Updated on 2024/12/07

写真a

 
MIYAJIMA, Hideaki
 
Affiliation
Faculty of Commerce, School of Commerce
Job title
Professor
Degree
Doctor of Commerce ( Waseda University )

Research Experience

  • 2018.11
    -
    Now

    Waseda University   Executive Vice Preseident

  • 2018.09
    -
    Now

    Waseda Institute for Advanced Study   Advisor

  • 2002.07
    -
    Now

    独立行政法人経済産業研究所   ファカルティフェロー

  • 1995.04
    -
    Now

    Waseda University   Faculty of Commerce   Professor

  • 2010.10
    -
    2018.09

    Waseda Institute for Advanced Study   Direcotor

  • 2015
    -
    2016

    株式会社東京証券取引所   客員研究員

  • 2008.09
    -
    2013.03

    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

  • 2011.01
    -
    2011.12

    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
    -
    2010.09

    早稲田大学高等研究所   副所長

  • 2010
    -
     

    Fondation France-Japon de l'EHESS   Affiliated Reserchers

  • 2003.10
    -
    2008.03

    21世紀COEプログラム「企業法制と法創造」総合研究所   副所長

  • 2004.04
    -
    2005.03

    早稲田大学ファイナンス研究所   所長

  • 2004
    -
    2005

    Harvard University

  • 2001.09
    -
     

    Chung-Ang University   Adjunct Professor

  • 2001.01
    -
     

    Ministry of Finance

  • 1999
    -
    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
    -
    1987

    The University of Tokyo

▼display all

Education Background

  • 2005
    -
     

    早稲田大学 商学博士  

  •  
    -
    1985

    Tokyo University   Graduate School, Division of Economics  

  •  
    -
    1980

    Rikkyo University   Graduate School, Division of Economics  

  •  
    -
    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

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

Research Interests

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

Awards

  • The winner of the PRI Award for Outstanding Research at PRI in Person 2023 in Tokyo

    2023.10   PRI   Does Paying Passive Managers to Engage Improve ESG Performance?

  • 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

  • コーポレート・ガバナンス改革と企業支配:株式所有構造の“静かな変容”

    宮島英昭

    月刊監査役   757   46 - 59  2023.12

  • Does Paying Passive Managers to Engage Improve ESG Performance?

    Hideaki Miyajima, Marco Bech, Julian Franks, Kazunori Suzuki

      23-E-077   1 - 55  2023.11

  • 企業統治改革のインパクト〔上〕:政策保有株の縮小と資本効率の改善は実現したのか

    宮島英昭, 齋藤卓爾

    旬刊商事法務   2336   4 - 15  2023.09

  • 企業統治改革のインパクト〔下〕:政策保有株の縮小と資本効率の改善は実現したのか

    宮島英昭, 齋藤卓爾

    旬刊商事法務   2337   48 - 56  2023.09

  • Does Paying Passive Managers to Engage Improve ESG Performance?

      922/2023   1 - 64  2023.09

  • 日本型ガバナンスモデルの現在

    宮島英昭

    祝迫得夫編『日本の金融システム』     289 - 296  2023.09

  • 日本型モデル2.0に向けて―パーパス経営と所有構造―

    宮島英昭

    日本経営学会誌   53   84 - 86  2023.07

  • Psychological Characteristics of Outside Directors: Their impact on board monitoring and advice and counsel provision

      23-E-038   1 - 28  2023.06

  • 日本企業統治の課題(上) 法人ブロック保有 再評価を

    宮島英昭

    日本経済新聞(経済教室)    2023.04

  • 企業統治改革と政策保有株の売却:その決定要因と経済的帰結

    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   23-P-005   1 - 53  2023.04

  • Managing Ownership by Management

    Hideaki Miyajima, Julian Franks, Colin Mayer, Ryo Ogawa

    RIETI Discussion Paper   23-E-022   1 - 56  2023.03

  • Corporate governance reform, and ownership, and control: perspective from Japan

    Hideaki Miyajima

    Asian Journal of Political Science   30(3)   260 - 272  2023.01  [Refereed]

