporate Strategy After Bubble Period: Is Long-term Strategy of Japanese Firm Really Changing?

with Yasuhiro Arikawa

Usha C.V. Haley and Frank Jurgen Richter eds., Asian Post Crisis Management: Corporate and Government Strategies for Sustainable Competitive Advantage, Macmillan/St. Martin Press 2001. 2001
Changing Corporate Finance and its Impact on Corporate Strategy After Bubble Period: Is Long-term Strategy of Japanese Firm Really Changing?

with Yasuhiro Arikawa

in Usha C.V. Haley and Frank Jurgen Richter eds., "Asian Post Crisis Management: Corporate and Government Strategies for Sustainable Competitive Advantage", Macmillan/St. Martin Press 2001
日本企業システムの形成と変容:外部役員派遣と企業パフォーマンスの関係を中心にして

近藤康之, 山本克也氏と共著

大蔵財政金融研究所Discussion Paper Series 99-A-03 1 - 25 1999.12
銀行介入型ガバナンスの機能は変化したかー石油ショック時から90年代までの比較

日本金融学会、東北大学 1999.10
外部役員派遣と企業パフォーマンスの関係を中心にしてー日本企業システムの形成と変容

経営史学会全国大会、中京大学 1999.10
Transformation of Economic System : A Reappraisal of Occpation

Working Paper/The Institute For Research in Business Administration, Waseda University 99:02, pp.1-33 1999.08
Transformation of Economic System : A Reappraisal of Occpation

Working Paper, The Institute For Research in Business Administration, Waseda University 99:02 1 - 33 1999.08
企業の負債選択とメインバンクの役割

『21世紀の金融諸問題』、早稲田大学出版会 pp.125-149 1999.08
Relational Banking and Dept Choice : Evidence from the Liberalization in Japan

日本経済学会、春季大会、東京大学 1999.05
日本企業システム形成の一側面--1950年代前半の資産再評価問題 (成長経済下の金融・財政システム)

宮島英昭

証券経済研究 ( 19 ) 45 - 75 1999.05

CiNii
金融自由化と企業の負債選択:バブル期における顧客プールの劣化

蟻川靖浩氏と共著

大蔵省財政金融研究所『ファイナンシャル・レヴュー』 ( 49 ) 133 - 166 1999.03
バブル崩壊後の負債選択;リスク要因の上昇とEntrenchmentの後退

蟻川靖浩氏と共著

アナリストジャーナル 3 - 18 1999.03
金融自由化と企業の負債選択--1980年代における顧客プールの劣化

宮島英昭, 蟻川靖浩

フィナンシャル・レビュー ( 49 ) 133 - 166 1999.03

CiNii
Competition for Competitiveness: Business Government Relationships in the Golden Age.

Oxford University Press, Forthcoming. 1999
Helmut Dietl, _Capital Markets and Corporate Governance in Japan, Germany and the United States : Organizational Response to Market Inefficiencies_

BH network 1999
Helmut Dietl, _Capital Markets and Corporate Governance in Japan, Germany and the United States : Organizational Response to Market Inefficiencies_

BH network 1999
The Evolution and Change of Contingent Governance Structure in the J-Firm System: An Approach to Presidential Turnover and Firm Performance

in Dirks D., J. F., Huchet, and T. Ribault, eds, "Japanese Management in the Low Growth Era: Between External Shock and Internal Evolution", Springer Verlag 1999
日本企業システム形成の1側面:1950年代前半の資産評価問題を中心にして

証券経済研究 19, pp.45-75 ( 19 ) 45 - 75 1999
「岡崎哲二氏の書評に応える」

宮島英昭

社会経済史学 65 ( 4 ) 493 - 495 1999

DOI CiNii
イントロダクション

産業経営研究所・第4回アカデミックフォーラム『日本企業システムの変容と21世紀への展望』 1998.12
Understanding Japanese Firms: Form the Economist and Business Histrians's perspectives,

Conference on Business History around the world at the end of 20th entury, Milan, Boconi University . 1998.10
伊藤修『日本型金融の歴史的構造』

金融経済 1998.10
Understanding Japanese Firms: Form the Economist and Business Histrians's perspectives,

Conference on Business History around the world at the end of 20th entury, Milan, Boconi University . 1998.10
企業金融の構造変化とガバナンス構造の変容:1980年代におけるメインバンクシステムの変容

日本金融学会全国大会(大阪市立大学) 1998.10
伊藤修著『日本型金融の歴史的構造』

宮島英昭

金融経済研究 ( 15 ) 117 - 121 1998.10

CiNii
企業金融の構造変化とガバナンス構造の変容

GFRS研究セミナー GERS ISSUES SERIES, No.5 1998.09
企業金融の構造変化とガバナンス構造の変容:1980年代におけるメインバンクシステムの変容

現代日本経済と金融/経済統計研究会コンファランス 1998.09
戦後日本大企業における状態依存的ガヴァナンスの深化と変容:Logitモデルによる経営者交代分析からのアプローチ

『経済研究 49-2』、一橋大学 97 - 112 1998.04
日本金融体制的形成和発展

復反大学日本研究中心編『戦後日本:金融体制及其変革』、上海財経大学出版社 1 - 29 1998.02
The Impact of Deregulation on corporate Governance and Finance

Tilton, M., and L. Carlile eds, Is Japan Really Changing Its ways? Regulatory Reform and the Japanese Economy/ Brooking Institution Press. pp.33-75 1998
The Evolution and Change of Contingent Governance Structure in the J-Firm System: An Approach to Presidential Turnover and Firm Performance

Dirks D., J. F., Huchet, and T. Ribault, eds, Japanese Management in the Low Growth Era: Between External Shock and Internal Evolution, Springer Verlag. 1998
『GHQ日本占領史30公正取引の促進』

日本図書センター pp1-11. 1998
「経済統制」、「産業合理化」他、『日本歴史辞典』

小学館 1998
Regulatory Framework, Government Intervention and Investment in Postwar Japan: The Structural Dynamics of J-type Firm-Government Interaction

in Hideaki Miyajima et al.eds., "Competition for Competitiveness: Business Goverment Relationships in the Golden Age", Oxford University Press 1998
The Impact of Deregulation on Corporate Governance and Finance

in Tilton, M., and L. Carlile eds, "Is Japan Really Changing Its ways? Regulatory Reform and the Japanese Economy", Brooking Institution Press 33 - 75 1998
企業金融の構造変化とガバナンス構造の変容:1980年代におけるメインバンクシステムの変容

蟻川靖浩氏と共著

早稲田大学現代政治経済研究所ワーキングペーパー ( 9803 ) 1998
The Evolution and Change of Contingent Governance Structure in the J-Firm System: An Approach to Presidential Turnover and Firm Performance"

Dirks Conference on Between External Shocks and Internal Evolution: Towards a New Phase in Japanese Management Practices, organized by Deutsches Institute fur Japansstudien and Maison Franco-Japnaise(日仏会館) 1997.10
The Evolution and Change of Contingent Governance Structure in the J-Firm System: An Approach to Presidential Turnover and Firm Performance"

Dirks Conference on Between External Shocks and Internal Evolution: Towards a New Phase in Japanese Management Practices, organized by Deutsches Institute fur Japansstudien and Maison Franco-Japnaise(日仏会館) 1997.10
The Japanese Interwar Policy Toward the Chemical Industries:The Origin of the Developmental State?

Annual Conference of AAS(Association for asian Studies) Chicago 1997.03
The Japanese Industrial Policy Toward the Chemical Industries:The Origin of the Developmental State?

