Details of the Researcher

PHOTO

Takenobu Yuki
Section
Graduate School of Economics and Management
Job title
Associate Professor
Degree

  • 博士（経済学）（東京大学）

  • 修士（経済学）（大阪大学）

e-Rad No.
80613679

Research History 4

  • 2015/04 - Present
    Tohoku University　Graduate School of Economics and Management

  • 2013/04 - 2015/03
    Shumei University　Faculty of Management and Governance

  • 2011/04 - 2013/03
    Shumei University

  • 2010/04 - 2011/03
    Japan Society for the Promotion of Science

Education 3

  • The University of Tokyo　Division of Economics, Graduate School

    - 2011/03

  • Osaka University　Graduate School of Economics

    - 2007/03

  • Osaka University　School of Economics

    - 2005/03

Committee Memberships 3

  • 社会経済史学会　編集委員

  • 企業家研究フォーラム　幹事、企画委員

  • 政治経済学・経済史学会　研究委員

Professional Memberships 5

  • 日本金融学会

  • 企業家研究フォーラム

  • 政治経済学・経済史学会

  • 社会経済史学会

  • 経営史学会

Research Interests 14

  • 経済史

  • 経営史

  • 企業金融

  • 企業統治

  • 比較制度分析

  • 契約理論

  • 日本経営史

  • 日本経済史

  • 金融史

  • 取締役会

  • 日本史

  • 国際研究者交流

  • 株主総会

  • 株式市場

Research Areas 1

  • Humanities & social sciences / Economic history /

Awards 1

  1. 2023年度経営史学会・出版文化社賞本賞

    2023/12　経営史学会　「関東大震災と株式市場 ー 日次・個別銘柄データによる分析」（『経営史学』第57 巻第2号、2022 年9 月）

Papers 11

  1. 分系会社の設立・自立化と意思決定過程 ―三菱商事における取締役会議事録の分析―

    結城武延期, 大島久幸

    三菱史料館論集　(26)　1-27　2025/03

  2. Resource allocation and growth strategies in a multi‐plant firm: Kanegafuchi Spinners in the early 20th century Peer-reviewed

    Shotaro Yamaguchi, Serguey Braguinsky, Tetsuji Okazaki, Takenobu Yuki

    Strategic Management Journal　1-35　2023/11/30

    Publisher: Wiley

    DOI： 10.1002/smj.3567 　

    ISSN： 0143-2095

    eISSN： 1097-0266

    More details Close

    Abstract Research Summary Using detailed plant‐ and individual‐level data from a major Japanese cotton spinning company in the early 20th century, we examine the within‐firm allocation of skilled human capital in conjunction with investment in physical capital, accompanying the firm's evolving strategic priorities. We show that the firm leveraged unit‐level two‐way complementarity between managerial talent and strategically important plants when the task was achieving large‐scale output and positioning for a competitive cost advantage. The task of conducting product differentiation, however, ushered in “three‐way complementarity,” where educated engineering human capital and capable managers needed to be bundled with specialized physical capital. A deeper dive into the “nano‐economics” of resource allocation reveals that educated engineers experiencing product differentiation in pioneering plants were reallocated to other plants also pursuing product differentiation. Managerial Summary Effectively allocating critical resources, such as skilled human capital, across establishments in alignment with strategic priorities is a key managerial issue. Through an in‐depth case study of a major Japanese cotton spinning company in the early 20th century, we illustrate how the company shifted the resource allocation policy in response to different strategic management priorities. Initially, the company assigned managerial talent to larger plants requiring operational improvement, leveraging a competitive cost advantage for a standard product. Yet, as the company transitioned toward product differentiation via new production technologies, skilled engineers and plant managers were allocated together to a few selected plants initiating product differentiation. Engineers' experiences in product differentiation in those selected plants were diffused to other plants also pursuing product differentiation through their reallocations.