  • パーパス経営と金融機関

    宮島英昭

    月刊金融ジャーナル   63 ( 8 ) 22 - 27  2022.08

  • パーパス経営と長期株主:日本型モデル2.0に向けて

    宮島英昭

    企業経営   158   8 - 11  2022.04

  • 「新しい資本主義」の課題(下) 自社株買い 安易な規制回避

    宮島英昭, 小川亮

    日本経済新聞(経済教室)    2022.04

  • 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・所有構造ー

    証券アナリストジャーナル   60 ( 2 ) 80 - 92  2022.02

  • 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

  • 企業統治に求められる視点(中) 「新たな日本型モデル」構築を

    宮島英昭

    日本経済新聞(経済教室)    2021.09

  • 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

  • COVID-19と日本の企業統治:株式会社の目的の再定義と取締役の役割

    宮島英昭

    Disclosure & IR   17   93 - 103  2021.05

  • 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

  • “歴史”からみる日本のM&A

    宮島英昭

    法律のひろば   73 ( 8 ) 13 - 21  2020.08

  • アベノミクス下の企業統治改革―2つのコードは何をもたらしたのか(最終回 企業統治改革の帰結と今後の改革方向〔上〕)

    宮島英昭、齋藤卓爾

    旬刊商事法務   2235   4 - 12  2020.07

  • アベノミクス下の企業統治改革―2つのコードは何をもたらしたのか(最終回 企業統治改革の帰結と今後の改革方向〔下〕)

    宮島英昭, 齋藤卓爾

    旬刊商事法務   2236   31 - 38  2020.07

  • 「アベノミクス下の企業統治改革―2つのコードは何をもたらしたのか(第5回 企業統治改革と企業行動〔中〕―経営者のマインドセットを変えることができたのか―)

    宮島英昭、齋藤卓爾

    旬刊商事法務   2232   40 - 45  2020.06

  • アベノミクス下の企業統治改革―2つのコードは何をもたらしたのか(第5回 企業統治改革と企業行動〔下〕―経営者のマインドセットを変えることができたのか―)

    宮島英昭、齋藤卓爾

    旬刊商事法務   2233   48 - 52  2020.06

  • アベノミクス下の企業統治改革―2つのコードは何をもたらしたのか(第4回 コーポレートガバナンス・コードと政策保有株の売却―開示規制は有効であったか―)

    宮島英昭、齋藤卓爾

    旬刊商事法務   2230   71 - 80  2020.05

  • アベノミクス下の企業統治改革―2つのコードは何をもたらしたのか(第5回 企業統治改革と企業行動〔上〕―経営者のマインドセットを変えることができたのか―)

    宮島英昭、齋藤卓爾

    旬刊商事法務   2231   49 - 54  2020.05

  • アベノミクス下の企業統治改革―2つのコードは何をもたらしたのか(第3回 コーポレートガバナンス・コードは何をもたらしたか―取締役会改革とその帰結―)

    宮島英昭、齋藤卓爾

    旬刊商事法務   2227   45 - 53  2020.04

  • アベノミクス下の企業統治改革―2つのコードは何をもたらしたのか(第1回 企業統治改革の進展とその論理構造)

    宮島英昭, 齋藤卓爾

    旬刊商事法務   2224   12 - 23  2020.03

  • アベノミクス下の企業統治改革―2つのコードは何をもたらしたのか(第2回 スチュワードシップ・コードは何をもたらしたか―機関投資家のエンゲージメントの強化―)

    宮島英昭、齋藤卓爾

    旬刊商事法務   2226   20 - 30  2020.03

  • 物言う株主と企業(上)

    宮島英昭、鈴木一功

    日本経済新聞(経済教室)    2020.01

  • 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

  • グローバル企業のグループガバナンス -企業価値の向上に向けて-

    宮島英昭

    旬刊商事法務   2211   6 - 29  2019.10

  • 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

  • 企業統治、何が足りないか 下

    宮島英昭

    日本経済新聞(経済教室)    2019.01

  • 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

    20
    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

    CiNii

  • 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 ( 659 ) 16 - 30  2016.10

    CiNii

  • 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   15 ( 4 ) 12 - 17  2015.02

    CiNii

  • 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 ( 352 ) 4 - 14  2014.12

    CiNii

  • 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

    30
    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

    CiNii

  • 【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

    CiNii

  • 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

    12
    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(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(中)