Annual Conference of AAS(Association for asian Studies) Chicago 1997.03
The Evolution and Change of Contingent Governance Structure in the J-Firm System:An Approach to Presidential Turnover and Firm Performance

Conference on Japan and East Asia its lessons for Middle East in the Era of Peace/Hebrew University 1997.01
The Evolution and Change of Contingent Governance Structure in the J-Firm System:An Approach to Presidential Turnover and Firm Performance

Conference on Japan and East Asia its lessons for Middle East in the Era of Peace/Hebrew University 1997.01
Strategic Intervention against International Competition in the Interwar Japan:The Case of Chemical Industries

Waseda Business and Economic Studies ( 33 ) 81 - 103 1997
戦後日本企業における経営者の交代と企業パフォーマンス;状態依存的ガヴァナンスの形成と変容同上、経営学六甲コロキュロム

関西経済研究センター主催 1996.11
Bank centered Corporate Groups and Investment:the Evidence from the First Phase of High Growth Era in Japan

<Ⅰ>The waseda Commercial Review </Ⅰ> 1996.06
戦後日本大企業における経営者の交代と企業パフォーマンス:状態依存的ガヴァナンスの形成と変容

経営史学会関東部会(文京女子大学) 1996.06
Bank centered Corporate Groups and Investment: the Evidence from the First Phase of High Growth Era in Japan

The waseda Commercial Review ( 367 ) 33 - 76 1996.06
Corporate governance;the Structure and Issue in Japan

The 2ndWaseda-Hanuang Joint Symposium Toward Globalization Waseda University 1996.05
Corporate governance;the Structure and Issue in Japan

The 2ndWaseda-Hanuang Joint Symposium Toward Globalization Waseda University 1996.05
戦後日本金融システムの展開

コンファランス「日本の金融システムとその変革/復旦大学日本研究所 1996.05
Will the Deregulation change the Japanese Capitalism the Impact of Deregulation on Corporate Governance and Finance of J-type Firm

Annual Conference of AAs(Association for Asian Studies) 1996.04
Will the Deregulation change the Japanese Capitalism the Impact of Deregulation on Corporate Governance and Finance of J-type Firm

Annual Conference of AAs(Association for Asian Studies) 1996.04
戦後金融システムの形成と展開

復旦大学日本研究所編日本の金融システムとその変革(中国語) 1996.03
Regulatory Framework, Government Intervention and Investment in Postwar Japan: The Structural Dynamics of J-type Firm-Government Interaction

The 23rd International Business History Conference/The Competing toward Competitiveness: Business and Goverment in the Golden Age, Susono, Japan 1996.01
Financial Market in Japan, S.Hoges et al. eds.

International Encyclopedia of Business & Management/Routledge 1996
Financial Market in Japan, S.Hoges et al. eds.

International Encyclopedia of Business & Management/Routledge 1996
戦時経済他10項目

日本史辞典/山川出版社 1996
Regulatory Framework, Government Intervention and Investment in Postwar Japan: The Structural Dynamics of J-type Firm-Government Interaction

The 23rd International Business History Conference/The Competing toward Competitiveness: Business and Goverment in the Golden Age, Susono, Japan 1996.01
Corporate Finance, and Governance in the High Growth Era of Japan

The Seminar in the Center for International Competitiveness/The University of Massachusetts 11 1995.09
Corporate Finance, and Governance in the High Growth Era of Japan

The Seminar in the Center for International Competitiveness/The University of Massachusetts 11 1995.09
Bank Centered Corporate Groups and Investment: the Evidence from the First Phase of High Growth Era in Japan

The Conference of the Bank-firm Relationships/Wissenschaftzentrum in Berlin 1995.06
Bank Centered Corporate Groups and Investment: the Evidence from the First Phase of High Growth Era in Japan

The Conference of the Bank-firm Relationships/Wissenschaftzentrum in Berlin 1995.06
財界追放と経営者の選抜:状態依存的(Contingent)ガヴァナンス・ストラクチェアの形成

社会経済史学会全国大会共通論題報告/東京大学 1995.05
証券民主化再考-コーポレート・ガヴァナンスの視角から

証券研究 ( 112 ) 57 - 98 1995.05
証券民主化再考--コ-ポレ-ト・ガバナンスの視角から (高度成長期の経済と金融)

宮島英昭

証券研究 ( 112 ) p57 - 98 1995.05

CiNii
The Privatization of Ex-Zaibatsu Holding Stocks and the Emergence of Bank Centered Corporate Groups

M.Aoki and H.K.Kim, ed., The Corporate Governance in Transitional Economies/The World Bank 1995
重要産業統制法他

日本史辞典/山川出版社 1995
The Privatization of Ex-Zaibatsu Holding Stocks and the Emergence of Bank Centered Corporate Groups

in M.Aoki and H.K.Kim, ed., "The Corporate Governance in Transitional Economies", The World Bank 361 - 403 1995
戦間期日本における国際競争と戦略的介入:曹達灰工業のケース

早稲田商学 ( 362 ) 85 - 116 1994.11
The transformation of zaibatsu to postwar corporate groups-from hierarchically integrated groups to horizontally integrated groups

Hideaki Miyajima

Journal of The Japanese and International Economies 8 ( 3 ) 293 - 328 1994

　View Summary

The purpose of this article is to clarify how and why the zaibatsu in prewar Japan were transformed into corporate groups in postwar Japan, and to show what functions the corporate groups played in the initial phase of the transformation period (1949-mid-1950s), by focusing on three large zaibatsu organizations. This paper first briefly sketches the impact of dissolution on the corporate structure of former zaibatsu-line companies. Next, it investigates the forming of keiretsu financing and its functions by considering the accumulation of information concerning borrowers. It then explains the process of forming cross-shareholding in terms of two factors: firms′ attempts to keep autonomous management and to facilitate the increase of paid-in capital on the one hand, and banks′ attempts to monitor them on the other. Finally, this paper provides perspectives on corporate groups′ activities during the high-growth era. J. Japan. Int. Econ., September 1994, 8(3), pp. 293-328. School of Commerce, Waseda University, 6-1 Nishi-waseda 1-Chome, Shinjuku-ku, Tokyo, Japan. © 1994 Academic Press Limited.

DOI

Scopus

18

Citation

(Scopus)
Takafusa Nakamura & Konosuke Odaka (eds.), Niju-kozo (Dual Structure Economy), Tokyo, 1989.

Miyajima Hideaki

SHIGAKU ZASSHI 100 ( 1 ) 100 - 106 1991

DOI CiNii
'Industrial Discipline' of Japanese Economy in the 1930s

MIYAJIMA Hideaki

SOCIO-ECONOMIC HISTORY 56 ( 2 ) 266 - 295,312 1990

　View Summary

If we could grasp 'industrial discipline' as relationships among firms, industrial relations between labor and management, and government intervention against such relations, 'industrial discipline' in this sense underwent a great change at the time of Great Depression. Freedom of trade and cartel contract which government officially permitted in the 1920s was restricted by the enactment of the Law of Control to Important Industries in 1931. Since then, government positively intervened in industrial oraganization by encouraging cartel and trust, and guiding their activities. On the other hand, the legal acknowledgment of freedom of trade(labor) union which was admitted in the level of administrarion in the '20s, was failed by the abolition of Trade Union Act-Bill in 1931. Since then labor policy was transformed from acknowledgment of trade(labor) union to its restriction. Thus the rapid transformation of 'industrial discipline' in the 1930s includes two phases: (1) Enlargement of restriction against 'freedom of trade and contract' among firms, (2) Change of labor policy from cooperetive direction to compulsory direction. The purpose of this paper is to focus on phase (1), and further to reseach the development of industrial organization policy in the 1930s. By doing so, we shall clarify the legal and functional features of industrial organization policy in Japan at that time. Conclusions of the research are as follows: (1) Although government intervention in industrial oranization was a world-wide tendency in this period, feature of intervention in Japan is that legal restriction in regard to market mechanism went ahead of the change of macro economic policy. Another feature is the positiveness of intervention. This means that the purpose of intervention was not only restriction of cut-throat competition, but also setting up of industry with scale economy or external economy. (2) The above features are based on following three factors: First, it is the character of industrial structure that heavy industries had comparative disadvantage in the world market, thus could not establish in market mechanism. Second, it is the character of industrial organization that cartel was prevailed, but competition was still at work in small and medium firms. Thirdly, it is the social factor that public opinion was not critical enough to restrain the freedom of trade.

DOI CiNii
戦時経済下の高橋亀吉--物価統制論と経済新体制論を中心にして (高橋亀吉研究)

宮島英昭

証券研究 ( 89 ) p123 - 156 1989.10

CiNii
The Revision of the Antimonopoly Law in 1953

宮島英昭

The Waseda commercial review ( 331 ) p423 - 467 1989.01

CiNii
Industrial Organization under the Wartime Economic Control in Japan (II)

MIYAJIMA Hideaki

Journal of social science 40 ( 2 ) 125 - 177 1988.08

CiNii
Industrial Organization under the Wartime Economic Control in Japan (I)

MIYAJIMA Hideaki

Journal of social science 39 ( 6 ) 1 - 43 1988.03

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Japan's Policy for the Promotion of Monopoly in Its Fertilizer Industry in the 1930s

