Many of the modern companies in Japan have developed as jointstock companies. In respect that those jointstock companies raised funds mainly by issuing stocks, the role of stockholders was important. And it is stockholders' meetings that ensure the rights of those stockholders who invested in the companies. It is, however, debated that stockholders' meetings in these days are nothing but are held as a matter of form. The purpose of this paper is to survey the function of the stockholders' meetings in the Meiji Era when the modern companies had just come into existence. The object of my study in this paper is the stockholders' meetings for the mergers of railroad companies. It is because the merger was, and of course is, one of the most important affairs for the companies, and also for the stockholders concerned. Moreover stocks of a railroad company had relatively wide distribution in those days. In this paper mergers are divided into three kinds of cases. The first is the case where the estimated value of the company which was merged was lower than the stock price of the company. In the second the former was equal to the latter, and the third is of an opposite kind to the first.
This article provides an historical analysis of the relations between the Toyota Motor Company and Hino Motors Limited, relations which formally began in 1966. Through such analysis, light can be shed on the general characteristics of tie-ups between vehicle manufacturers. Three basic areas are covered. First, Hino's failure in the small automobile sector is discussed. In the 1950's Hino was a specialist manufacturer of large trucks and buses. In 1961, it tried to enter the small car sector but, faced with severe competition, made an ungraceful exit and was left with a large investment in small car assembly equipment. Second, the tie-up with Toyota is examined. Through this tie-up, Hino was restored to its former position as a specialist in the large truck and bus field, and Toyota was able to utilize Hino as a subcontracting assembler of Toyota brand automobiles. This arrangement was good for both companies. Partly because of the benefits of specialization, Hino's market share gradually rose and it eventually reached the top position in its sector. For its part, Toyota was able to increase production through the subcontracting arrangement. Finally, the shift in the nature of the tie-up is considered. In the 1970's, as Japan's economy moved from high to low growth, the domestic demand for large trucks and buses began to stagnate and Hino suffered as a result. At the same time, needless to say, Toyota increased small car production through the expansion of both domestic and export markets. In general, this episode points out some of the long term factors involved in selection and bargaining between partners in vehicle manufacturing tie-ups.