    宮島英昭, 宍戸善一, 新田敬祐

    旬刊商事法務   ( 1899 ) 4 - 9  2010.05

    CiNii

  • 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

    54
    Citation
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  • 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
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  • 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

    62
    Citation
    (Scopus)
  • Preface

    Masahiko Aoki, Gregory Jackson, Hideaki Miyajima

    Corporate Governance in Japan: Institutional Change and Organizational Diversity    2007.09

    DOI

    Scopus

    33
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  • 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

    27
    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

    72
    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

    65
    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

  • 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-

    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     28 - 77  2006.05

    CiNii

  • 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

  • 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

    19
    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

  • 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 (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

  • コーポレート・ガバナンス特集

    ニッセイ基礎研究所 所報   33   133 - 154  2004

    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

    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

  • 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

    CiNii

  • 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

  • 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 ( 60 ) 139 - 168  2001.12

    CiNii

  • 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

  • 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

  • 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

    CiNii

  • 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   37 ( 3 ) 3 - 18  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

  • 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

  • 「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

  • 伊藤修『日本型金融の歴史的構造』

    金融経済   ( 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

  • 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, <I>Is Japan Really Changing Its ways? Regulatory Reform and the Japanese Economy</I>/ 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, <I>Japanese Management in the Low Growth Era: Between External Shock and Internal Evolution</I>, 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

  • 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

    The waseda Commercial Review   ( 367 ) 33 - 76  1996.06

  • 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

  • Financial Market in Japan, S.Hoges et al. eds.

    <I>International Encyclopedia of Business & Management</I>/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

  • 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

  • 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

  • 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 &#039;industrial discipline&#039; as relationships among firms, industrial relations between labor and management, and government intervention against such relations, &#039;industrial discipline&#039; 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 &#039;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 &#039;industrial discipline&#039; in the 1930s includes two phases: (1) Enlargement of restriction against &#039;freedom of trade and contract&#039; 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

    CiNii

  • 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

  • 1930年代の独占組織と政府

    宮島英昭

    土地制度史学   110   17 - 17  1986

    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 &quot;Law of Control&quot; 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 &quot;Law of Control&quot; 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 &quot;Law of Control&quot; 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 &quot;Law of Control&quot; 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 &quot;Law&quot; 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 &quot;Law of Control&quot; 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 &quot;Law of Control&quot; were urgently needed. Lastly we should &#039;mention that the intervention of the government on the basis of &quot;the Law of Control&quot; was a &quot;prototype&quot; 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, &#039;Die wirtschaftliche und gesellschaftliche Entwicklung in Japan, Stuttgart, 1900&#039;, which was written under Lujo Brentano&#039;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 &#039;Social Liberalism (die soziale liberale Ideenrichtung)&#039;, 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 &#039;the Society for Japanese social policy (Verein fur Sozialpolitik in Japan)&#039;, 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 &#039;neue historische Schule&#039; 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 &#039;the right to live&#039;, noticing the development of &#039;the liberal reform&#039; in England and the theory of Anton Menger (especially of his &#039;Das Recht auf den vollen Arbeitsertrag in gesellschaftlicher Darstellung. 1886&#039;) 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 &#039;Reimeikai&#039; (黎明会) with Sakuzo Yoshino (1878-1933) and became a leader of the &#039;Taisho Democracy&#039;. 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 &#039;collaborationism (協調主義)&#039; 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 &#039;Das soziale Konigtum&#039; of Lorenz von Stein. This may be regarded as a pioneer of &#039;Welfare state therory&#039; in Japan. This essay mainly brings the second period into focus, and tries to examine the character of his theory of &#039;the right to live&#039; 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 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

    27
    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

  • 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

  • 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

▼display all

Presentations

  • 戦前・戦時の企業価値・株主価値:コーポレート・ファイナンスからのアプローチ

    宮島英昭, 太田達也, 三和裕美子, 川本真哉, 平山賢一

    経営史学会第59回全国大会 

    Presentation date: 2023.12

  • Does Paying Passive Managers to Engage Improve ESG Performance?