MIYAJIMA Hideaki

Journal of social science 38 ( 3 ) 113 - 174 1986.10

CiNii
肥料独占政策の展開と重要肥料業統制法の成立--1930年代日本の独占政策の一側面

宮島英昭

社會科學研究 38 ( 3 ) p113 - 174 1986

CiNii
Cartels, Trusts and Government in 1930's Japan

Miyajima Hideaki

The Journal of Agrarian History 28 ( 2 ) 1 - 23 1986

　View Summary

In 1931 the Law regarding the Control of Important Industries was enacted. Under this law the government, the Ministry of Commerce arid Industry was given powers, both to compel non-members of cartels to abide by cartel regulations and also to prevent any abuses of monopolistic power. The purpose of this paper is to make clear the administrative policy of this "Law of Control" and its revision in 1936. Some conclusions are as follows. (1) After 1933, when a trend of price increases began to appear, the administrative policy of government regarding "Law of Control" shifted from encouraging cartels during depression to protecting the public interest. In highly oligopolic Industries, such as paper, sugar and beer manufacturing, the government often supervised the productions, sales and prices policies of cartels. On the other hand, in competitive oligopolic Industries, such as carbide, and sulfuric acid manufacturing, the government intentionally maintained competition between cartel members and non-members, although cartel members demanded that the government compeled non-members to abide by cartel regulations. In the cement industry, which many new enterprises entered and existing companies invested in plant and equipment in spite of law rates of capacity utilization, the government intervened on the basis of the "Law of Control" with the aim of optimizing distribution of resources. (2) In terms of effect, the warnings of the government against highly oligopolistic Industries achived its aim. After this cartels began to hesitate in implementing price rises and production restrictions. At that time it should be noticed that the big businesses which led the cartel activities intended these low prices as a way to increase demand and to prevent new entries. But in the cement industry such intervention failed. Competition became greater in spite of intervention aimed at restricting competition and the enlargement of capacity by outsiders in Korea and new entries were not stopped. As a consequence of this the rate of capacity utilization became quite higher than before. (3) In 1936 the "Law of Control" was revised with the purpose of solveing the problems mentioned above. The points of revision were (i) to enlarge the enforcement district to Korea and Introduce regulations of new entries and investment in new equipment, and (ii) to apply the "Law" to the trusts which were established during recovery period. By this revision, the intervention of government became more positive and effective. But after the outbreak of the war with China in July 1937 the role of the "Law of Control" was gradually reduced because obstructive factors in cartel activities were no longer outsiders, but the lack of raw materials, and inflation made price manipulation by cartels ineffective. For this reason, government controls stronger and more derective than the "Law of Control" were urgently needed. Lastly we should 'mention that the intervention of the government on the basis of "the Law of Control" was a "prototype" for the Industrial policy of Ministry of Industry and Trade in the post-war period.

DOI CiNii
'Social Liberalism' in Japan in the early 1920's ; The case of 'Welfare State Theory' of Tokuzo Fukuda

MIYAJIMA HIDEAKI

SOCIO-ECONOMIC HISTORY 50 ( 1 ) 31 - 56,2 1984

　View Summary

Tokuzo Fukuda (1874-1930), who was well known as one of the representative economists from the end of Meiji to early Showa, was also a preeminent thinker. He ceaselessly grasped the actual problems in this country and seeked to solve them. Fukuda as an intellectual was mainly concerned with the relationship between the state and capitalistic society through his life. His idea is centred on social reform by means of voluntary activities and associations of individuals, furthermore on the reconstruction of capitalist state based on the above mentioned social reform. His position may be defined as 'Social Liberalism' and his ideological brocess can be understood as cohesion to show the problems of liberalism in modern Japan. After W. W.I advanced nations faced with severe crisis of their political system, resulting in the case of Weimar Republic in a new system which became the origin of modern state. Japan was not an exception in this world-wide trend. A series of social reforms after W. W.I in Japan (revision of suffrage in 1925, a plan of Labour Union Law and Tenant Act) coincided with it. Fukuda in the 1920's fixed his eyes on these changes at home and abroad. Now he was in the face of difficult task. He had to advance his own 'Social Liberalism', opposing both (1) Socialism, which rapidly exerted influence on intellectual circles, and (2) collaborationism (kyochoshugi) which was adovocated as a new priciple of industrial relations instead of the old paternalism. The theory of 'struggle for welfare' and the 'welfare state theory' which were maintained in his famous writing 'Socialpolicy and class struggle' in 1921 were the products of his pursuit of this task. The former demonstrated the possibilities and necessities of labour movement by the theory of Alfred Marshall and Arthur Cecil Pigou. By reinterpreting 'Das soziale Konigtum' of Lorenz von Stein, the latter constructed the state theory, which appreciated the voluntary activities of workers and aimed at the improvement of their welfare. This essay brings Fukuda in the early 1920's into focus, and attempts to examine the originality and significance of his theories.

DOI CiNii
The Evolution of 'Social Liberalism' in Modern Japan : A Historical Analysis on 'The Theory of the Right to Live' of Tokuzo Fukuda

Miyajima Hideaki

SHIGAKU ZASSHI 92 ( 12 ) 1894 - 1920,1982- 1983

　View Summary

This paper deals with Tokuzo Fukuda (1874-1930), who was one of the representative economists from the end of Meiji to early Showa. He is also famous as a frontier of modern economics as well as a pioneer of the economic history in Japan (His work, 'Die wirtschaftliche und gesellschaftliche Entwicklung in Japan, Stuttgart, 1900', which was written under Lujo Brentano's direction, is the first scientific research for Japanese economic history). This paper, however, did not concern him as a scholar, but a thinker who grasped the actual problems in this country and seeked to solve them. Fukuda as an intellectual was concerned with the relationship between the state and the capitalist society through his life. His idea lied on the social reform by means of voluntary activities and associations of individuals, furthermore on the reconstruction of capitalist state based on the above social reform. His position may be defined as 'Social Liberalism (die soziale liberale Ideenrichtung)', used as self-definition by Lujo Brentano who had a great influence on Fukuda. In modern Japan the social policy, on the one hand, as in the case of Kumazo Kuwata (1868-1932) and Noboru Kanai (1865-1933) who were leaders and formed the right wing in 'the Society for Japanese social policy (Verein fur Sozialpolitik in Japan)', was based on the statism or ethical norm, on the other hand the liberalism tended to be argued as laissez faire so as to exclude the interference of the state. Under these intellectual conditions Fukuda who oriented himself to combine freedom and interference, and to join independent society and positive state occupied a very unique position. His ideological process can be understood to show the possibility and problems of liberalism in modern Japan. His ideological process can be divided into following three periods. (I).1900-1910 ; he theoretically depended on 'neue historische Schule' of Germany and introduced its theory to Japan. In this period his problem-consciousness was the modernization of Japanese social and economic situation which was quite backward compare to western Europe. From this view point he advocated to enact Factory Law and abolish Rice Tariff and enlightened the necessities of entrepreneurship among Japanese capitalists. (II).1911-1920 ; he transfered his theoretical position to the neo-classical school (particularly of A.Marshall) and tried to study Marxist economic theory. Concerning the social policy he proposed the theory of 'the right to live', noticing the development of 'the liberal reform' in England and the theory of Anton Menger (especially of his 'Das Recht auf den vollen Arbeitsertrag in gesellschaftlicher Darstellung. 1886') and committed himself to refine it. In this period he not only studied in his laboratry, but also participated in actual activities, and he organized 'Reimeikai' (黎明会) with Sakuzo Yoshino (1878-1933) and became a leader of the 'Taisho Democracy'. The influence of Fukuda as a thinker reached the peak in his life. (III).1921-1930 ; after the World War I the socialism rapidly exerted on intellectual circles and the government advocated the 'collaborationism (協調主義)' as a new principle of industrial relations instead of the paternalism. With the intention of criticizing both these tendencies, he constructed a theory of the State, which appreciated the voluntary activities of workers and aimed at the improvement of their welfare by reinterpreting 'Das soziale Konigtum' of Lorenz von Stein. This may be regarded as a pioneer of 'Welfare state therory' in Japan. This essay mainly brings the second period into focus, and tries to examine the character of his theory of 'the right to live' and its historical significance.

