Journal article

Technological leadership and late development: evidence from Meiji Japan, 1868-1912

John P Tang

ECONOMIC HISTORY REVIEW | WILEY-BLACKWELL PUBLISHING, INC | Published : 2011

Abstract

Large family-owned conglomerates known as zaibatsu have long been credited with leading Japanese industrialization during the Meiji period (1868-1912), despite a lack of empirical analysis. Using a new dataset collected from corporate genealogies to estimate entry probabilities, it is found that characteristics associated with zaibatsu increase a firm's likelihood of being an industry pioneer. In particular, first entry probabilities increase with industry diversification and private ownership, which may provide internal financing and risk-sharing, respectively. Nevertheless, the costs of excessive diversification may deter additional pioneering, which may account for the loss of zaibatsu te..

View full abstract

University of Melbourne Researchers