Language: 日本語 English

Hideaki Miyajima

Hideaki Miyajima

Research Category

Japanese economic theory, Japanese economic history

Area of Interest

Corporate governance and corporate finance; the historical evolution of Japanese corporate systems; economic development and mergers and acquisitions

Recent Thoughts

Where are Japanese firms headed? In particular, while the capital market is playing a much greater role in relationships between Japanese businesses and external investors, internally, Japanese businesses are maintaining the characteristics of Japanese-style corporate models. In this sense Japanese businesses have begun to display hybrid model, and recently I have been thinking about their governance mechanisms and the evolutionary direction they are taking. In recent years, the revival of cross shareholding has been observed. What kinds of ownership structure are forming among Japanese firms? Now that the role of main bank system has diminished, what form will contingent (state-dependent) governance take? How should we understand the interrelationship among business portfolios, decentralization, and corporate governance? What is the role of competition among corporations as a condition of autonomous/internal governance? Surely these questions deserve attention at this point in time. I hope to make the most of VCASI as a forum for debating these issues.


  • Kikkawa, Hikino and Miyajima, ”Policies for Competitiveness: Comparing Business-Government Relationships in the Golden Age of Capitalism”, Oxford University, 1999. "Japan's Banking Crisis: An Event Study Perspective"Journal of Banking and Finance, vol.31, pp.2866-2885 (with Yisahy Yafeh).
  • 『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』有斐閣、2004年
  • 宮島英昭編『日本のM&A 企業統治・組織効率・企業価値へのインパクト』東洋経済新報社、2007年
  • Aoki, Jackson and Miyajima ”Corporate Governance in Japan: Institutional Change and Organizational Diversity”, Oxford University Press, 2007. The Evolution of Ownership Structure: the curious case in Japan (with Julian Franks and Colin Mayer)、2007

Recent/Ongoing Works

  • 『企業統治分析のフロンティア』早稲田大学21世紀COE叢書「企業社会の変容と法創造」第8巻、日本評論社、2008年
  • 『日本の企業統治:その進化と世界経済危機のインパクト』、東洋経済新報社

Home Page


Waseda University