DOI CiNii
Economic Liberalism of Tokuzo Fukuda : The Controversy over the Economic Policies in the End of the Meiji Era

MIYAJIMA HIDEAKI

SOCIO-ECONOMIC HISTORY 48 ( 1 ) 85 - 105,127-12 1982

　View Summary

The purpose of this paper is to consider thougts of Tokuzo Fukuda (1874-1930), who was well known as a representative opinion leader between the end of the Meiji era to Taisho and to show characeristics of his economic liberalism. Fukuda had studied under Lujo Brentano (1844-1931) during his stay in Germany as a student. He belonged to the left wing in the Society for socialpolicy in Japan (Vereins fur Sozialpolitik in Japan). His economic thought in the end of the Meiji era be characterized by a combination of social liberism and 'a mode of thought influenced by historical school'. The former means the unity of two directions, a confidence in the principle of 'selfhelp' and a recognition of stateintervention. in the principle of 'selfhelp' and a recognition of stateintervention. The latter is summarized as a tendency to deduce justice and course of state-intervention from historical research. With this thought, he positively took part in the controversies over Factory Act and Corn Tariff. These problems were the main issues concerning the social conflict caused by industrization and the development of Japanese economy under the pressure of developed countries. This controversies were led by two groups, that is to say, Ukichi Taguchi (1865-1905). Kotaro Noritake (1867-1920) who insisted on the freedom of industrial relations and agriculture, and Noburu Kanai (1865-1933), Kumazo Kuwata (1868-1932), Tokiyoshi Yokoi (1860-1927) who adovocated protection of labour and peasant from the nationalistic standpoint. The particularity of Fukuda's contention, with which he intended to criticize both of them, lay on following points. 1) Fukuda paid full attention to pre-capitalistic relations in Japanese economy which had been neglected at all or considered as a pre-condition in their thought, and asserted to abolish feudalistic relations, to form modern industrial relations and to capitalize agriculture as a foundation of industrial development. To sum up, characteristics of his ideas were full capitalization of Japanese economy. 2) On the controversies he proclaimed the protection of labour by state and the freedom of agriculture from state. In a sense they might seem inconsistent, must be noticed that the protection of labour is deduced from a request for substantial equality between labourer and capitalist. That is to say, both of them are asserted from the viewpoint of the sole liberal principle. In these points we can see the originality of his economic thought that was different from simple laissez faire and nationlistic proctetionism.

DOI CiNii
The Evolution and Change of Contingent Governance Structure in the J-Firm System:An Approach to Presidential Turnover and Firm Performance

Working paper №9606 Waseda University Institute For Research in Contemporary Political and Economic affairs
Relational Banking, Less Market for Corporate Control, and Dept Choice : Evidence from the Liberalization in Japan

Waseda Institute of Financial Studies Discussion Papers 9905, pp.1-45
Upheaval in the Board Reforms: The Causes and effects of corporate Governance Reform,in Masahiko Aoki et al. eds., Corporate Governance in Japan: Institutional Change and Organizational Diversity

Oxford University Press, forthcoming.
Causes and effects of ending cross shareholding; Why, How, and its Implications,in Masahiko Aoki et al. eds., Corporate Governance in Japan: Institutional Change and Organizational Diversity

with Fumiaki Kuroki

Oxford University Press, forthcoming.
Relational Banking in post Bubble Japan: Co-existence of soft-and hard budget constraint, in Masahiko Aoki et al. eds., Corporate Governance in Japan: Institutional Change and Organizational Diversity

with Yasuhiro Arikawa

Oxford University Press, forthcoming. Working paper in SSRN ( 818344 )
Relational Banking and Debt Choice: Evidence from the Liberalization in Japan

with Yasuhiro Arikawa

IFMP, Discussion Paper Series, A00-07.
「M&Aで何が変わる?」

経済セミナー ( 602 )
Strategic Intervention against International Competition in the Interwar Japan:The Origin of the Developmental State?

Working paper, Institute for Research in Contemporary Political and Economic Affairs, Waseda University ( 9702 )
The Evolution and Change of Contingent Governance Structure in the J-Firm System:An Approach to Presidential Turnover and Firm Performance

Working paper №9606 Waseda University Institute For Research in Contemporary Political and Economic affairs
Relational Banking, Less Market for Corporate Control, and Dept Choice : Evidence from the Liberalization in Japan

Working Paper, The Institute For Research in Contemporary Political and Economic, Waseda University 9905 1 - 45
Relational Banking and Debt Choice: Evidence from the Liberalization in Japan

with Yasuhiro Arikawa

IFMP, Discussion Paper Series, A00-07.
Relational Banking in post Bubble Japan: Co-existence of soft-and hard budget constraint

with Yasuhiro Arikawa

in Masahiko Aoki et al. eds., "Corporate Governance in Japan: Institutional Change and Organizational Diversity” , Working paper in SSRN , Oxford University Press ( 818344 )

DOI

Scopus

24

Citation

(Scopus)
Causes and effects of ending cross shareholding; Why, How, and its Implications

with Fumiaki Kuroki

in Masahiko Aoki et al. eds., "Corporate Governance in Japan: Institutional Change and Organizational Diversity” , Oxford University Press
Upheaval in the Board Reforms: The Causes and effects of corporate Governance Reform

in Masahiko Aoki et al. eds., "Corporate Governance in Japan: Institutional Change and Organizational Diversity” , Oxford University Press

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Books and Other Publications

株式会社規範のコペルニクス的転回

監訳:宮島英昭翻訳:清水真人河西卓弥( Part： Translator/Editor)

東洋経済新報社 2021.04
現代日本経済第4版

橋本寿朗、長谷川信、宮島英昭、齊藤直( Part： Joint author)

有斐閣アルマ 2019.05
企業統治と成長戦略

宮島英昭, 蟻川靖浩, 小川亮, 保田隆明, 大湾秀雄, 加藤隆夫, 小佐野広, 齋藤隆志, 河西卓弥, 川本真哉, 猿山純夫, 胥鵬, 久保克行, 牛島辰男, 齋藤卓爾, 青木英孝, 田中亘, 井上光太郎, 長尾燿平( Part： Sole author)

東洋経済新報社 2017.02 ISBN: 9784492533895

ASIN
Policies for Competitiveness Comparing Business-government Relationships in the Golden Age of Capitalism [Paperback] [Jan 01, 1999]

Hideaki Miyajima

2017 ISBN: 9780198293231

ASIN
フィナンシャル・レビュー〈平成27年(2015年)第1号(通巻第121号)〉特集「コーポレート・ガバナンス3」

神田秀樹, 宮島英昭, 財務省財務総合政策研究所, 財務総合政策研究所( Part： Joint editor)

財務省財務総合政策研究所 2015.03 ISBN: 4865790012

ASIN
ファーム・コミットメント: 信頼できる株式会社をつくる

コリン・メイヤー, 宮島英昭, 清水真人, 河西卓弥( Part： Supervisor (editorial))

エヌティティ出版 2014.06 ISBN: 4757123345

ASIN
日本の企業統治―その再設計と競争力の回復に向けて

宮島英昭

東洋経済新報社 2011.06 ISBN: 4492532897

ASIN
現代日本経済第３版 (有斐閣アルマ)

橋本寿朗, 長谷川信, 宮島英昭, 齊藤直( Part： Joint author)

有斐閣 2011.06 ISBN: 4641124434

ASIN
日本の企業統治 : その再設計と競争力の回復に向けて

宮島英昭

東洋経済新報社 2011 ISBN: 9784492532898
Business Groups in Prewar Japan: Historical Formation and Legacy

with Shinya Kawamoto

Asli M. Colpan, Takashi Hikino, James R. Lincoln eds. The Oxford Handbook of Business Groups (Oxford Handbooks in Business & Management), Oxford University Press 2010
The Global Financial Crisis and the Evolution of Corporate Governance in Japan

Hideaki Miyajima

laviedesidees.fr 2009.12
企業統治分析のフロンティア (早稲田大学21世紀COE叢書―企業社会の変容と法創造)

宮島英昭( Part： Edit)

日本評論社 2008.08 ISBN: 4535002282

ASIN
日本のM&A : 企業統治・組織効率・企業価値へのインパクト

宮島英昭, 経済産業研究所

東洋経済新報社 2007 ISBN: 9784492394847
Corporate Governance in Japan: Institutional Change and Organizational Diversity

with Masahiko Aoki, Gregory Jackson

Oxford University Press 2007 ISBN: 9780199284528
現代日本経済 (有斐閣アルマ)

橋本寿朗, 宮島英昭, 長谷川信( Part： Joint author)

有斐閣 2006.06 ISBN: 4641122970

ASIN
企業とガバナンス

伊丹敬之, 伊藤秀史, 岩井克人, 藤田友敬, 星岳雄, 青木昌彦, Patrick Hugh T, Sheard Paul, 花崎正晴, 堀内昭義, 宮島英昭, 宮本又郎, 阿部武司, 岡崎哲二, 加護野忠男, 延岡健太郎, 田中一弘, 三品和広

有斐閣 2005 ISBN: 4641053928
産業政策と企業統治の経済史：日本経済発展のミクロ分析

宮島英昭

有斐閣 2004
日本企業変革期の選択

伊藤秀史, 宍戸善一, 宮島英昭, 青木英孝, 河村耕平, 広田真一, 小佐野広, 堀敬一, 延岡健太郎, 田中一弘, 三品和広, 菊谷達弥, 林田修, 中馬宏之, 青島矢一, 柳川範之, 水木和幸