    Hideaki Miyajima, Marco Bech, Julian Franks, Kazunori Suzuki

    PRI Academic Network Conference 

    Presentation date: 2023.10

  • 日本型モデル2.0に向けて:パーパス経営と所有構造

    宮島英昭

    日本経営学会96回大会 

    Presentation date: 2022.09

  • 海外機関投資家の役割の「静かな変容」:規模別株式保有パターンの変化とその含意

    宮島英昭, 篠潤之介, 齋藤卓爾

    日本ファイナンス学会第30回大会 

    Presentation date: 2022.06

  • Market for Corporate Control in Prewar Japan: Empirical Analysis of Target Features and Post-Merger Performance

    Hideaki Miyajima, Shinya Kawamoto

    2nd World Congress on Business History 

    Presentation date: 2021.09

  • Japanese Capitalism in the 21st Century: Outside Ownership, Managerial Control and Stock Repurchases

    Hideaki Miyajima, Julian Franks, Colin Mayer, Ryo Ogawa

    2nd World Congress on Business History, Business History Society of Japan 

    Presentation date: 2021.09

  • Outsourcing Active Ownership

    Becht M, J. Franks, H. Miyajima, K. Suzuki

    Presentation date: 2021

  • どのようなタイプの海外M&A がパフォーマンスを改善させているのか

    宮島英昭, 飯野佳亮

    日本ファイナンス学会第28回大会 

    Presentation date: 2020.06

  • Time to Reconsider or Go ahead? : Corporate Governance Reforms in Japan under Abenomics

    Hideaki Miyajima

    International Workshop Japan’s Leadership in the Liberal International Order, Center for Japanese Research 

    Presentation date: 2020.01

  • Quiet activism in Japan

    Hideaki Miyajima, Marco Bech, Julian Franks, Kazunori Suzuki

    JSPS Core-to-Core Program: International Seminar on “Governance Reforms from Comparative Perspectives” 

    Presentation date: 2019.11

  • Consequence of Corporate Governance Reforms

    Hideaki Miyajima, Takuji Saito

    Presentation date: 2019.11

  • Stock Repurchases and Corporate Control: Evidence from Japan

    Hideaki Miyajima, Julian Franks, Colin Mayer, Ryo Ogawa

    Presentation date: 2019.11

  • 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

    経営史学会第55回全国大会 

    Presentation date: 2019.10

  • Corporate Governance Reform as the third Arrows of Abnomics

    Presentation date: 2019.06

  • Does Employee Stock Ownership Work? Evidence from Publicly-traded Firms in Japan

    American Economic Association Meeting 

    Presentation date: 2019.01

  • Stock Repurchases and Corporate Control: Evidence from Japan

    Hideaki Miyajima, Julian Franks, Colin Mayer, Ryo Ogawa

    30th Society for the Advancement of Socio-Economics Annual Meeting 

    Presentation date: 2018.06

  • Does Employee Stock Ownership Work? Evidence from Publicly-Traded Firms in Japan

    Hideaki Miyajima, Takao Kato, Hideo Owan

    Presentation date: 2018.06

  • 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

  • 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 

    Presentation date: 2006.06

    Event date:
    2006.06
     
     
  • 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 . 

    Presentation date: 1998.10

    Event date:
    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) 

    Presentation date: 1998.10

    Event date:
    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

    現代日本経済と金融/経済統計研究会コンファランス 

    Presentation date: 1998.09

    Event date:
    1998.09
     
     
  • 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) 

    Presentation date: 1997.10

    Event date:
    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 

    Presentation date: 1997.03

    Event date:
    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 

    Presentation date: 1997.01

    Event date:
    1997.01
     
     
  • 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) 

    Presentation date: 1996.06

    Event date:
    1996.06
     
     
  • Corporate governance;the Structure and Issue in Japan

    The 2ndWaseda-Hanuang Joint Symposium Toward Globalization Waseda University 

    Presentation date: 1996.05

    Event date:
    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 

    Presentation date: 1996.05

    Event date:
    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) 

    Presentation date: 1996.04

    Event date:
    1996.04
     
     
  • 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 

    Presentation date: 1996.01

    Event date:
    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 

    Presentation date: 1995.09

    Event date:
    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 

    Presentation date: 1995.06

    Event date:
    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 

    Presentation date: 1995.05

    Event date:
    1995.05
     
     