  3. 関東大震災と株式市場―日次・個別銘柄データによる分析― Peer-reviewed

    鈴木史馬, 結城武延

    経営史学　57　(2)　3-26　2022

  4. 加島屋久右衛門の大名貸経営 : 大名財政の規律化をめぐって—2021年度 第57回経営史学会全国大会統一論題「豪商の金融史 : 大阪の豪商・廣岡家の近世・近代」の概要

    高槻泰郎, 酒井一輔, 粕谷誠, 結城武延

    経営史学　57　(1)　58-63　2022

  5. Three Articles on the Technology Transfer in Meiji Japan: The Case of Cotton Spinning Enterprises

    Naoki Hirai, Kanji Tamagawa, Takeshi Abe, Takenobu Yuki

    TERG Discussion Papers　(461)　1-36　2022

  6. 戦前日本における創業企業の企業金融と所有構造(長谷部弘教授退職記念号)

    結城武延

    研究年報 経済学　78　(1)　95-114　2021

  7. Socio-economic activities of former feudal lords in Meiji Japan Peer-reviewed

    Takeshi Abe, Izumi Shirai, Takenobu Yuki

    Business History　1-29　2020/11/24

    Publisher: Informa UK Limited

    DOI： 10.1080/00076791.2020.1828354 　

    ISSN： 0007-6791

    eISSN： 1743-7938

  8. Showa Financial Crisis and Bank Collapse : Case of the Kajima Bank Invited

    76　(1)　259-270　2018/03

    Publisher:

    ISSN： 0387-3056

  9. 近代日本における株式会社制度 : 商法における会社機関の規定 Peer-reviewed

    結城 武延

    秀明大学紀要　(11)　133-152　2014/03

    Publisher: 秀明大学

    ISSN： 1349-6301

  10. Capital market and corporate governance : growth strategy in early-twentieth-century Japan's cotton-spinning companies Peer-reviewed

    YUKI Takenobu

    SOCIO-ECONOMIC HISTORY　78　(3)　403-420　2012

    Publisher: THE SOCIO-ECONOMIC HISTORY SOCIETY

    DOI： 10.20624/sehs.78.3_403 　

    ISSN： 0038-0113

    More details Close

    This paper examines the influence that the capital market, where stockholders' evaluation is indicated by the stock price, exerted upon corporate governance in the cotton-spinning companies between 1903 and 1918. A panel data analysis shows that companies can be divided into two groups-those whose dividend ROE was relatively high and those whose dividend ROE was relatively low. In other words, the former companies intended to achieve secular, long-term growth, and the lat- ter tended to seek short-term profits. The analysis showed that stockholder-investors' modes of profit seeking in the capital market differed with the type of company. The stockholder-investors attached high value to long-term-growth companies' assets, but not to those of short-term-profit companies. In fact, they were only concerned with short-term-profit companies' current income. Furthermore, the paper considered the salaried managers' incentive control problem, showing that managerial remuneration in both types of companies was closely related to ROE. That is, salaried managers had to manage the company and meet stockholders' expectations. Therefore, managers maximize their own income by maximizing stockholders' income through managerial practices that help them meet stockholders' expectations.

  11. The role of shareholders meetings in corporate governance:The case of Osaka Boseki Kaisya Peer-reviewed

    Yuki Takenobu

    Keiei Shigaku (Japan Business History Review)　46　(3)　3_56-3_77　2011

    Publisher: Business History Society of Japan

    DOI： 10.5029/bhsj.46.3_56 　

    ISSN： 0386-9113

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    The purpose of this paper is to clarify the influence that shareholders meetings had on corporate governance in modern Japan.<br>We present the case "Osaka Boseki Kaisya" which is a typical enterprise in the cotton spinning industry. Since the cotton spinning industry -a major industry in modern Japan- was dependent on direct financing, its principal agent problem was quite serious. This paper presents how the firm functioned as an organization, wherein salaried managers in pre-war Japan were monitored through shareholders meetings.<br>In really, it was only during a boom period that the stockholders fully supported decision making by salaried managers. This occurred because the opportunity costs produced as a result of monitoring exceeded the profits that were presented at the shareholders meetings and were obtained from the management by acquiring information on the boom period.<br>On the other hand, during the periods when this was not the case, the stockholders did not prefer the investment strategy chosen by the salaried managers. As a result, the level of the capital invested by "Osaka Boseki Kaisya" was lower than that invested by other companies in the same industry that functioned during this period. This was because the stockholders took even the relative profit of competitors into consideration.<br>The moral hazard faced especially in major companies pertains to the actions that change the composition of the board of directors such that it is advantageous to the management. Since this occurred through the long-term route of the management, it might have been favorable to the outside directors who were major stockholders. However, many stockholders requested the management to provide information regarding the determination of such personnel affairs. Further, in the shareholders meetings, the stockholders enquired about real intention of the management, and on the basis of an agreement between the stockholders, a new composition was decided for the board of directors.

