How did Furukawa Gomei Kaisha find a way out of its financial difficulties?
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- HIUGA Shoko
- 東京大学大学院博士課程
Bibliographic Information
- Other Title
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- コンツェルン内の利害調整にみる行動規範 : 1920年代古河コンツェルンの事例
- コンツェルン ナイ ノ リガイ チョウセイ ニ ミル コウドウ キハン 1920ネンダイ フルカワ コンツェルン ノ ジレイ
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Abstract
This paper sheds light on the characteristics of the financial transactions between Furukawa Gomei Kaisha (hereinafter FGK), a holding company, and its two major subsidiaries, Furukawa Bank (hereinafter FB) and Furukawa Mining Company (hereinafter FMC), in the 1920s. FGK was heavily in debt mainly from FB and held its subsidiary companies' stocks. The bank allowed the parent company to suspend payments of principal and levied a preferential rate of interest. FB could not allow suspension of payments of interest, however, because it could not turn profits without interest payments from FGK. More than a quarter of its assets was loaned to FGK. Despite the preferential condition, FGK faced difficulties in paying interest from its revenues. It therefore borrowed short-term money from FMC in order to pay interest to the bank. The holding company could not repay these short-term debts, and offset them by shouldering FMC's own debts. These financial operations enabled not only the holding company but also the bank to continue business, and improved the financial soundness of FMC. The findings suggest the existence of reciprocal transactions rather than a hierarchical power relationship between the parent company and its subsidiaries.
Journal
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- SOCIO-ECONOMIC HISTORY
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SOCIO-ECONOMIC HISTORY 71 (5), 545-567, 2006
THE SOCIO-ECONOMIC HISTORY SOCIETY
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Details 詳細情報について
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- CRID
- 1390001205096168704
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- NII Article ID
- 110007326326
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- NII Book ID
- AN00406090
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- ISSN
- 24239283
- 00380113
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- NDL BIB ID
- 7925199
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- Text Lang
- ja
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- Data Source
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- JaLC
- NDL
- CiNii Articles
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- Abstract License Flag
- Disallowed