institutional mechanism design

Japan, a nation with a long and rich history in Asia, has emerged as the fourth largest economy in the world in the 21st century, largely attributed to its developed sense of cooperation, which stems from historical ties.The commitment of Japanese society to social principles has fostered a collective consciousness of being stakeholders in the social domain. This stakeholder consciousness has evolved alongside the principle of collectivism, where group belonging and harmony are prioritized over individualism. However, as social culture is a dynamic entity, it is plausible that shifts in the prevailing sense of togetherness within Japanese society may influence the field of accounting. It is widely acknowledged that the functioning of accounting is shaped by the identities and cultural characteristics of societies. This study first explores how Japanese society, deeply rooted in historical traditions, influences and shapes the understanding and practices of accounting. Secondly, it examines studies and indicators highlighting the rise of individualism in Japan, with the aim of analyzing how this increasing individualism may be reflected in accounting practices and evaluating the potential impact of changing social structures on the conceptualization and application of accounting.

1974 年 6 月 7 日法律第 216 号(Conversione in legge, con modificazioni, del decreto-legge 8 aprile 1974, n. 95, recante disposizioni relative al mercato mobiliare ed al trattamento fiscale dei titoli azionari)の委任を受けて定められた 1975 年 3 月 31 日大統領令第 136 号(Attuazione della delega di cui all'art. 2, lett. a) , della Legge 7 giugno 1974, n. 216, concernente il controllo contabile e la certificazione dei bilanci delle s.p.a. quotate in borsa ) (1975 年大統領令)により、計 算書類の法定監査が定められたことと機を一にして、公認公共会計士全国評議 会(Consiglio Nationale dei Dottori Commercialisti, CNDC)は、会計基準作成 委員会(Commissione per la Statuizione dei Principi Contabili)を設けた。これ は、会計監査との関係で、その普及度と権威に照らして、2 でみる、 「適正な

ニューヨーク証券取引所 5) 等に上場している代表的企業の中には、年次報告 書を全く発行しなかったり、企業の概況のみの説明で財務情報を明らかにしな 157 商事法における会計基準の受容 (12) 1) 連邦通商委員会も統一的な会計方法を推奨するとし(Federal Trade Commission［1916］ p.16) 、アメリカ公共会計士協会(American Association of Public Accountants)も連邦通商 Methods for the Preparation of Balance Sheet Statements) 』として政府印刷局から、 改訂の上、1929 年には『財務諸表の検証(Verification of Financial Statements) 』として連 邦準備委員会から(For details, see Editorial［1929］ ) 、再改訂の上で、1936 年には『独立公 共会計士による財務諸表の検査(Examination of Financial Statements by Independent Public Accountants) 』としてアメリカ会計士協会から、それぞれ、出版された。 3) Carey は、Hurley の統一会計に対する興味がこのタイトルの選択に反映されたとの推測 を示している(Carey［1969］p.133) 。 4) もっとも、会計に関する事項も若干であるが、取り上げられていた(See Moonitz ［1970］pp. 146 -147) 。 5) Ripley は、ニューヨーク証券取引所が適切な企業内容の開示の促進において主導的な影 響を与えるものであることに疑いはないと述べ(Ripley［1927］p.210) 、Berle もニューヨ ーク証券取引所が果たした役割を高く評価していた(quoted in: Weissman［1939］p.111) 。 いものや貸借対照表のみを開示し損益計算書を発行しないものがあること、減 価償却、資産の評価、営業権、剰余金、無額面株式等について、経営者の意の ままに不可解な(enigmatic)会計実践が行われていることを会社名を挙げて 指摘し、大企業によるこのような悪弊を除去するために、連邦通商委員会がこ の分野へ介入すべきであると主張した(Ripley［1926］ ) 。しかし、Coolidge 大 統領は、 「株主が保護されるべき権利を有していることは認めるが、民間企業 は州政府の管轄下にあるので、連邦通商委員会が企業会計に介入する権限を持 っているかは疑問である。 」 6) と述べ、明確な態度を示さなかった 7) 。 また、Berle と Means も、 「会計基準が確立されずまた法律が何らの特別の規 範を強制しない限り、取締役とそのお抱え会計士達は、限定された範囲内でい いように数字を作りあげることができる。取締役の権限がこれほど強大な理由 の一つは、会計士自身が今まで一連の会計基準を作りあげていないという事実 に存する」と指摘していた(Berle and Means［1932］p.182) 8) 。 これらを背景として、アメリカ会計士協会は、ニューヨーク証券取引所と連 携を図って、企業内容開示の改善を図ろうとしたが(cf. May［1926］p.326) 、 当初は門前払いをうけた(peremptorily rejected) (Carey［1969］p.164) 。し かし、証券取引所も、同じ取引について異なった会社が採用している会計処理 方法の多様性の問題を認識するようになり(See Hoxsey［1930a］pp.12 -13) 、 158 論説(弥永)