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Misc. 7

  1. 書評 川本真哉著 『日本の M＆A 150 年史─日本企業はどう成長してきたか ―』

    結城武延

    企業家研究フォーラム　(25)　87-90　2025/02

  2. 書評 川本真哉著『データ分析で読み解く日本のコーポレート・ガバナンス史』

    結城 武延

    証券経済研究 / 日本証券経済研究所 編　(124)　183-190　2023/12

    Publisher: 東京 : 日本証券経済研究所

    ISSN： 1342-1476

  3. 書評 森本真世（2019）「第9章 危機対応と共有信念―明治期における鉱山技師・石渡信太郎を事例として」、東大社研・玄田有史・飯田高編『危機対応の社会科学 上 想定外を超えて』東京大学出版会、217-239頁」

    社会科学研究　72　(1)　174-175　2021

  4. Plans of Spinning Factories in the early Japanese Industrialization in 1880s : 2,000 Spindles Cotton Mill and Osaka Spinning Mill Peer-reviewed

    (31)　87-109　2019/01

    Publisher: 渋沢史料館

    ISSN： 0917-8619

  5. BOOK REVIEWS : Shibusawa Eiichi : The Financial Leader Who Opened the Doors for Modern Japan

    (30)　63-69　2018/01

    Publisher: 渋沢史料館

    ISSN： 0917-8619

  6. 書評 北浦貴士著『企業統治と会計行動 : 電力会社における利害調整メカニズムの歴史的展開』

    結城 武延

    経営史学 = Japan business history review　51　(2)　73-76　2016/09

    Publisher: 経営史学会

    ISSN： 0386-9113

  7. KATAOKA, Yutaka, Railway Companies and Stock Market

    YUUKI Takenobu

    The Journal of Political Economy and Economic History　54　(1)　60-62　2011

    Publisher: The Political Economy and Economic History Society

    DOI： 10.20633/rekishitokeizai.54.1_60 　

    ISSN： 1347-9660

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Books and Other Publications 11

  1. 豪商の金融史 : 廣岡家文書から解き明かす金融イノベーション

    高槻泰郎

    慶應義塾大学出版会　2022/07

    ISBN: 9784766428339

  2. 郷土史大系生産・流通 (下) ―鉱山業・製造業・商業・金融―

    阿部, 猛, 落合, 功, 谷本, 雅之, 浅井, 良夫

    朝倉書店　2020/12

    ISBN: 9784254535747

  3. 財産権の経済史

    小林, 延人

    東京大学出版会　2020/08

    ISBN: 9784130461320

  4. 第一次世界大戦期から日中戦争前(1914-1936)

    深尾, 京司, 中村, 尚史, 中林, 真幸

    岩波書店　2017/11

    ISBN: 9784000114042

  5. 大原孫三郎 : 地域創生を果たした社会事業家の魁

    阿部, 武司

    PHP研究所　2017/09

    ISBN: 9784569834306

  6. 19世紀後半から第一次世界大戦前(1913)