東洋経済新報社 2002 ISBN: 4492521305
Japan - change and continuity

Maswood Syed Javed, Graham Jeffrey, 宮島英昭

RoutledgeCurzon 2002 ISBN: 0700716440
Policies for competitiveness : comparing business-government relationships in the 'golden age of capitalism'

International Conference on, Business History, 宮島英昭, 橘川武郎, 曳野孝

Oxford University Press 1999 ISBN: 0198293232
現代日本経済 (有斐閣アルマ)

橋本寿朗, 宮島英昭, 長谷川信( Part： Joint author)

有斐閣 1998.09 ISBN: 4641120579

ASIN
公正取引の促進

Supreme Commander for the Allied Powers, 宮島英昭, 湯川順夫

日本図書センター 1998 ISBN: 4820565087
The privatization of ex-zaibatsu : holding stocks and the emergence of bank-centered corporate groups in Japan

宮島英昭

[s.n.] 1994
転換期の国家・資本・労働 : 両大戦間の比較史的研究

廣田功, 奥田央, 大沢真理, 福士正博, 黒川勝利, 八林秀一, 金子邦子, 萩原伸次郎, 宮島英昭, 中川洋一郎, 永岑三千輝

東京大学出版会 1988 ISBN: 413046034X

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Presentations

クロスボーダーM&A／アライアンス ―国際ビジネス研究のフロンティア―

Hideaki Miyajima

第25回全国大会 (早稲田大学) 国際ビジネス研究学会

Presentation date： 2018
Corporate Governance Reform”, Stanford Conference on “The Political Economy of Japan under the Abe Government

Hideaki Miyajima

Stanford Conference on “The Political Economy of Japan under the Abe Government (Stanford) Japan Society for Promotion of Science, Freeman Spogli Institute for International Studies (Stanford University), Shorenstein Asia Pacific Research Center (Stanford University)

Presentation date： 2018
Corporate Governance Reforms As the Third Arrows of Abenomics in Japan

Hideaki Miyajima

30th Annual Conference (Doshisha University) SASE

Presentation date： 2018
Stock Repurchases and Corporate Control: Evidence from Japan

Hideaki Miyajima

30th Annual Meeting (Hitotsubashi University) Asian Finance Association (ASIANFA)

Presentation date： 2018
Evolution of Corporate Governance Reforem in Japan: Focusing Two Peaks of after Banking Crisis and Abenomics

Hideaki Miyajima

Joint Conference “Corporate Governance in Japan and Germany in the 19th and 20th Century (Frankfurt) Business History Society of Japan (BHSJ), Gesellschaft fur Unternehmensgeschichte (GUG)

Presentation date： 2018
Evolution of Corporate Governance in Japan: Focusing Two Peaks of Reforms after Banking Crisis and Abenomics

Hideaki Miyajima

INCAS Annual Meeting (Berlin) Free University of Berlin

Presentation date： 2018
企業統治と成長戦略−企業パーフォーマンスは向上するのか？

Hideaki Miyajima

国際問題分科会 (東京工業大学) 研究・イノベーション学会

Presentation date： 2017
Corporate Governance Reform in Japan

Hideaki Miyajima

Workshop on Japan’s Innovation System (Stanford) Waseda University,Stanford University

Presentation date： 2017
The Impact of financial Globalization on Japan: Its Lessons to Korea and China

Hideaki Miyajima

2017 KAIS Conference (Seoul) Korean Association of International Studies

Presentation date： 2017
The Evolution of Ownership in Japanese firm: The Rise and Fall of Cross Shareholding

Hideaki Miyajima

Corporate Governance and Innovation Capability of East Asian Firms Symposium (Seoul) Yonsei University

Presentation date： 2017
Share Repurchases and Control of the Corporation: The Evidence from Japan

Hideaki Miyajima

2017 Frontiers in Finance Conference (Banff) University of Alberta

Presentation date： 2017
Changes in Corporate Governance and President Turnover: The Evidence from Japan

Hideaki Miyajima

26th Conference (Tokyo University) NBER-TCER-CEPR

Presentation date： 2017
Share Repurchases and Corporation Control

Hideaki Miyajima

Academic/Practitioner Day, Annual Conference 2017 (Kuala Lumpur) ICGN-University of Malaya

Presentation date： 2017
Innovation of Japanese Big Businesses and Ownership Structure

Hideaki Miyajima

Stanford Asia-Pacific Innovation Conference (Stanford) Stanford University

Presentation date： 2017
Convergence or Emerging Diversity? Where does Japanese manage bound to?

Hideaki Miyajima

First World Congress of Business History / 20th Congress of the European Business History Association (Bergen) European Business History Association

Presentation date： 2016
Changing corporate governance arrangement and the presidential turnover

Hideaki Miyajima

JSPS Core-to-Core Program workshop INCAS-2nd workshop “Understanding Institutional Change in Asia: A comparative perspective with Europe” (Waseda University) Waseda University

Presentation date： 2016
Shareholders

Hideaki Miyajima

Global Business Law Seminar, Corporate Governance - Comparing Japan and Germany (Hitotsubashi University) Hitotsubashi University

Presentation date： 2016
The Presidential Turnover and the Changes of Governance Arrangement

Hideaki Miyajima

26th Conference on Corporate Governance (Otemachi Financial City) NBER-TCER-CEPR

Presentation date： 2016
Does Ownership Really Matter? The Role of Foreign Investors on Corporate Governance in Japan

Hideaki Miyajima

Workshop on Corporate Governance (Bangkok) University of Chulalongkorn

Presentation date： 2015
日本の産業史研究動向と展望

Hideaki Miyajima

春季学術大会 (Seoul) 韓国経営史学会

Presentation date： 2015
Increasing Institutional and Corporate Policies: Does ownership really matter?

Hideaki Miyajima

Kick-off meeting of the INCAS project “Understanding institutional change in Asia: A comparative perspective with Europe" (Paris) Ecole des Hautes Etudes en Science Sociales, Freie Universitut Berlin, Oxford University, Waseda University

Presentation date： 2015
Ownership, Governance Arrangement and Corporate Policies: How Does Foreign Institutions Play Its Disciplinary Role in Japan?

Hideaki Miyajima

27th Annual Conference (London) SASE

Presentation date： 2015
Convergence or Emerging Diversity? The Role of Foreign Investors on Corporate Governance in Japan

Hideaki Miyajima

Capitalism and Capitalisms in Asia: Origin, Commonality and Diversity (Seoul National University Asia Center) Seoul National University Asia Center, Korea Social Science Research Council

Presentation date： 2015
Convergence, or Emerging Diversity? : Understanding the Impact of Foreign Investors on Corporate Governance in Japan

Hideaki Miyajima

Workshop on Current Issues on Corporate Finance and Governance (Kyushu University) Kyushu University

Presentation date： 2015
Does ownership matter? The Causes and consequence of changing ownership structure in Japan under the Globalization

Hideaki Miyajima

Conference (Frankfurt) World Business History

Presentation date： 2014
Ownership, Control and Commitment: the case of Japan since the late 20th century

Hideaki Miyajima

Congress 2014 (Utrecht) EBHA

Presentation date： 2014
Does Ownership really Matter? The Role of Foreign Investor on Corporate Governance in Japan

Hideaki Miyajima

International Conference (International Productivity Center) Mitsubishi UFJ Foundation

Presentation date： 2014
Does Ownership really matter? The Role of Foreign Investors on Corporate Governance in Japan

Hideaki Miyajima

Reforming Financial and Employment Systems in Japan, East Asia, and Europe: Institutional Change, Corporate Diversity, and Economic Instability International Workshop (Vancouver) University of British Columbia

Presentation date： 2014
The changing role of annual shareholder meetings in Japan

Hideaki Miyajima

Reforming Financial and Employment Systems in Japan, East Asia, and Europe: Institutional Change, Corporate Diversity, and Economic Instability International Workshop (Vancouver) University of British Columbia

Presentation date： 2014
日本企業はなぜ持株会社制度を採用したのか？

Hideaki Miyajima

第21回大会 (武蔵大学) 日本ファイナンス学会

Presentation date： 2013
企業統治と経営分析：所有構造・取締役会構成の決定と持株会社の選択

Hideaki Miyajima

第30回年次大会 (立教大学) 日本経営分析学会

Presentation date： 2013
わが国の株式所有構造の変化とその帰結

Hideaki Miyajima

2013年度大会 (京都産業大学) 日本私法学会

Presentation date： 2013
日本における持株会社の選択状況とその要因

Hideaki Miyajima

第49回全国大会 (龍谷大学) 経営史学会

Presentation date： 2013
銀行危機のインパクト：企業統治構造のハイブリッド化と企業行動の変容

Hideaki Miyajima

第48回全国大会 (明治大学) 経営史学会

Presentation date： 2012
The Ownership of Japanese Corporations in the 20th Century