▼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

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research

    Project Year :

    2007.04
    -
    2010.03
     

    MIYAJIMA Hideaki, HIROTA Shinichi, KUBO Katsuyuki, ARIKAWA Yasuhiro, AOKI Hidetaka, SAITO Takuji

     View Summary

    This project aimed at comprehensively analyzing the changing corporate governance and its impact on corporate behavior and performance. We mainly focused on : 1) the relationship between internal-external governance and organizational architectures, 2) the ownership structure post the dissolving cross-shareholding and the listed subsidiaries issues, and 3) the relationship between corporate governance and capital choice, labor adjustment and R&D expenditures. By these analyses, we could highlight the recent crucial changes of corporate governance in Japan and their impact of organizational choice, and innovation. Our three years intensive efforts resulted in 4 books, 50 papers including refereed academic journal articles and 21 conference presentations.

  • 日本と中国における株式保有構造と企業団体の企業支配に関する研究

    日本学術振興会  科学研究費助成事業

    Project Year :

    2007
    -
    2008
     

    宮島 英昭, WANG H. T., WANG H.T.

     View Summary

    本共同研究の目的は、日本・中国の企業集団の国際比較を試みる点にあった。
    主要な課題は、(1)1990年代以降の中国の企業集団の進化過程、(2)近年の中国企業集団の形態的な特徴、(3)その経済的機能(内部資本市場の役割・その他)を解明する点にあり、この課題を、日本の高度成長期以来の企業グループの進化・その経済的機能との比較を通じて、また株式所有構造の決定とその機能に焦点を当てながら追求した。
    具体的には、1)グループ形成の論理、複数の部門をグループ組織により統合する組織が法的に一つの法人に統合された事業部制を備える大企業と、市場を通じて必要な資源を調達する独立(スタンドアローン)企業とに対して、どのようなベネフィットとコストを持つかに関してこれまでの研究をサーベイした。また、2)中国側企業のデータの整備を進め、上海、深川両市場に上場される中国大企業の株式保有主体別分布に関する1990年以降の時系列データを構築した。3)その上で、非金融事業法人を対象に、1999年から2005年の分析期間について、当該企業の最大の株主が、他の事業法人である場合をグループ企業、そうでない場合(最大の株主が政府)である場合を独立企業として、両社の企業パフォーマンス(ROA,ROE)に有意な差があるかを、多変量解析によって分析した。
    研究成果としては、中国語の論文「企業集団への帰属の経済効果:日中比較研究」中国産業研究(China Industrial Economy)を公刊した。また、上記の内容に加えて、企業集団の株式保有と政府の株式保有の期間を比較し、企業集団のほうが長期保有の傾向が強いこと、などを解明した英語論文を作成した。同論文は、中国国内で報告され、その後英文誌に投稿予定である。

  • An International Comparison of Relationship between Innovation in IT and Institutional Flexibility among Japan, the US, Europe, and APEC Countries

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research

    Project Year :

    2003
    -
    2005
     

    KATSUMOTO Masakazu, WATANABE Chihiro, KIJIMA Kyoichi, MIYAJIMA Hideaki

     View Summary

    The objectives of this research are to elucidate the relationship between development and diffusion of IT and institutions such as law systems, commercial practices, and aggregative preference of peoples, and to get some policy implications for effective IT diffusion. This research is based on the inter-disciplinal analysis such as innovation theory, techno-geopolitics, and comparative institutional analysis. This research is mainly focus on (i) an institutional response to IT (Information Technology), (ii) a resonance structure between IT diffusion and institutional response, (iii) determinations of resonance structure.
    An international network of experts of IT and institutional analysis was formulated for executing this research. The coverage of this research is from advanced countries such as Japan, the US, EU member countries to developing countries such as China, India, and Russia.
    The main policy implications of this research are as follows.
    (1) The level of institutional response to IT are remarkably different from countries to countries.
    (2) There are some evidences that only a few countries have a resonance structure between IT diffusion and institutional response in the short run. An interaction between IT and institutions might be a longitudinal phenomenon.
    (3) The main determinant of level of institutional response to IT is on the aggregative attitude to uncertainty which can be measured by the level of entrepreneurship.