    深尾, 京司, 中村, 尚史, 中林, 真幸

    岩波書店　2017/09

    ISBN: 9784000114035

  7. ダグラス・ノース制度原論

    North, Douglass Cecil, 水野, 孝之, 川嶋, 稔哉, 高槻, 泰郎, 結城, 武延, 滝沢, 弘和, 中林, 真幸

    東洋経済新報社　2016/03

    ISBN: 9784492314746

  8. 企業統治の法と経済 : 比較制度分析の視点で見るガバナンス

    田中, 亘, 中林, 真幸

    有斐閣　2015/03

    ISBN: 9784641164543

  9. 企業の経済学 : 構造と成長

    中林, 真幸, 石黒, 真吾

    有斐閣　2014/12

    ISBN: 9784641164437

  10. 日本経済の長い近代化 : 統治と市場、そして組織1600-1970

    中林, 真幸

    名古屋大学出版会　2013/02

    ISBN: 9784815807252

  11. 比較歴史制度分析

    岡崎, 哲二, 神取, 道宏

    NTT出版　2009/12

    ISBN: 9784757141247

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Presentations 16

  1. 「近代日本紡績業の企業史―鐘紡における武藤の経営戦略と組織設計―」（「パネル：日本繊維産業史の新展開」（組織者：阿部武司，報告者：阿部武司，平井直樹，平野恭平，結城武延，コメンテーター：富澤芳亜，中岡俊介，橋野知子，司会者：中岡俊介））

    結城武延

    社会経済史学会，第92回全国大会　2023/05/28

  2. 「新しい事業への参入―大同生命保険会社の設立― 」（「豪商の金融史― 大阪の豪商・廣岡家の近世・近代―」（組織者：結城武延，報告者：高槻泰郎，酒井一輔，結城武延，コメンテーター：粕谷誠，司会者：小林延人））

    結城武延

    経営史学会第57回全国大会　2021/12/04

  3. 「 成長から破綻へ―第一次世界大戦期から昭和金融恐慌に至るまでの加島銀行・藤田銀行・近江銀行― 」（「金融史パネル 商人から銀行へ― 大阪の豪商・廣岡家と日本金融市場―」（組織者：高槻泰郎，報告者：高槻泰郎，小林延人，結城武延））

    結城武延

    日本金融学会2021年度秋季全国大会　2021/10/16

  4. 「関東大震災と株式市場」

    鈴木史馬, 結城武延

    日本ファイナンス学会2021年度大会　2021/06/05

  5. 「戦前日本における紡績会社の企業金融と企業統治」(共通論題「革新的企業の資金調達と成長」（組織者：加藤雅俊，報告者：入山章栄，本庄 裕司，結城武延）)

    結城武延

    『企業家研究フォーラム』2019年度年次大会　2019/07/21

  6. 「昭和金融恐慌における銀行破綻と社員権の整理－加島銀行の事例－」（「財産権と経済活動」（組織者：小林延人，報告者：齋藤邦明，小林延人，西村成弘，結城武延））

    結城武延

    政治経済学・経済史学会，春季総合研究会　2018/06/23

  7. 「加島銀行の経営 –創立から破綻まで」（パネル「大名貸から銀行へ― 大坂豪商・加島屋久右衛門の近世・近代 ―」（組織者：高槻泰郎，報告者：高槻泰郎，小林延人，結城武延））

    結城武延

    社会経済史学会，第87回全国大会　2018/05/27

  8. 戦間期の株式市場における大規模ショックとその影響 ―関東大震災の事例―

    鈴木史馬, 結城武延

    経営史学会，第53回全国大会　2017/10/22

  9. 2016年度『講座・企業家学』「転換期における金融業の生き残り戦略～廣岡家：加島銀行から大同生命への継承」

    結城武延

    2016年度『講座・企業家学』　2016/11/19

  10. 「戦前日本の企業金融－資金調達の選択と所有構造関係－」

    結城武延

    政治経済学・経済史学会，2015年度秋季学術大会　2015/10/17

  11. 「両大戦間期日本における企業間競争のグローバル化─製鉄業と綿業の事例─」

    阿部武司, 結城武延

    経営史学会，第51回全国大会　2015/10/10

  12. 「紡績大合同論再考」パネル「戦前日本のM&Aと株式市場―大企業体制の成立と資源配分―」（組織者：齊藤直，報告者：宮島英昭，齊藤直，今城徹，結城武延）

    結城武延

    経営史学会，第50回全国大会　2014/09/13

  13. 「戦前日本における階層的組織の形成：鐘淵紡績会社兵庫工場の事例」

    結城武延

    政治経済学・経済史学会，2013年度秋季学術大会　2013/10/19

  14. 「近代日本におけるCSR活動―広岡恵三の経営理念―」パネル「企業家・広岡家の近世・近代 ―大同生命所蔵文書の紹介―」（大同生命保険株式会社 小川琢磨，高槻泰郎，結城武延）

