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Market-Based Financing for Small Corporations during Early Industrialisation: The Case of Salt Corporations in Japan, 1880s-1910s

Kiyotaka Maeda
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Kiyotaka Maeda: Department of Japanese History, Faculty of Letters, Keio University

No 2019-019, Keio-IES Discussion Paper Series from Institute for Economics Studies, Keio University

Abstract: This study investigates how small corporations in rural areas arranged funds and reassesses the role of market-based financing for Japanese small and medium-sized enterprises from the 1880s through the 1910s. Whereas previous studies have focused on the financing of large corporations in urban areas, this paper argues that corporations of various sizes, including small ones in rural areas, arranged their funds from the stock market during Japan's industrialisation. By applying this style of financial arrangement, these corporations expanded their production scales, accelerating the local formation of specialised producing regions and boosting the regional economy.

Keywords: market-based financing; industrialisation; small and medium-sized enterprises (SMEs); over-the-counter market; salt industry (search for similar items in EconPapers)
JEL-codes: N15 N25 N85 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cfn, nep-ent, nep-fdg, nep-his and nep-ore
Date: 2019-10-29
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Handle: RePEc:keo:dpaper:2019-019