@article{oai:osu.repo.nii.ac.jp:00001264,
 author = {Shimpo, Hirohiko},
 journal = {Annual research bulletin of Osaka Sangyo University},
 month = {Dec},
 note = {P(論文), This paper examines the various features of major Japanese companies and Japan's corporate governance in the interwar period from about 1920 to 1940. It also investigates the establishment background of present corporate governance. First, representative companies (except for banks) are discussed in Section 1 andrepresentative banks in Section 2. Of those companies and banks, I select salient examples and analyze those businesses and their entire financial information in great detail in Section 3. I explore their securities investments concerning further restricted companies in Section 4. I examine the entire financial and securities market during that time in Section 5. Section 6 approaches the actual condition and role of the life insurance company as an institutional investor. The life insurance company's investments made a positive impact on companies and banks at the time through the financial and securities market. Current Japanese corporate governance is often characterized as an insider type of corporate governance. The origin of such corporate governance, or today's business group, was often believed to result from past Japanese zaibatsu rule. However, the analysis in this paper shows that the financial and securities market had a very large role in raising and managing capital for major companies and banks in the interwar period. In this meaning, Japanese corporate governance in the interwar period was market-centered and very similar to those of the U.S. and Britain today. Such a feature was remarkable in the emerging zaibatsu and the independent companies. The vertical and integrated control and controlled relations made the holding company reach the top were formed in major zaibatsu is certain. Even in this case, the market's role was not small, and the governance in major zaibatsu was never dominant. Moreover, regarding the macro capital flow, the role of securities, not bank deposits, wasremarkably important. The development of such market-centered corporate governance was one of the most important factors that supported active Japanese foreign investment in the prewar period and brought about economic development, as my another paper will examine.},
 pages = {37--75},
 title = {Market-centered Corporate Governance in Prewar Japan and Today},
 volume = {1},
 year = {2008}
}