    結城武延

    企業家研究フォーラム2012年度年次大会　2012/07/07

  15. 「近代紡績企業の合併効果と市場の評価―紡績大合同論の意義―」パネル「企業統治，所有構造，そして労働組織―日本における近代的な企業組織の形成と発展―」（組織者：中林真幸，報告者：中林真幸，中村尚史，大湾秀雄，川口一司，結城武延）

    結城武延

    社会経済史学会第79回全国大会　2010/06/20

  16. 「企業統治の成立―合理的な資本市場と綿紡績業の発展―」パネル「統治と市場，そして組織―外なる差異の裁定と内なる差異の創出―」（組織者：中林真幸，報告者：中林真幸，高槻泰郎，森本真世，結城武延）

    結城武延

    社会経済史学会第78回全国大会　2009/09/27

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Research Projects 15

  1. Comprehensive Studies on the Pricing Mechanism in the Prewar Japanese Stock Market

    Offer Organization: Japan Society for the Promotion of Science

    System: Grants-in-Aid for Scientific Research

    Category: Grant-in-Aid for Scientific Research (B)

    Institution: Meiji University

    2023/04/01 - 2028/03/31

  2. 銀行業の将来像：銀行理論に基づく現代・近代比較実証分析による検討

    内田 浩史, 神吉 正三, 結城 武延, 藤木 裕, 播磨谷 浩三, 山田 和郎

    Offer Organization: 日本学術振興会

    System: 科学研究費助成事業 基盤研究(B)

    Category: 基盤研究(B)

    Institution: 神戸大学

    2022/04 - 2027/03

  3. 企業文化と労務管理の形成・変化・継承―上田市鐘紡丸子工場の設立から閉鎖まで―

    結城 武延, 平野 恭平, 酒井 健, 小林 延人

    Offer Organization: 日本学術振興会

    System: 科学研究費助成事業 基盤研究(C)

    Category: 基盤研究(C)

    Institution: 東北大学

    2021/04 - 2025/03

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    2021（令和3）年度は新型コロナウィルスの蔓延により資料調査先の受け入れが困難となり、資料調査自体を行うことができなかった。したがって、2020年に研究代表者・結城と研究分担者・小林が資料調査・撮影して得られた資料群を他の研究分担者・協力者と共有して、資料調査する上での研究計画や論点を議論した。具体的には次の通りである。 ①図面資料に基づいた建築史的研究：明治・大正期の鐘紡との比較、②本社―工場間の関係：企業文化の形成と変容、鐘紡経営の工場の位置づけと運営方法、③鐘紡における従業員教育・女子教育など労務管理、④③と関連して労働運動に関する研究、⑤統制経済との関連：鐘紡は国策会社同然となったが丸子は軍需品は造らなくてもよい工場であったといわれている、⑥地域社会・経済との関係、⑦⑥と関連して同地域同業他社との関連：とくに製糸結社「依田社」や「信濃絹糸紡績」（依田社の子会社―現「シナノケンシ」）が重要であると考えられる、⑧丸子鐘紡が日本で最後の絹糸紡績工場となるが、なぜ、丸子が最後まで存続しえたのか、⑨⑧に関連して、鐘紡・日本経済の変遷を丸子工場を通じて定点観測等である。 くわえて、絹糸紡績の工場であるという点が重要な論点になることが確認された。同じ絹から生産されるが、長繊維（生糸）と短繊維（絹糸紡績）で肌触りや製法が異なっており、生糸は和服に使われるが絹糸紡績はそうではない。他方、海外ではこだわりはない。また絹糸紡績では化学薬品を大量に用いるので、製法や必要となる人材も異なる可能性がある。

  4. Study on Technology Transfer at Early Stage of Industrialization: Experience of Cotton Spinning Industry in Meiji Japan

    Offer Organization: Japan Society for the Promotion of Science

    System: Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (B)

    Category: Grant-in-Aid for Scientific Research (B)

    Institution: Kokushikan University

    2019/04/01 - 2023/03/31

  5. Interdependence of the pre-war Japanese economy and its change over time

    SAITO Osamu

    Offer Organization: Japan Society for the Promotion of Science

    System: Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (B)

    Category: Grant-in-Aid for Scientific Research (B)