Institutional settings and local embeddedness of European Entrepreneurial Families: an interregional comparison The interaction between institutional settings and Entrepreneurial Families (EFs) is twofold. Extant literature has attempted to understand how institutional settings can affect Family Businesses' embeddedness. Both perspectives are complementary and necessary to recognise that EFs are not only locally embedded in their territories, but they are also entrenched in institutions. Despite this, how different institutional settings impact on EFs' local embeddedness remains unexplored. To fill this gap, we combine institutional theory and family business research to perform a qualitative investigation. Drawing on the Varieties of Capitalism institutional categorisation, an exploratory study is carried out by including four European regions from countries that are positioned as a Coordinated Market Economy (CME) (Germany), a Liberal Market Economy (LME) (United Kingdom) and two cases of Mediterranean capitalist system (France and Spain). 43 semi-structured interviews were conducted across the regions and analysed through an open-coding process. Findings unveil that EFs' local embeddedness is conditioned by different institutional settings in different ways, namely through codified mechanisms (CME and Spain) and through nonformalised mechanisms (LME and France). These are unfolded in 20 mechanisms, which contribute to territorial policies adjustments depending on the category of institutional setting where EFs are locally embedded.

Institutional settings and local embeddedness of European Entrepreneurial Families: an interregional comparison The interaction between institutional settings and Entrepreneurial Families (EFs) is twofold. Extant literature has attempted to understand how institutional settings can affect Family Businesses' embeddedness. Both perspectives are complementary and necessary to recognise that EFs are not only locally embedded in their territories, but they are also entrenched in institutions. Despite this, how different institutional settings impact on EFs' local embeddedness remains unexplored. To fill this gap, we combine institutional theory and family business research to perform a qualitative investigation. Drawing on the Varieties of Capitalism institutional categorisation, an exploratory study is carried out by including four European regions from countries that are positioned as a Coordinated Market Economy (CME) (Germany), a Liberal Market Economy (LME) (United Kingdom) and two cases of Mediterranean capitalist system (France and Spain). 43 semi-structured interviews were conducted across the regions and analysed through an open-coding process. Findings unveil that EFs' local embeddedness is conditioned by different institutional settings in different ways, namely through codified mechanisms (CME and Spain) and through nonformalised mechanisms (LME and France). These are unfolded in 20 mechanisms, which contribute to territorial policies adjustments depending on the category of institutional setting where EFs are locally embedded.