  • An Analysis on Institutional Flexibility and Self-propagating Dynamism of IT

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research

    Project Year :

    2003
    -
    2005
     

    KATSUMOTO Masakazu, WATANABE Chihiro, KIJIMA Kyoichi, MIYAJIMA Hideaki

     View Summary

    The objectives of this research are to elucidate the relationship between institutional flexibility and economic impact on IT and get some policy implications for economic growth stimulated by IT. This research was induced by the observation that there was large difference between the industrial society which ended in the 1980s in advanced countries and the information society which started from the 1990s. This research is mainly focus on (i) measurement of institutional flexibility in advanced countries, (ii) formulation of an analytical model for mechanism between institutional flexibility and IT, and (iii) identification of determinants of impacts of institutional flexibility on IT.
    An international network of experts was formulated for executing this research. This network has a variety of experts such as mathematicians, system scientists, and empirical researcher of IT and institutions
    The main policy implications of this research are as follows.
    (1) Institutional flexibility had no effect on IT diffusion in the industrial society, while it has a large impact on IT diffusion in the information society.
    (2) Institutional flexibility affects to the productivity of IT investment in the information society. It means that IT investment can not improve its economy and society in the low flexibility countries such as Japan.
    (3) There are many determinants of impacts of institutional flexibility on IT. The international comparative analysis demonstrates that the most positive determinants is the aggregate attitude of people to uncertainty which measured by the level of entrepreneurship.

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

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research

    Project Year :

    2001.04
    -
    2004.03
     

    MIYAJIMA Hideaki, NAKAMURA Naofumi, KASUYA Makoto, HANAI Shunsuke, KUMON Kurato, WATANABE Junko

     View Summary

    This project made it the main subject to analyze comprehensively the relationship of the corporate finance, corporate governance, corporate behaviors, and performance in the prewar period Japan, using the database that consists of the micro level data of Japanese enterprises.
    This database contains almost all of large firms in the prewar Japan (the number of firms changes with time before and behind 150-300 companies), and it consists of several parts as follows.
    (1)B/S
    (2)earning statements
    (3)profit disposal analysis sheet
    (4)share prices
    (5)large shareholders
    (6)board composition
    The comprehensive database dealing with whole (1)-(6) does not exist, so our database has possibility to become very precious and useful one for academic circles.
    We reported fruits of work at the Business History Society (Japan) held at Kyoto University in November, where Shunsuke Hanai acts as a chairman, and Hideaki Miyajima, Makoto Kasuya, Junko Watanabe and others report. In addition, we reported at Business History Conference held in Lowell in June, 2003.
    As the results of work, eight papers (six Japanese, two English) are included in the result accounts (this is going to be published in the near future). In addition, many papers were published as parts of some academic journals for three years from 2001 to 2003.

  • 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
     

  • Comparative Analysis of the Endogenous Techno-economic Process : Japan, USA & Europe

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research

    Project Year :

    1999
    -
    2001
     

    WATANABE Chihiro, MIYAJIMA Hideaki, KATSUMOTO Masakazu, KIJIMA Kyoichi

     View Summary

    Joint collaborative work between the International Institute of Applied Systems Analysis and Tokyo Institute of Technology on an integrated approach using mathematical modeling and empirical economic analysis for the elucidation of the economic process began in 1996. Based on the outcome and recommendation of the previous works (1996-1998), this collaborative work began in 1999.
    Major milestones of this collaborative work include :
    (1) The elaboration of a series of new mathematical models of R&D investments and technology markets. The models have been successfully matched with the empirical data and the experiments have shown their applicability to decision making.
    (2) Software has been developed and used to support the models.
    (3) The publication of a special edition of the International Journal of Technology Management entitled, "R&D and Technology Spillovers : The Changing Dynamics of Techno-economic Systems Beyond 2000." In addition, 100 papers were published in international academic journals.
    (4) Collaboration has been strengthened between international interdisciplinary groups and the resulting interdisciplinary models have attracted the attention of policy-makers, including members of the Ministry of Industry, Science and Technologies of the Russian Federation.
    (5) Demonstration of the research activities and their results in broad circles by constructing a website, thereby developed global human resource network.