    Institution: Hitotsubashi University

    2017/04/01 - 2021/03/31

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    Conventional wisdom holds that pre-war Japan's industrialization started from a low level of development but exhibited a rapid growth performance. This project challenges that scenario with two major findings. The first issue concerns the ratios that divide gross output into intermediate inputs and value added. Based on business reports released by individual joint-stock companies, the trend was for the share of intermediate inputs to decline over time. The second is the lack of accurate estimates on output of small workshops (defined as those employing less than five workers). Having scrutinized factory survey data for nine industries and conducted regression analysis focusing on a certain group of smaller size categories, we successfully estimated a time-series of output for each industry, showing a‘the earlier the higher' tendency for the less-than-five, suggesting that Meiji Japan's industrial sector was larger but the subsequent level of growth slower than previously thought.

  6. Research on startup finance to support regional revitalization

    UCHIDA Hirofumi

    Offer Organization: Japan Society for the Promotion of Science

    System: Grants-in-Aid for Scientific Research

    Category: Grant-in-Aid for Scientific Research (A)

    Institution: Kobe University

    2016/04/01 - 2021/03/31

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    This project comprehended the status of startup finance and analyzed the mechanism of fund raising and its effects in Japan. Our main achievements include: (1) the development of data on startup firms using publicly available statistics and our original surveys, and the clarification of the current status of startup finance in Japan with some international and historical comparisons; (2) the clarification of the methods of startup finance, determinants of financial constraint, and ex post performance of startup firms; and (3) the clarification of detailed status of, and mechanisms behind credit guarantee, IPOs and the exits, the role of banks, and other issues related to startup firms by focusing on individual funding sources.

  7. Modernization of financial markets: the case of financial intermediates in early modern Japan

    Takatsuki Yasuo, Mura Kazuaki, Sakai Kazuho, Seriguchi Mayuko, Tani Naoki

    Offer Organization: Japan Society for the Promotion of Science

    System: Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (B)

    Category: Grant-in-Aid for Scientific Research (B)

    Institution: Kobe University

    2016/04/01 - 2019/03/31

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    This project shed a light on newly founded historical documents of “Hirooka family”. Hirooka family, like Mitsui family, is well known financial intermediary in early modern Japan. Based on this documents, we tried to clarify the transition process from the face-to- face relational lending to the modern financial intermediates during the period of the “Western Impact”. First, we introduced the outline of the historical documents above in academic journal (“Mitsui Bunko Ronso”, 2018). Second, we investigate the management of Hirooka family both as a mere financial intermediary and as a modern banker. Then we found that (1) Hirooka family accumulated capital mainly through the lending to local lords during the late Tokugawa period (late 18th century to early 19th century), and (2) the wealth of Hirooka family inherited to modern times in the form of government bonds, issued by Meiji government for compensating financial intermediaries’ claim against local lords.

  8. Research on Economic Activities of Noblemen in Modern Japan

    Abe Takeshi, SHIRAI Izumi

    Offer Organization: Japan Society for the Promotion of Science

    System: Grants-in-Aid for Scientific Research Grant-in-Aid for Challenging Exploratory Research

    Category: Grant-in-Aid for Challenging Exploratory Research

    Institution: Kokushikan University

    2015/04/01 - 2018/03/31

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    The purpose of our research is to consider such activities of the former feudal lords as equity investments and support for the local societies at their former territories in Meiji Japan. We aim not only to add new empirical findings but to newly show a world-class frame of reference. We pursued the purpose every year by collecting the needed materials, reading them and writing the draft of articles at some meetings, and through presenting the results in English at the international conferences/workshops once or twice a year. In the last fiscal year of 2017-1018 we finished an English discussion paper, and recently submitted the paper to an English journal on business history. We would like to further continue this research.

  9. The study of institutions and functions of the stock market in interwar era Japan based on the database of daily share prices

    Imajoh Toru, Suzuki Shiba

    Offer Organization: Japan Society for the Promotion of Science

    System: Grants-in-Aid for Scientific Research Grant-in-Aid for Challenging Exploratory Research

    Category: Grant-in-Aid for Challenging Exploratory Research

    Institution: Hannan University

    2015/04/01 - 2018/03/31

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    The study sheds light on the institution and function of the stock market in interwar era Japan. We have two results. the first is to complete to build the database of daily share prices in inter war period, which have never constructed before, and is inevitable for this research. The second is to make clear that the share market, though it did't have enough rule to disclose informations, had kept information efficiency during the period by analyzing the evaluation for M&A, the uniqueness of paid-in capital and the response for external shock.