本研究は、参加者のコメントや購入行動に基づいて参加者の満足度を推定し、そうした満足度に基づくカスタマイズされたコミュニティを
形成することによってコミュニティ参加者間におけるCCの循環を促進するという、新たな実践手法とそのための分析フレームワークを提示
した。まず、C.C.Walletに参加者が入力したコメント文により満足度を予測した。具体的には、参加者が取引を終了した後に入力したコメント
文から単語辞書を作成し、それによって、意味ベースのテキストを各単語の意味に対応する数値に変換することによって実行した。満足度に
関連する単語を抽出し、その単語に５段階の数値（星５から星１までの星の数）を与えて評価し、そこから満足度を導出した。目的変数（被
説明変数）は「何を予測したいか」という目的により決まるので、満足度を目的変数として設定した。しかし、説明変数の決定はやや複雑である。
どんな説明変数を使えば目的変数をうまく説明することができるかに関して様々な仮説を検討した上で、説明変数を決める必要がある。した
がって、各参加者について、財の購入回数とサービスの購入回数を２つの説明変数として設定した。このため、購入した財の数量とサービスの数量が別々に計算された。商品価格の高低は必ずしも参加者の満足度を反映しているわけではないので、本研究では商品価格は説明変数として利用しなかった。次に、カスタマイズされたコミュニティを構築するため、特定の商品（財・サービス）に対する各参加者の満足度を予測する必要がある。
NNモデルで、各参加者の購入行動を学習することで各参加者の満足度を予測することができた。そのために、NNモデルのパラメータを自
動的にチューニングするために「グリッドサーチ」を活用してチューニングを行った。ただし、一部の参加者は他の参加者ほど取引が多くない
ため、NNモデルを構築できなかった。また、トレーニングセットと検証セットに分割するのに十分な大きさではない一部の参加者は、それらの参加者のみの検証データを合成した。そこで、CC用モール等で商品を購入するためにCCを取得できる他の各種アプリを利用することでCCの利用を拡大できれば、実データを利用できようになるため、より適切な結果が
得られるはずである。例えば、健康管理を実施している参加者向けにGCアバターを利用した新しいヘルスケアアプリ（NUCADOCO）が近くリリースされる予定である。

Institutional settings and local embeddedness of European Entrepreneurial Families: an interregional comparison The interaction between institutional settings and Entrepreneurial Families (EFs) is twofold. Extant literature has attempted to understand how institutional settings can affect Family Businesses' embeddedness. Both perspectives are complementary and necessary to recognise that EFs are not only locally embedded in their territories, but they are also entrenched in institutions. Despite this, how different institutional settings impact on EFs' local embeddedness remains unexplored. To fill this gap, we combine institutional theory and family business research to perform a qualitative investigation. Drawing on the Varieties of Capitalism institutional categorisation, an exploratory study is carried out by including four European regions from countries that are positioned as a Coordinated Market Economy (CME) (Germany), a Liberal Market Economy (LME) (United Kingdom) and two cases of Mediterranean capitalist system (France and Spain). 43 semi-structured interviews were conducted across the regions and analysed through an open-coding process. Findings unveil that EFs' local embeddedness is conditioned by different institutional settings in different ways, namely through codified mechanisms (CME and Spain) and through nonformalised mechanisms (LME and France). These are unfolded in 20 mechanisms, which contribute to territorial policies adjustments depending on the category of institutional setting where EFs are locally embedded.

In this paper we analyze patterns of trade in a Ricardian trade model with joint production. First, we treat a simple twocountry and twogood case to derive the necessary and sufficient conditions for complete specialization of the world economy with joint production. Then, we move to a threecountry and threegood case and show that, if joint production is allowed to exist, multiple production points of efficient complete specialization may occur. This is shown by a numerical example with illustrations of the world production frontier. We conclude that the conditions for complete specialization in joint production drastically differ from the case without joint production.

要旨...1 開会の挨拶...4 巻頭言...6 第Ⅰ部　グローバルガヴァナンスと多国間主義の新たな地平 　Forging Links between citizens' preferences and multilateral treaties...Takashi INOGUCHI...8 　軍縮・不拡散を巡る国際協調の枠組みと課題...相川一俊...12 　How to Cope with Evolution of Global Governance International Organisation : Legal Aspects, Will of States...Hajime NISHITANI...16 基調講演／Keynote speech 　The World in Flux...Vuk JEREMIĆ...20 第Ⅱ部　持続可能な未来と人間の尊厳の達成に向けて 　SDGs and ESD with special focus on Poverty issues...木曽功...28 　持続可能な開発のための2030アジェンダ : 開発問題をめぐる現状と今後の課題...田村政美...35 　平和と環境...小倉亜紗美...45 特別講演／Special Speech...Douglas RAKE...52 巻末言...55 資料1　シンポジウム・ポスター...58 資料2　参加者アンケート結果...602015年度第2回広島大学平和科学研究センター主催国際シンポジウ