Hideaki Miyajima

Japan Project Meets NBER

Presentation date： 2012
Japanese-type Firms’ Adjustment during and after the Global Financial Crisis: A Comparative Perspective

Hideaki Miyajima

Annual Convention of the Korean Association of Japanese Studies (Seoul) Korean Association of Japanese Studies

Presentation date： 2012
日本企業システムの進化をいかにとらえるか

Hideaki Miyajima

シンポジウム『日本の企業システムの進化：危機後の企業統治の再設計に向けて』 (東京會舘) RIETI,早稲田大学G-COE

Presentation date： 2011
持株会社制度の機能と効果：内部組織再編手法としての持株会社制席採用を中心に

Hideaki Miyajima

第19回大会 (早稲田大学) 日本ファイナンス学会

Presentation date： 2011
親子上場の経済分析：銀行危機以降を中心にして

Hideaki Miyajima

第47回全国大会 (九州大学) 経営史学会

Presentation date： 2011
Is institutional change responsible for economic decline in Japan? The results of hybridization

Hideaki Miyajima

The Varieties-of-Capitalism Revisited - Japan and the United Kingdom International Workshop (Sheffield) University of Sheffield

Presentation date： 2011
Is Institutional Changes responsible for Economic Decline in Japan?: The Results of Hybridization

Hideaki Miyajima

23rd Annual Conference (Madrid) SASE

Presentation date： 2011
Institutional Change and Economic Decline in Japan: A Consequence of Hybridization?

Hideaki Miyajima

Sixteenth World Congress (Beijing) International Economic Association

Presentation date： 2011
親子上場の実態と上場子会社の効率性

Hideaki Miyajima

第18回大会 (上智大学) 日本ファイナンス学会

Presentation date： 2010
Debt, Ownership Structure, and R&D Investment

Hideaki Miyajima

秋季大会 (関西学院大学) 日本経済学会

Presentation date： 2010
経済危機はコーポレート・ガバナンスについて何を示唆するか？特に人的資本との関係において

Hideaki Miyajima

第4回VCASI公開フォーラム『コーポレーション』 (東京財団) 東京財団

Presentation date： 2009
Corporate Governance and Innovation in Japan

Hideaki Miyajima

Business Law and Innovation Conference (Hitotsubashi University) Hitotsubashi University, RIET, Waseda University

Presentation date： 2009
危機、1年を経て

Hideaki Miyajima

Conference (EHESS) EHESS

Presentation date： 2009
どのような企業がM&Aを選択するのか

Hideaki Miyajima

シンポジウム『金融システム・公共政策の課題と展望』 (日本政策投資銀行本店) 東大・設研

Presentation date： 2008
The M&A wave in prewar Japan: from Histrical Perspective

Hideaki Miyajima

International Business History Conference (Waseda University) Waseda Institute for Corporation Law and Society, Hitotsubashi University COE Program and Business History Society of Japan

Presentation date： 2008
Mergers and Acquisitions in Japan from a Historical Perspective: Understanding M&A Waves in the Prewar Era

Hideaki Miyajima

International Conference on Business History: Mergers and Acquisitions in the Long Term Perspective (Waseda University) Waseda Institute for Corporation Law and Society, Hitotsubashi University COE Program and Business History Society of Japan

Presentation date： 2008
Equity Markets and Institutions: perspectives from Japan, Germany and UK

Hideaki Miyajima

Workshop on Regional Integration, Financial Stability and Competitiveness: Perspectives from Europe and East Asia (London) CEPR,RIETI

Presentation date： 2008
進展するコーポレート・ガバナンス：如何に理解するか？

Hideaki Miyajima

第45回全国研究会産業学会

Presentation date： 2007
Evolution of Ownership: The Curious Case of Japan

Hideaki Miyajima

Conference "Enforcement of Corporate Governance Rules" (Cambridge) Harvard Law School

Presentation date： 2007
The Comparative Features and Economic Role of Mergers and Acquisitions in Japan

Hideaki Miyajima

Conference on Reforms for Korea’s Sustained Growth (Honolulu) East-West Center, Korea Development Institute

Presentation date： 2007
Reforms for Korea’s Sustained Growth

Hideaki Miyajima

Conference on Reforms for Korea’s Sustained Growth (Honolulu) East-West Center, Korea Development Institute

Presentation date： 2007
Understanding the M&A Boom in Japan: What Drives Japanese M&A?

Hideaki Miyajima

Conference on Market for Corporate Control: Comparative Perspectives (Seoul) Korea Development Institute

Presentation date： 2007
Market for Corporative Control: Comparative Perspectives

Hideaki Miyajima

Conference on Market for Corporate Control: Comparative Perspectives (Seoul) Korea Development Institute

Presentation date： 2007

▼display all

Research Projects

Corporate Governance Reforms and their Consequences: Engagement, Alignment and Distribution of Authorities

Japan Society for the Promotion of Science Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (A)

Project Year :

2019.04

-

2024.03
企業統治と企業成長：変容する日本の企業統治の理解とその改革に向けて

科学研究費助成事業(早稲田大学) 科学研究費助成事業(基盤研究(A))

Project Year :

2015.04

-

2020.03
戦前日本の株式所有構造と企業統治：１８９０～１９４５年

科学研究費助成事業(フェリス女学院大学) 科学研究費助成事業(基盤研究(C))

Project Year :

2012.04

-

2015.03
多様化する日本の企業統治の再設計と経営戦略：特性・パフォーマンスの解明と国際発信

科学研究費助成事業(早稲田大学) 科学研究費助成事業(基盤研究(A))

Project Year :

2010.04

-

2015.03
コーポレートガバナンス評価手法の開発とそれに基づく実証分析

文部科学省

Project Year :

2015

-

　
Changing Corporate Governance and its Impact on Performance in Japan : Complimentarity among Organization, Ownership and Competition

Project Year :

2007.04

-

2010.03
Corporate Finance, Corporate Governance and Economic Development in Japan : 1900-1955

Project Year :

2001.04

-

2004.03
日本企業システムの20世紀史:企業金融・コーポレートガバナンス・内部組織構造

科学研究費助成事業(早稲田大学) 科学研究費助成事業(基盤研究(C))

Project Year :

1998.04

-

2001.03
Japanese Firm and Firm Groups in the Historical Perspective ; An Approach from Gorporate Governance and Organizational Capability

Project Year :

1994.04

-

1997.03

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Misc

パネル報告戦前日本のM&Aと株式市場 : 大企業体制の成立と資源配分 (全国大会報告 50周年記念大会の新たなチャレンジ : セッション,パネルと統一論題)

宮島英昭, 齊藤直

経営史学 49 ( 4 ) 84 - 86 2015.03

CiNii
日本企業の株式保有構造 : 歴史的進化と国際的特徴 (日本私法学会シンポジウム資料株式保有構造と経営機構 : 日本企業のコーポレート・ガバナンス)

宮島英昭

旬刊商事法務 ( 2007 ) 17 - 29 2013.08

CiNii
危機後の日本企業をコミットメントの視点から考える (シンポジウムコミットメントと企業 : 日本企業改革の方向)

メイヤーコリン, 宮島英昭, 清水真人

旬刊商事法務 ( 1995 ) 4 - 15 2013.04

CiNii
Corporate Governance in Japan: Institutional Change and Organizational Diversity

Masahiko Aoki, Gregory Jackson, Hideaki Miyajima

Corporate Governance in Japan: Institutional Change and Organizational Diversity 1 - 472 2007.09

Other

　View Summary

This book uses comparative institutional analysis to explain differences in national economic performance. Countries have their own rules for corporate governance and they have different market arrangements
and these differences in rules and organization affect the way firms behave. Countries also tend to develop conventions of organizational architecture whether their hierarchies are functional, horizontal, or decentralized. This affects the way in which they process information, and information management is increasingly seen as being of crucial importance to a firm's performance. This book accords more importance to these factors than to the factors conventionally used in applying a neoclassical model of economic efficiency. It applies game theory, contract theory, and information theory. By describing the rules and norms in Japan, the USA, and the transitional economies, the book shows how firms can achieve competitive advantage in international markets if these conventions and rules are well suited to the industrial sector in which the firms operate. The book is particularly concerned with how Japan, with its main bank and lifelong employment systems, as well as information-sharing firm organizational structure, might reform its institutions to maintain competitive advantage in the world economy.