  10. Comprehensive study of "Daido Seimei Monjo" : Genealogy of Relationship Banking

    Yuki Takenobu, Sawai Minoru, Miyamoto Matao

    Offer Organization: Japan Society for the Promotion of Science

    System: Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (C)

    Category: Grant-in-Aid for Scientific Research (C)

    2014/04/01 - 2017/03/31

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    Early Modern: We revealed quantitatively that the capital market was functioning in response to monetary policy. Specifically, We showed that market participants were reasonably reacting to the rice price policy of the Shogunate. Modern: Hirooka family deployed various financial businesses in Modern Japan. By Showa financial crisis, the Hikaoka family was obliged to liquidate the bank. Hiraoka family sold their assets and handled the problem without harming external funders. With such a financial strategy of the Hirooka family, their credibility was maintained. After that, they tried to survive in the financial industry by specializing in life insurance.

  11. Ownership Structure and Corporate Governance in the Prewar Period Japan: 1890-1945

    SAITO Nao, MIYAJIMA Hideaki, YUKI Takenobu, IMAJO Toru

    Offer Organization: Japan Society for the Promotion of Science

    System: Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (C)

    Category: Grant-in-Aid for Scientific Research (C)

    Institution: Ferris University

    2012/04/01 - 2015/03/31

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    This project researched on the corporate financing and governance of prewar Japanese corporations, which are known to be shareholder-oriented. Using the newly constructed database consisting of the financial data and the ownership structures of large manufacturing corporations, we analyzed several aspects of the corporate financing and governance of prewar Japanese corporations, in concrete terms, (a) changes of financing of the Japanese corporations, (b) determinants of corporate ownership structure, (c) resource allocations by mergers and acquisitions (M&A), (d) corporate governance practices inside shareholder meetings and boards of directors, (e) payout policy, and so on.

  12. Formation, Expansion and Decline of Internal Labor Markets in Japanese Firms: Historical Comparative Statistics of Human Capital Investment

    NAKABAYASHI Masaki, ISHIGURO Shingo, TAKII Katsuya, OWAN Hideo, MATSUMURA Toshihiro, TANAKA Ryuichi, ISHIDA Junichiro, SASAKI Dan, ISHIBASHI Ikuo, YAMAMOTO Kazuhiro, HORII Ryo, HASHINO Tomoko, SHIMIZU Takashi, TANAKA Wataru, OHDOI Ryoji, NAKAMURA Naofumi, ISHII Rieko, KITAMURA Hiroshi, TAKATSUKI Yasuo, KAWAKA Keisuke, YUKI Takenobu, SAKAI Mayo, MORI Tomoharu, INOMATA Kentaro

    Offer Organization: Japan Society for the Promotion of Science

    System: Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (A)

    Category: Grant-in-Aid for Scientific Research (A)

    Institution: The University of Tokyo

    2010/04/01 - 2015/03/31

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    We have studied function of internal labor markets, with special attention to interaction between the firm organization and the product and labor markets. Theoretically, we have placed organizational economics in the context of economics of market, and inserted dynamic factors, to scrutinize historical implication of path-dependency. Empirically, we have shown that the deepening of internal labor market practice was consistent to flexible labor market in the 1920-70s by a micro data set, and that, in the national level, internal labor market practices have structurally diminished since the 1990s. Our research provides a viewpoint to consider possible and better work organizations for the future beyond a organizational model very specific to Japan in the 1980s and in a general context.