This history of National Accounts in Britain is done with two specific considerations in mind. First, the role of the economist John Maynard Keynes-as theoretician, compiler, supporter and user-is addressed. This role is substantial and has been greatly misunderstood or misrepresented by a large part of the literature. Second, the pioneering contributions made at the start of the 20th century by Alfred Flux, Arthur Bowley and Josiah Stamp, and later by Colin Clark, are detailed. The debates between these men mark the emergence of National Accounts as a serious discipline. Their work was supported by the earlier theoretical contributions of Alfred Marshall, and by practical developments, in particular the instigation of a Census of Production in 1907. Taken together, the two considerations tell a good part of the story of the emergence of National Accounting on the world stage. "We are in a new era of joy through statistics." (Keynes, probably in 1941, cited by Lundberg, 1984) 1. Introduction André Vanoli (2005, p. 29), as Patinkin (1976, p. 1109, n. 36) before him, bemoans the lack of a history of National Income Accounting in Britain. 1 This paper is an effort partially to rectify this state of affairs. It is done with two specific considerations in mind. First, the role of the British economist John Maynard Keynes in that unwritten history is addressed. This role is substantial and has been greatly misunderstood or misrepresented by a large part of the literature. Second, the pioneering contributions to National Accounting made at the start of the 20th century in Britain are detailed. Taken together, these considerations tell a good part of the wider story of British National Accounting. According to the interpretation here, there are mythological aspects to some of the conventional presentations of the history of National Accounting. James Meade and Richard Stone in Britain and Simon Kuznets in the U.S. are often celebrated as if no others were involved, a conventional wisdom bolstered by awards of Nobel Prizes. In Britain, Meade and Stone built their accounting frame-Note: This paper was written while I worked for the Office for National Statistics. A great many thanks are owed to Karen Francis for production, to Jeffrey Care for expert library work, to Fenella Maitland-Smith for national accounts discipline, to Sanjiv Mahajan, Victoria Chick and Robin Lynch for advice and comments, and to Len Cook for enthusiasm and discussions. The interpretation is personal to the author, not an official view.

In this article I provide the definition of market efficiency in its broadest spectrum. Instead of surveying the vast literature on where the actual market conforms to the prediction of the finance theory and where it does not, I explore the conceptual issues surrounding the idea of efficient markets and give corrections to some common misunderstanding of the efficient market hypothesis. I also clarify how the notion of market efficiency is related to the standard model of asset pricing and point out the weakness of the current theory in explaining the operation of actual markets.

Aim: This article was written out of a felt need to reflect on the relationship between economic theories and models on the one hand and the empirical world as we experience it on the other. The question is in particular whether it is possible for economic models and theories to say anything definitive about the world we live in.   Design/Research methods: The article relies on professional publications, both within the field of economics and outside of it.   Conclusions/findings: There is much reason for humility, economic models and theories have hardly anything definitive to say about the empirical world, and there is a need for a more varied menu of theories and models and for a listening ear for the needs and fears of the population at large. The best we can do is discussing competing and conflicting views in a polite way. However, this requires a Sprachethik that looks more and more like an endangered species.   Originality/value of the article: Recent developments concerning ...

