Toward a Sustainable Society

About Us

The Research Institute of Capital Formation (RICF) was established on July 1, 1964, as a department of the Japan Development Bank, with Dr. Osamu Shimomura as its first executive director. The institute currently serves as a research department of the Development Bank of Japan, conducting research aimed at the formation of a sustainable economy and society.

Shimomura Fellowship

Development Bank of Japan (DBJ) offers non-Japanese researchers the Shimomura Fellowship, named in honor of the late Dr. Osamu Shimomura, a noted Japanese economist.

Recent Research Papers

Other Research Papers

30/01/2023 Financial DB

 Handbook of Industrial Financial Data 2022 (DBJ Research Institute of Capital Formation (ed.)) (in Japanese).

31/08/2022 Discussion paper

The Real Effect of ESG Rating Agencies (Bikmetova, Natalya and Christo A. Pirinsky)[PDF:795K]

20/12/2021 Financial DB

 Handbook of Industrial Financial Data 2021 (DBJ Research Institute of Capital Formation (ed.)) (in Japanese).

06/09/2021 Economics Today

 Board Gender Diversity and Environmental Disclosure: Evidence from Listed Firms in Japan (Ayako Ozawa) (in Japanese).

08/03/2021 Discussion paper

The Distribution of Voting Rights to Shareholders (Fos, Vyacheslav and Clifford G. Holderness)[PDF:661K]

25/09/2020 Economics Today

 Trends of Global Economy and Asia: US-China Disputes, Digitalization and the Course of Japan (Ogawa, Eiji, Jun-ichi Nakamura and Masakazu Sato) (in Japanese).

18/08/2020 Discussion paper

Renewable Governance: Good for the Environment? (Dyck, Alexander, Karl V. Lins, Lukas Roth, Mitch Towner and Hannes F. Wanger)[PDF:859K]

22/07/2020 Economics Today

 Reexamining the Role of Finance in Overcoming Industrial Pollution: Evidence from 1970s Lending Programs by the Japan Development Bank (Uchiyama, Katsuhisa and Yuko Hosoda) (in Japanese).

14/07/2020 Economics Today

 Governance Reforms from Comparative Perspectives: The Capital Market, Ownership and Control (Miyajima, Hideaki, Kazunori Suzuki, Jun-ichi Nakamura and Takuya Okada(eds.)) (in Japanese).

18/10/2019 Discussion paper

Corporate Governance Compliance and Firm Value: A Cultural Perspective (Orihara, Masanori and Arman Eshraghi)[PDF:808K]

Springer Monographs & SpringerBriefs in Economics: DBJ Research Series 新規ウインドウで開きます

SpringerBriefs in Economics: DBJ Research Series English monographs, launched in commemoration of the 50th anniversary of RICF, based on research by the RICF staff as well as other researchers in various capacities.

Development Bank of Japan