  13. Governance in the financial market: Evidence from early modern financial markets in Japan

    TAKATSUKI Yasuo, NAKABAYASHI Masaki, YUKI Takenobu

    Offer Organization: Japan Society for the Promotion of Science

    System: Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (C)

    Category: Grant-in-Aid for Scientific Research (C)

    Institution: Kobe University

    2011 - 2013

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    Japanese relationship banking system has its origin in the 18th century Osaka. Osaka was under jurisdiction of the shogunate court, whose protection of property right encouraged development of financial sector. The core business of financiers was financing feudal lords. Basically, there were two channels. One was the short term bond market that was under jurisdiction of the shogunate court. The other one was peer-to-peer lending from a financier to a feudal lord. Roughly the first one can be said to be a historical origin of modern arms-length style of financial market and the second one of relational banking. As feudal lords were independent from the shogunate jurisdiction, financiers' claim was not necessarily under protection by the shogunate. Thus financiers built long-term relationship with client lords and contracted exclusive sale of tax rice of them. This scheme substantially decreased feudal lords' incentives of cheating financiers, accordingly risk of default.

  14. Research on development of the cotton-spinning industry in modern Japan:The firms choice the organizations and the strategies to the institutions

    YUKI Takenobu

    Offer Organization: Japan Society for the Promotion of Science

    System: Grants-in-Aid for Scientific Research Grant-in-Aid for Research Activity Start-up

    Category: Grant-in-Aid for Research Activity Start-up

    Institution: Shumei University

    2011 - 2012

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    This research solved the development process of the modern company by making the cotton-spinning industry in the early 20th century applicable to analysis. The obtained result is the following. (1) Shareholders meeting continued maintaining the monitoring function by the stockholders. (2) The directors and the auditors decreased the asymmetric information between a main funders and a manager. (3) By utilization of middle management, the average cost of the production organization fell and its productivity improved.

  15. 企業統治と資本市場―日本紡績業における経営者資本主義の自律と他律―

    結城 武延

    Offer Organization: 日本学術振興会

    System: 科学研究費助成事業 特別研究員奨励費

    Category: 特別研究員奨励費

    Institution: 東京大学

    2009 - 2010

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    本研究員は所有と経営が分離しており、株主と経営者の利害が一致しているとはかぎらない近代企業において、企業の長期的な成長の成否の要は効率的な企業統治の形成にある、という分析視角の下で、近代企業の発展について研究を進めてきた。企業が直接金融に依存し、かつその株式が市場において公開されている限り、市場を通じて実現される株価は当該企業の資本調達費用を直接に左右することから、資本市場および株主の動向は企業の意思決定に多大な影響を及ぼす。そうした状況を念頭に置きつつ、本研究員は契約理論を分析枠組として、経営者の行動に関する誘因制御の問題について研究してきた。今年度は、企業統治における取締役会の役割について、以下の(1)の論文をさらに進展させるとともに、企業の長期的な成長を促進させる上で重要な経営戦略である、合併の役割について(2)の論文によって明らかにした。 (1)、結城武延、「企業金融と企業統治-取締役会の機能-」、東京大学社会科学研究所ディスカッションペーパーシリーズ、J-185、2010年によって、20世紀初頭に株式会社制度を活用することで発展した綿紡績業において代表的な企業であった大阪紡績会社を事例として、企業金融と企業統治の関係について、とくに取締役会の機能に着目して、解明した。 (2)、結城武延、「綿紡績企業の合併効果-紡績大合同論の意義-」、東京大学社会科学研究所ディスカッションペーパーシリーズ、J-187、2010年によって、20世紀初頭に合併を主軸とした成長戦略によって一躍、日本最大規模の綿紡績企業となった鐘淵紡績会社を事例として、合併がいかなるメカニズムによって利益を創出させていったのかについて解明した。

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Teaching Experience 8

  1. 日本史特講（秀明大学；学校教師学部）

  2. 経済史（岩手県立大学；総合政策学部）

  3. 日本学基盤メソドロジーB（東北大学；日本学国際共同大学院）

  4. 研究方法論（東北大学；経済学研究科）

  5. 経営史特論（東北大学；経済学研究科）

  6. 歴史と人間社会（東北大学；全学教育科目）

  7. 経済史入門（東北大学；経済学部）

  8. 経営史（東北大学；経済学部）

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Media Coverage 2

  1. 第2次大戦勃発前後 生保の投資分析

    河北新報

    2024/08/21

    Type: Newspaper, magazine

  2. 「鐘紡紡績丸子工場 歴史を探る」

    『信濃毎日新聞』

    2022/06

    Type: Newspaper, magazine