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.

Call for Papers: The Fourth Conference on CSR, the Economy and Financial Markets

Recent Research Papers

Other Research Papers

19/12/2019 Financial DB

 Handbook of Industrial Financial Data 2019 (DBJ Research Institute of Capital Formation (ed.)) (in Japanese).

18/10/2019 Discussion paper

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

17/10/2019 Discussion paper

Long-term Financial Performance of Corporate Social Responsibility, External Governance from Foreign Stockholders, and Regional Stakeholders (Shirasu, Yoko and Hidetaka Kawakita)[PDF:629K]

29/07/2019 Economics Today

 Productivity, Employment, and the Future of Financial Services: The Impact of Digital Innovation in Japan (Ueda, Kazuo, Shin-ichi Fukuda and Jun-ichi Nakamura (eds.)) (in Japanese).

27/05/2019 Discussion paper

Trade, Resource Use and Pollution: A Synthesis (Yanase, Akihiko and Gang Li)[PDF:4.6M]

15/05/2019 Discussion paper

Who is the Boss? Family Control without Ownership in Publicly-traded Japanese Firms (Bennedsen, Morten, Vikas Mehrotra, Jungwook Shim and Yupana Wiwattanakantang)[PDF:1.3M]

15/05/2019 Discussion paper

Do Social Networks Encourage Risk-taking? Evidence from Bank CEOs (Fang, Yiwei, Iftekhar Hasan, LiuLing Liu and Haizhi Wang)[PDF:760K]

15/05/2019 Discussion paper

Foreign Ownership, Bank Information Environments, and the International Mobility of Corporate Governance (Fang, Yiwei, Iftekhar Hasan, Woon Sau Leung and Qingwei Wang)[PDF:1.1M]

10/05/2019 Economics Today

 Money, Employment and Liberalism---A Review of the Works of Professor Masayuki Otaki: Proceedings of the ISS and RICF Joint Symposium (Cato, Susumu and Katsuhisa Uchiyama(eds.)) (in Japanese).

22/02/2019 Discussion paper

The Deterrent Effect of Anti-Bribery Law Enforcement on the Quality of Earnings (Bunkanwanicha Pramuan and Olivier Greusard)[PDF:493K]

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