VC の出口状況に占める IPO の比率が，VEC 調査(2005 年 3 月までの一年間) では 537 件のうちの 265 件で約 50%と極めて高い。これに対し本調査では 29%， キャピタリスト調査でも 25%と低くなっている。両調査には約 1 年半の期間の差 があるが，それが異なる結果の原因とは考えにくい。というのは，2004 年~2006 年中頃までの公開状況はあまり差がない。2004 年の IPO は 175 社，2005 年 158 社 とやや下がったが 2006 年は推定で 200 社を超えると予想されている。 両調査の IPO 比率の大きな差は，調査サンプルの性格が違うことに由来するも のと思われる。本調査の方が VEC 調査に比べて設立後年数の若い企業が多い(1990 年代 11 社，2000 年代 16 社...41 社中)。つまり，VCF が若いので未だホールドの 状況にある投資先が多く，その分 IPO 比率が下がっているものと推定される。 投資先企業の分野別比率でも両調査には若干の差が認められた。IT 分野が最大 の投資先であることは同じだが，VEC 調査では 28%，本調査では 38%(VCF)であ った。逆にバイオの比率は 22%に対し 17%である。この差は，やはり本調査に答 えた VCF が比較的若く，そのため資金力の関係で IT 分野を選び易いことが推定 される。他にも，バイオ分野が言われているほど伸びていないこと，反面，従来 型産業への投資を増大させているという現実路線が本調査では浮かび上がってい る。 2005 年に入ってからの IT 分野投資の増大傾向は，もうひとつのベンチャーキャ ピタル調査である日本経済新聞社のそれでも確認されている。IT 向けは 2004 年度 に比べ 2.2 倍に伸長し 773 億円，反面，バイオ・医療関係は 7 年ぶりに減少に転じ 7%減の 198 億円であった。この原因は，バイオの推進主体のひとつである大学発 ベンチャーに翳りが出てきたことと関連していると思われる。 VEC調査とは関係ないが，最後に利益相反問題に触れておこう。この問題は， 門脇徹雄氏 7 などにより以前から指摘されている日本のベンチャーキャピタルの 構造問題である。しかし，本調査では，実際に出資者からクレームがあったのは 2 から 3 社(ファンドと本体は 3 社，ファンドは 2 社)にすぎず，これらの会社も 社内基準を設定していると答えている。つまり表面上は，問題はないのである。 この結果の分析は，追跡調査の結果を待たねばならないが，今のところの解釈 は，ベンチャーキャピタル会社の株主とこの会社がジェネラルパートナーになっ ているファンドの主な出資者が同一であるケースが多いということである。それ は，ベンチャーキャピタルのファンドがそれ程大衆化していないことの裏返しで ある。VEC 調査によれば，出資者の個人比率はほとんどゼロの状況から近年増加 したとはいえ，2005 年までの 1 年間の総計で 391 人中の 77 人，金額で 14%にと どまっている。もっとも個人の増加は著しい現象であり，やがて利益相反問題が 表面化することも充分予想される。

The general idea in this article is to present a contrast between two well-known authors, John Maynard Keynes and John Richard Nicholas Stone (Richard Stone), for their contributions to the development of national income estimates and National Accounting. Before World War II, the estimates made by Colin Clark were the main reference for discussions on government budget at a time when economic statistics were in a very rudimentary stage. In 1939, Keynes made a very important critique of Clark's estimates, despite acknowledging its pioneering importance. Stone worked closely with Keynes during the war, and while agreeing with him on this particular issue over Clark, he distanced himself completely from him by proposing a distinct conceptual framework that came to influence modern National Accounting. What this contrast reveal is that the recent limitations attributed to GDP for dealing with current problems, in addition to the techniques employed, are conditioned to the purpose of measurement, which was redefined after Keynes's passed away.

準需要飽和・準完全競争・人口減少を特徴とする「成熟経済社会」の深化した日本は、英、米、中国、インドなどとは根本的に異なる経済環境にあり、成長を前提とした国々の経済政策とは別の発想が求められる。構造的に成長が見込まれない以上、かつて希少財として優先的に経済の対象とされたカネはその地位を失った。今後より重要な希少性をもつのは、アイディアを創出し事業を遂行する従業員であり、それをリードする経営者である。「投資家のための会計」を脱却し、ヒトを動機づけるための会計やデータシステムの構築が求められている。実際の有価証券報告書データを使ったシミュレーションにより、新しい会計やデータシステムの有用性が確認されている。

This is a summary draft of Tomo Suzuki's Panelist Presentation at the Annual Congress of Japan Accounting Association 2019, on appreciating accounting as the Nudge of Instititional Mechanism Design. The Presentation exhibit Tomo Suzuki's papers over the last 20 years in which he explained how accounting played the central role in constructing socio-economic institutions such as "Keynesian Macroeconomics," the "Japanese Economy," or "India's Sustainability Revolution."

本稿は鈴木智英が過去20年にわたり追求してきた「制度設計のナッジとしてのAccount-ing」の説明である。日本会計研究学会が財務会計の将来を統一論題とし、その招致講演の原稿として書かれたものである。

There is no intrinsic shape with our economy. The macroeconomy does not carry any numbers such as GDP. It does not have any period of accounting, such as one year, or a quarter. It of course does not balance in any sense in the real economy. But we know our economy with numbers in a fixed period and in the balanced format as if it is an entity that we can control. It is “accounting” which has given our economy a formal profile and manageability since the 1930s. Keynes employed his junior colleague, Richard Stone, who applied accounting concepts to our economy so that the Government can control our economy. Drawing upon the primary archives, this paper analyses the history and process in which our macroeconomy came to be shaped by accounting.