DOI
Understanding the M&A Wave in Japan : its Cause and Economic Role

63 1 - 21 2006.12

CiNii
20世紀日本企業の所有構造とパフォーマンス--戦前期を中心にして (特集研究成果の中間報告) -- (第2部各企画の研究成果)

宮島英昭, 齊藤直, 尾身祐介

企業と法創造 1 ( 4 ) 125 - 140 2005.03

CiNii
２０世紀日本企業の企業統治と企業行動・パフォーマンス

花井俊介, 宮島英昭, 齊藤直

季刊企業と法創造「法創造に向けて」 ( 1 ) 31 - 33 2004.04

CiNii
パネル1 戦前期日本企業の統治構造・投資行動・パフォーマンス (年次大会経営史学会第39回大会報告)

宮島英昭, 齊藤直

経営史学 39 ( 1 ) 72 - 74 2004

CiNii
座談会商法改正は日本の経営をどう変えるか (特集日本の経営を取り巻く制度)

宍戸善一, 胥鵬, 宮島英昭

ESP economy,society,policy ( 441 ) 4 - 21 2002.06

CiNii
Strategic Intervention against International Competition in the Interwar Japan--The Case of Soda Industry

MIYAJIMA Hideaki

The Waseda commercial review 362 227 - 258 1995

CiNii

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Syllabus

Contemporary Economics and Corporate Regulation-Lab [B]

Graduate School of Political Science

2023 fall semester
Contemporary Economics and Corporate Regulation-Lab [A]

Graduate School of Political Science

2023 spring semester
Contemporary Japanese Economy / Economic History (D)

Graduate School of Commerce

2023 fall semester
Contemporary Japanese Economy / Economic History (D)

Graduate School of Commerce

2023 spring semester
Contemporary Japanese Economy / Economic History (M)

Graduate School of Commerce

2023 fall semester
Contemporary Japanese Economy / Economic History (M)

Graduate School of Commerce

2023 spring semester
Contemporary Japanese Economy / Economic History

Graduate School of Commerce

2023 fall semester
Contemporary Japanese Economy / Economic History

Graduate School of Commerce

2023 spring semester
Corporate Governance and M&A

Graduate School of Commerce

2023 an intensive course(fall)
Government, Industry and Enterprise in Modern Japan IB

School of Commerce

2023 fall semester
Government, Industry and Enterprise in Modern Japan IA

School of Commerce

2023 spring semester

▼display all

Sub-affiliation

Faculty of Political Science and Economics Graduate School of Economics
Faculty of Commerce Graduate School of Commerce
Faculty of Political Science and Economics Graduate School of Political Science

Research Institute

2019

-

　

Research Institute of Business Administration Concurrent Researcher
1989

-

　

Waseda Institute of Political Economy Concurrent Researcher

Internal Special Research Projects

戦前期日本企業の設備投資・企業金融・コーポレート・ガヴァナンス

2001

　View Summary

本研究計画は、これまで筆者が開発してきた分析枠組みを利用し、従来の研究でも未だ空白にとどまっていた戦前期の企業行動の分析に焦点をあてた。日本経済史研究は、戦間期の企業の設備投資、企業金融について研究を蓄積してきたが、その多くは財閥、あるいは大紡績企業等の記述資料に基づく個別分析に終始し、例えば、第1次大戦期の資金調達が間接金融と特徴づけられるのか、あるいは、資本市場に依存していたのかすら決着をみていない。本研究の課題は、個別企業の財務デ－タを積み上げながら、戦間期の企業金融・設備投資・コ－ポレ－ト・ガヴァナンスに関する基本的な事実を確認し、その上で申請者が構想する動学的経済成長論の枠組みから、その全体像を解明する点にあり、具体的な課題は以下の点にあった。1) 投資関数の推計；設備投資に対する流動性制約に注目した投資関数の計測を試みる。その際、各企業のガバナンス特性、および、生産物市場の動向を明示的に計測式に組み入れ、対外関係が比較的自由であり、また企業行動を規制する枠組みが自由主義的であった戦前期の投資行動の特性を解明する。この点の研究の結果は、2000年度の社会経済史学会で報告される一方、英文でワ－キング・ペ-パ-を作成した。また、この成果は、筆者の博士請求論文の第4章となった。2) 資金調達；戦前の自由な環境の下で企業は、厳格な規制下にあった戦後期とは異なって、負債選択について多くのオプションをもっていた。本研究では、申請者が開発したモデルをこの時期の資料の制約にあわせて修正しながら、各企業の負債選択を、企業の将来収益とリスク及び企業のガバナンス特性に回帰するモデルを通じて分析する。3) ガバナンス：各企業のガバナンス特性は、企業の設備投資、負債選択を制約するばかりでなく、その結果として、変化する。本研究では、戦前期のガバナンス特性の変化を、設備投資・負債選択で説明するモデルを開発し、その定量分析を試み、戦前期のガバナンス特性の変化を追跡する。以上の２）、３）の成果は、筆者の博士請求論文の第5章に組み込まれた。
日本企業システムの変容と設備・R＆D投資

2000

　View Summary

　本研究の目的は、日本企業システムを構成する幾つかのサブシステムのうち企業金融、コーポレート・ガブァナンスの側面に焦点を合わせ、この変化が、日本企業の実体的な設備投資、及びR＆D投資に与えた、あるいは与えつつある影響を検討する点にある。Fazzari,Hubbard and Petersen（1988）以来、これまで多くの実証研究は、資本市場における情報の非対称性を仮定し、投資の内部資金に対する高い感応を内部資金制約と解釈してきた。しかし、この投資の内部資金に対する感応は、経営者のモラルハゾ・ドからも起こりうる。これは、Jensen（1986）の指摘するフリー・キャッシュ・フローの存在が過剰投資を誘発するという経路に他ならない。すなわち、投資機会が乏しいにもかかわらず、有効な経営の規律のメカニズムを欠くために、経営者が潤沢な内部資金をNPVがゼロ以下の投資プロジェクトに向ける場合であり、この場合も透視が内部資金に感応的となる。本研究の分析のポイントは、投資の内部資金に対する感応に注目し、これを内部資金制約によるのか、フリー・キャッシュ・フローに起因するかを幾つかの作業仮説を通じて識別する点にある。　推計のサンプル企業はR＆D支出の多いわが国製造業９部門、繊維、金属、鉄鋼、紙・パルプ、化学・医薬品・一般機械、電気機械、輸送機械、精密機械の各産業に属する大企業353社である。Hadlock（1998）などにならって、このサンプル企業を、上場年度やサンプル期間の期初における成長度等の複数の条件から、あらかじめOld Matured-firms（OM firms：歴史が古く、それゆえ非対称情報に直面する可能性が低く、かつ成長機会の乏しい企業）とYoung Growing firms（YG-firms：歴史が新しく、したがって非対称情報に直面する可能性が高く、かつ成長性に富む企業）に２分し、この両サブ・サンプル間の推計結果の差から「過剰投資」の可能性を識別した。この研究成果は、Corporate Governanace, Relational Banking and R & D: Evidence from Japanese Large Firms in the 1980s and 1990s (with Arikawa, Yasuhiro, Kato, Atsushi), International Journal of Technology Management, 及び Changing Corporate Finance and its Impact on Corporate Strategy After Bubble Period, Usha C. V. Haley and Frand Jurgen Richter (eds), Asian Post Crisis Management: Corporate and Government Starategies for Sustainable Competitive Advantage, Macmillan/St. Martin Pressに掲載予定である。
戦後日本企業における状態依存的ガバナンスの実態と機能；メイン・バンクの救済は企業の効率改善をもたらしたか？