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

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research

    Project Year :

    1994.04
    -
    1997.03
     

    MIYAJIMA Hideaki

     View Summary

    The purpose of this research project was to clarify the behavior structural, and functional characteristic of Japanese firm and firm groups in the historical perspective, mainly focusing on the period from the World War One to the Post Oil Crisis. The research period was divided into five sub-period such as 1) the interwar (1914-1937), 2) the wartime (1937-45), 3) the postwar reform (1945-55), 4) the high growth era (1955-1973), and 5) the post high growth era (1974--). Our focus was put on the corporate governance and finance of the Japanese large firms as well as the organizational capability of top management. In the first year (FY 1995), our main efforts were put on setting up our own data base of the high growth era concerning the ownership structure, capital composition, and corporate performance, using the data tape (later Compact disk) supplied by the Japan Development Bank. Next year, we tried to extend our data base to the wartime, and postwar reform period, adding the data for the presidential turnover in order to highlight the evolutionary process of the contingent governance structure. Third, and last year, the remaining taskwas to set up the data base for the interwar period. However, it was not regrettably finished, mainly because getting the uniformed firm level data for this period was so difficult that we had to gather necessary data from various sources. Products of this research project were presented and published in various occasion as is shown in column (11), including papers for estimating the investment function with the constraints of cash flow and regressing the presidential turnover on corporate performance in the historical perspective. The remaining task mainly composed of the structural and behaviors difference between zaibatsu comapanies and independent companies during interwar and wartime period would be clarified Soon as a follow up of this research project.

  • Comparative Study on Economic Effect of Occupation Policy

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research

    Project Year :

    1994
     
     
     

    MIWA Ryouichi, MIYAJIMA Hideaki, SAWAI Minoru, NAGAMINE Michiteru, MINAMURA Takeichi, ENDO Koushi, ITO Masanao

     View Summary

    Through the promotion this of research project, we firstly tried to collect the various kinds of documentation and data coucerning the occupation of the Axis by the Allied Powers, on which we could advance our comparative studies on the economic aspects of the occupation. Secondly, in the U.S.some of our investigators interviewed the specialists concerned on the topics of evaluation for promotion and the formation of fiscal policies for the occupied Japan. Thirdly, the participation in workshops and discussion with foreign researchers on how the comparative studies of the occupation should be managed, were also our purpose of this project.
    Concerning the documentation and data, at the Public Records Office of th.U.K.we collected valuable documentation which help us study the British impact on the formation of occupation policies of Japan by the Allied Powers. In Italy we could gain archives related to the cccupationof Italy at the library of the Bank of Italy, of the University of Rome and so forth.
    In Germany we visited the Nationa Archives (Bundesarchiv) of Koblenz and Potsdam, the Central Institute (Wissenschaft Zentrum) in Berlin, the Institute for the Contemporary History in Munchen, in order to collect papers concerning the occupation and the economic recovery after the World War Two.
    In the U.S.we collected some amount of archives and documentation ; (1) archives on evaluation for promotion and job classification at the University of California, Berkeley, the American University, Society for Human Resouree Management, and Library of Congress, (2) the company records of machine tool manufacturers and trading companies at the library of Cincinnati Historical Society and the National Archives, (3) Joseph M.Dodge Papers at the Public Library in Detroit and so on.

  • 1930・40年代日本の産業と政府-産業政策の歴史的・経済的分析

    日本学術振興会  科学研究費助成事業

    Project Year :

    1990
     
     
     

    宮島 英昭

  • 戦争末期・戦後改革期の政府と産業組織

    日本学術振興会  科学研究費助成事業

    Project Year :

    1989
     
     
     

    宮島 英昭

  • 大恐慌期日本における産業組織と政府-独占政策転換の比較史的研究

    日本学術振興会  科学研究費助成事業

    Project Year :

    1988
     
     
     

    宮島 英昭

  • 戦時経済統制の展開と資本の組織化-対統制団体政策とその機能を中心にして-

    日本学術振興会  科学研究費助成事業

    Project Year :

    1987
     
     
     

    宮島 英昭

  • 戦時経済統制の展開と資本の組織化-対統制団体政策とその機能を中心にして

    日本学術振興会  科学研究費助成事業

    Project Year :

    1986
     
     
     

    宮島 英昭

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Syllabus

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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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