Title 合併と企業統治 : 大正期東洋紡と大日本紡の比較 Author(s) 川井, 充 Citation 大阪大学経済学. 57(3) P.38-P.72 Issue 2007-12 Date Text Version publisher URL http://hdl.handle.net/11094/17848 DOI Rights Osaka University
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72 Vol.57 No.3 Merger and corporate governance: A Comparative study of the Toyo Spinning Mills Company and the Dainippon Spinning Company in 1910 1920 Mitsuru Kawai In 1910 20, the Japan s cotton spinning industry entered a new era. In addition to the Kanegafuti Spinning Companythat had dominated the industry for a long time, two big companies were founded in this period : (1) the Toyo Spinning Mills Company ; (2) the Dainippon Spinning CompanyThese two companies, born by the mergers of smaller spinning companies, had almost equal business scale as the Kanegafuti Spinning Company. According to the statistic analysis of the company s business reports, however, the business result of the new two companies was contrasting. The Toyo Spinning Mills Company, born in 1914, made a remarkable success and made itself one of the most excellent companies in Japan by 1930. On the other hand, the Dainippon Spinning Company, born in 1918, could not give full play to its business resources through the 1920 s and its result gradually fell to the level where the company could not offer satisfying dividend. We may consider several reasons why these two companies had the contrasting results. The Toyo Spinning Mills Company, for instance, was able to enjoy the WWwar time boom at the early stage of its history. The Dainippon Spinning Company, on the other hand, had to face the severe and long stagnation in 1920 s soon after its start. The most important factor that caused the different business results of these companies, however, seems to have been the corporate governance. While the Toyo Spinning Mills succeeded to strengthen executive s authority and to watch management process carefully, the Dainippon had to compromise with big shareholders and put off what the executives should do at that time. This historical study thus suggests how important the corporate governance is for the companies founded by mergers.