1998

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　これまでの研究を通じて戦後日本の企業において銀行（メインバンク）がコーポレート・ガバナンス面で中心的な役割を演じてきたとの見方は広く受け入れられつつある。とくに通常の（arm's lenghな）企業・銀行関係に対してメインバンク関係がユニークな点は、取引先企業が金融危機に陥った際、メインバンクが企業経営に介入し（状態依存的ガバナンス）、しかも自ら負担を負いつつその救済・再建のイニシアチブをとる点にあり、この救済・再建が企業の性急な清算を回避し、企業に固有の熟練を維持して日本の経済成長に貢献したと指摘されてきた。本研究計画は、高度成長期の出発点である1955年から現在（1995年度）までの40年間について、全上場会社を対象としたデータからこうした見方の妥当性を実証的に吟味する点にあった。本年は、以上の関心から次の２つの課題を検討した。第１は、1)金融危機に陥った企業に対してメインバンクは、本当に自ら損失を負担しながら救済行動をとったのか、2)銀行による企業の救済は、実際に企業のパフォーマンスの改善をもたらしたのか、むしろ救済は経済構造の変化にともなって衰退してゆくべき企業を温存する効果をもっただけではないのか（過剰救済）、あるいは救済がかえって企業の効率改善のインセンティブを低下させたのではないか（モラル・ハザードの誘発）を定量的にテストすることである。この検討は、基本的なデータベースの作成と分析を終え、再計算を終えた上で、近い機会に成果を発表する予定である。第2の課題は、1980年以降の金融自由化の下で、以上の特徴を持つガバナンスが企業の負債選択にいかなる影響を与えたかを検討することであった。この点については、本学の蟻川靖浩氏（教育学部助手）と共同して1980年代後半、1990年代前半について独自のデータベースを作成して分析を進め、すでにその成果は別稿の通り公刊されている。主要な結論は、この時期の企業の負債選択は、1)期待収益にしたがって負債選択を進めたという意味で合理的であり、その傾向は90年代に入って強まったこと、2)90年代に入ると負債選択に対するリスクの重要性が将来収益に比べて相対的に上昇したこと、3)80年代に見られた負債選択に対する期待収益の効果をＭＢ関係が増幅する関係が消失したこと、4)上記3)の事実は、80年代に見られた、企業経営者のもつモニター回避（entrenchment）のインセンティブの負債決定における重要性が低下し、同時に銀行の顧客プールの劣化が緩和されたことを意味すること、の４点であった。
日本型企業システムの20世紀史：コーポレート・カヴァナンス・企業金融・内部組織構造

1997

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本研究は、第１次大戦前後から現在（1990年代）にいたる期間を対象時期として、当該期の日本経済をリードした大企業に焦点を合わせ、その企業構造並びに行動特性を、主としてコーポレート・ガヴァナンス、企業金融、内部組織構造に焦点を合わせて解明する点にあった。本年度の作業の中心は、我が国企業のコーポレート・ガヴァナンスの歴史的展開を追跡することにおかれた。まず、1955年以降の日本の大企業の経営者の構成（所有者、専門経営者か、外部取締役の比率）に関する資料の整備を進めて分析のサンプルを確定し、続いて、戦後の日本企業の展開を経営者の経営能力が問われる不況期を含む５局面に区分して、それぞれの時期について同一の回帰式を計測した。その分析結果は、別項の論文にまとめられた。主要なメッセージは、状態依存的カヴァナンスと特徴づけられる構造が最も、典型的に形成されたのは石油ショック後であること、高度成長期はそこへの進化過程であり、80年代以降にはその構造が変容していると見られこと、の諸点にある。なお、この研究はさらに銀行・及び企業の役員派遣と企業経営の効率の改善の問題に拡張され、現在継続中である。　本年のいま一つの作業は、これまで蓄積してきた戦間期の企業行動に関する成果をまとめることである。深刻な国際競争のもとで進展した戦間期の重工業化を可能としたメカニズムを、日本企業の特性、政府の役割等に焦点をあてて解明することがその課題であり、近年開発されたゲーム論、産業組織論の成果を適用しながら分析をすすめた。その成果の一部は、別項の英語論文として公刊予定である。なお、当初予定していた企業金融、内部組織構造の分析のうち、後者の分析には十分着手し得なかったが、前者は1980-90年代の企業金融の構造変化に焦点をあてて分析を進め、企業の負債の選択に関する計量分析について暫定的な結論をえた。本年前半中にワーキングペーパーにまとめ、適当な機会で報告を試みたい。研究成果の発表1998.4　戦後日本企業における状態依存的ガヴァナンスの進化と変容：Logitモデルによる経営者交代分析からのアプローチ『経済研究』（一橋大学）49-2。1998.5　Strategic Intervention against International Competition in the Interwar Japan; The Case of Chemical Industries.“Waseda Business & Economic Studies No.33.The Evolution and Change of Contingent Governance Structure in the J-Firm System: An Approach to Presidential Turnover and Firm Performance, Dirks D., J. F., Huchet, and T. Ribault, eds, Japanese Management in the Low Growth Era: Between External Shock and Internal Evolution, Springer Verlag, 1998
日本の企業・企業集団の史的分析－企業の統治構造と経営者の組織能力からのアプローチ

1996

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　本研究は、第1次大戦後から石油ショック前後を主たる対象時期として、当該期の日本経済をリードした大企業に焦点を合わせ、その企業構造並びに行動特性と、以上の大企業から構成される企業集団の機能の史的分析を課題とした。具体的には、企業の統治構造（エイジェンシー関係、情報構造、誘因体系）と経営者の組織能力の形成の2点に分析の焦点を定め、対象時期を1）戦間期（第1次大戦期から37年まで）、2）戦時期、3）戦後改革期、4）高度経済成長期（55年前後から73年）、5）石油ショック後の5期に区分した。これまで、2）、3）戦時・戦後改革期について一定の前進をみたことを前提に、まず4）・5）の高度成長期、及びその後、つづいて1）の戦間期の順に、企業の統治構造の把握にとって重要な指標（株主構成・銀行借入・経営者の構成＝所有型・専門経営者・経営者の交代等）、企業経営の基本的な指標（資産・売上・利益・原価・金融費用・配当）、及び企業集団に関する指標（株式保有比率融資比率・役員派遣等）に関する独自のデータベースを作成・充実させ、これをもとに分析を進めた。主要な成果は以下の通りである。　1）高度成長から石油ショック後の時期について、企業経営者の交代と企業のパフォーマンスの相関分析（probitモデル）を試み、いわゆる状態依存的コーポレート・ガヴァナンスの歴史的変化を追跡した。この成果は、邦語・英語の論文にまとめられ、後者は英文雑誌に投稿予定である。　2）流動性制約に注目した投資関数の計測を試み、その成果の一部は、日本企業システムの歴史的変化を扱った論文に活かされた。ただし、計測は、代理変数（qの測定、資本コストの算定）的確さ、企業に固有の要素の導入などの点で、まだ多くの改善の余地を残した。　3）本年度秋以降から、1937年の上位100社を母集団として戦間期のデータベースの作成に着手した。ただし、これは、三菱経済研究所の「本邦事業成績分析」が利用可能な1931年以前のデータ入力に多くの努力を必要とし、本年度中に完成にいたらなかった。企業タイプ（旧財閥・新興財閥・家族企業・経営者企業）別の投資関数・利益、成長率の格差と分散を計測する点に課題があったが、暫定的な計測を試みるにとどまり、今後データの充実・改善をすすめ、本研究の成果として公刊を期したい。
日本の企業・企業集団の史的分析－企業の統治構造と経営者の組織能力からのアプローチ

1995

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本研究は，第1次大戦前後から石油ショック前後を主たる対象時期として，当該期の日本経済をリードした大企業に焦点を合わせ，その企業構造並びに行動特性と，以上の大企業から構成される企業集団の機能の史的分析を課題とした。具体的には，企業の統治構造（エイジェシー関係，情報構造，誘因体系）と経営者の組織能力の形成の2点に分析の焦点を定め，対象時期を，1）戦間期（第1次大戦期から37年まで），2）戦時期，3）戦後改革期，4）高度経済成長期（55年前後から73年）の4期に区分した。報告者のこれまでの研究蓄積を考慮して，本年度は，前年度に引き続き上記時期区分のうち2），3）の時期に焦点を合わせ，研究計画に従い，戦前・戦時・戦後改革期は，鉱工業上位100社，高度成長期以降は，1957，64，72年の上位150社ランクに登場する企業をプールした合計204社について，株式会社年鑑，上場会社総覧，各社社史，有価証券報告書，及び日本開発銀行財務データベースを利用して，独自のデータベースの作成を試みた。集計したのは，株式所有構造，資本構成，設備投資，企業成長，経営者の交代，役員派遣と企業のパフォーマンス（自己資本利益率，営業利益率，株価収益率，従業員の増加率，販売・資産成長率）等に関するデータである。そのうえで，本年度は，このデータベースを利用して，1）設備投資関数・企業成長関数，及び，2）経営者の交代と企業のパフォーマンスの計測を試みた。高度成長期の設備投資関数・企業成長関数については，ほぼ安定的期な結果を得，その成果は，別紙記載の和文・欧文で論文に報告された。また，2）の経営者の交代とパフォーマンスの関係分析（Probit分析）は，経営者の交代，役員派遣の特定に非常な労力を必要としたが，昭和恐慌期（1928－33），戦時期（1937－42），戦後改革期（1950－55），高度成長期（1958－63，64－69），石油ショック後（73－78），円高不況期（84－88），バブル崩壊後（89－95）についてほぼ同じ特定化の関数型の計測が終了した。この成果のうち戦前から高度成長期の計測結果が，別紙記載の論文の中心的な論点となった。

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