"How do we transform the communist economy into modern market-based economy?," the Chairman asked. ...

Within the last decade, international accounting, as a common language of business and a mode of governance, has come to be widely disseminated in China, and has become an indispensable infrastructure of its socio-economy. This diffusion of accounting was propagated as a national strategy for growth, led by a few senior officials as key actors, and implemented through the National Accounting Institutes (NAIs) as a distinct institutional mechanism. Despite its importance, accounting is rarely examined in the literature of knowledge transfer, institutional sociology, transitional economics and development studies. Drawing on the multidisciplinary methods of contemporary history, this paper casts light on the NAIs as a focal point which effectively transfers and disseminates new knowledge, order and the spirit of a market economy, and which could be further developed, with cautions, as a replicable model for transitional and developing economies.

Covered by Times of India

"This is one of the most stunning applications of Institutional Mechanism Design which is simple, high-impact and elegant. Just one additional line to the Profit and Loss account can change the whole business games in the selfish capitalist market!"

This article reports how Japanese stakeholders considered the impact, be that positive or negative, of IFRS on Japanese businesses, economy and society. IFRS had initially been considered for mandatory adoption in Japan but the vast majority lobbied against it, resulting in the change of the plan.

Within the last decade, international accounting, as a common language of business and a mode of governance, has come to be widely disseminated in China, and has become an indispensable infrastructure of its socio-economy. This diffusion of accounting was propagated as a national strategy for growth, led by a few senior officials as key actors, and implemented through the National Accounting Institutes (NAIs) as a distinct institutional mechanism. Despite its importance, accounting is rarely examined in the literatures of knowledge transfer, institutional sociology, transitional economics and development studies. Drawing on the multidisciplinary methods of contemporary history, this paper casts light on the NAIs as a focal point which effectively transfers and disseminates new knowledge, order and the spirit of a market economy, and which could be further developed, with cautions, as a replicable model for transitional and developing economies.

Immediately after WWII, unlike statisticians' reforms, accountants failed to establish the Cabinet-controlled Accounting Committee and Accounting Law which were originally envisaged as the key to successful "Accountics": the management of the socio-economy through standardized accounting (Part I). Nevertheless, July 1948 is regarded as the beginning of Japan's accounting revolution, as academic accountants accomplished a series of fundamental reforms. Part II examines the process through which micro Wnancial systems were swiftly developed as a microfoundation of the new "democratic" socio-economy. First, academics implemented new accounting for large companies in order to dilute the Zaibatsu-and Imperial-centred regime; followed by censored and standardized accounting education for SMEs and the public in order to change the public perception of the roles of businesses in society. The foci of examination are the political manoeuvres of reformers, the consequences of new accounting, and pragmatic philosophy of the academics in action. Towards the end of the paper, some implications of this history are considered in relation to the impacts of the IAS/IFRS on today's international socio-economy.

Immediately after WWII, unlike statisticians' reforms, accountants failed to establish the Cabinet-controlled Accounting Committee and Accounting Law which were originally envisaged as the key to successful "Accountics": the management of the socio-economy through standardized accounting (Part I). Nevertheless, July 1948 is regarded as the beginning of Japan's accounting revolution, as academic accountants accomplished a series of fundamental reforms. Part II examines the process through which micro Wnancial systems were swiftly developed as a microfoundation of the new "democratic" socio-economy. First, academics implemented new accounting for large companies in order to dilute the Zaibatsu-and Imperial-centred regime; followed by censored and standardized accounting education for SMEs and the public in order to change the public perception of the roles of businesses in society. The foci of examination are the political manoeuvres of reformers, the consequences of new accounting, and pragmatic philosophy of the academics in action. Towards the end of the paper, some implications of this history are considered in relation to the impacts of the IAS/IFRS on today's international socio-economy.