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An Empirical Study on the Relationship between Exit Strategy, Business Strategy and Long-term Performance of Family Firms

Research Project

Project/Area Number 17H02560
Research Category

Grant-in-Aid for Scientific Research (B)

Allocation TypeSingle-year Grants
Section一般
Research Field Management
Research InstitutionKobe University

Principal Investigator

Kutsuna Kenji  神戸大学, 科学技術イノベーション研究科, 教授 (00275273)

Co-Investigator(Kenkyū-buntansha) 山本 一彦  神戸大学, 科学技術イノベーション研究科, 教授 (00789448)
沈 政郁  京都産業大学, 経済学部, 教授 (70706499)
Project Period (FY) 2017-04-01 – 2020-03-31
Project Status Completed (Fiscal Year 2019)
Budget Amount *help
¥16,770,000 (Direct Cost: ¥12,900,000、Indirect Cost: ¥3,870,000)
Fiscal Year 2019: ¥3,640,000 (Direct Cost: ¥2,800,000、Indirect Cost: ¥840,000)
Fiscal Year 2018: ¥3,250,000 (Direct Cost: ¥2,500,000、Indirect Cost: ¥750,000)
Fiscal Year 2017: ¥9,880,000 (Direct Cost: ¥7,600,000、Indirect Cost: ¥2,280,000)
Keywords家族企業 / ファミリービジネス / エグジット戦略 / 長期パフォーマンス / コーポレートガバナンス / ファミリーガバナンス / 経営学 / 事業戦略
Outline of Final Research Achievements

We classified all listed companies into the family business and non-family business from two perspectives: one as a manager and the other as a shareholder, and constructed long-term panel data to produce a research paper. Family businesses are said to engage in management from a long-term perspective. However, there is no empirical evidence so far to support them. Therefore, we empirically examined how family business and non-family business acted from the viewpoint of people, things, and money, regarding two economic crises, the 1997 financial crisis and the 2008 Lehman shock.

Academic Significance and Societal Importance of the Research Achievements

家族企業は「長期的視点からの経営」を行っているとしばしば言われるが、家族企業のヒト・モノ・カネに関する戦略的な行動について、その実態を実証的に明らかにした研究は世界的に見てもほとんどない。本研究ではアジア金融危機やリーマンショックなどの様々な経済的ショック(経済危機)のイベントを利用し、自然実験(Natural Experiment)方法を取り入れることで、この研究課題に取り組んだ。家族企業に対する政策的な支援のあり方を考えるうえでも多くの示唆を提供した。

Report

(4 results)
  • 2019 Annual Research Report   Final Research Report ( PDF )
  • 2018 Annual Research Report
  • 2017 Annual Research Report
  • Research Products

    (10 results)

All 2019 2018 Other

All Int'l Joint Research (3 results) Journal Article (3 results) Presentation (3 results) (of which Int'l Joint Research: 2 results) Book (1 results)

  • [Int'l Joint Research] シンガポール国立大学(シンガポール)

    • Related Report
      2019 Annual Research Report
  • [Int'l Joint Research] シンガポール国立大学(シンガポール)

    • Related Report
      2017 Annual Research Report
  • [Int'l Joint Research] アルバータ大学(カナダ)

    • Related Report
      2017 Annual Research Report
  • [Journal Article] 英国ペントランド社~超優良ファミリービジネスの企業統治と家族統治~2019

    • Author(s)
      忽那 憲治, 山本 一彦, 桑山 斉
    • Journal Title

      ビジネスインサイト

      Volume: 27(2) Pages: 53-71

    • NAID

      40021978330

    • Related Report
      2019 Annual Research Report
  • [Journal Article] SDGs実現による地方創生~スタートアップやファミリービジネスのためのビジネスプランニング~2019

    • Author(s)
      忽那 憲治
    • Journal Title

      商工金融

      Volume: 2019年9月号 Pages: 5-20

    • NAID

      40021991590

    • Related Report
      2019 Annual Research Report
  • [Journal Article] 地方創生とファミリービジネスのベンチャー型事業承継2018

    • Author(s)
      忽那 憲治
    • Journal Title

      OMNI-MANAGEMENT

      Volume: 2018年9月号

    • Related Report
      2018 Annual Research Report
  • [Presentation] Why Japan is the largest long-established company country in the world: Family firm perspective2019

    • Author(s)
      Jungwook Shim
    • Organizer
      Expert Workshop on Free and Open Indo-Pacific
    • Related Report
      2019 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Strategy difference between family and non-family firms: Evidence from economic shock2018

    • Author(s)
      Jungwook Shim
    • Organizer
      Global Conference on the Family Business & its Continuity
    • Related Report
      2018 Annual Research Report
  • [Presentation] Why do family firms achieve superior performance?: Evidence from two economic shock2018

    • Author(s)
      Jungwook Shim
    • Organizer
      Asia Council for Small Business 2018
    • Related Report
      2018 Annual Research Report
    • Int'l Joint Research
  • [Book] アトツギよ!ベンチャー型事業承継でカベを突き破れ!2019

    • Author(s)
      忽那 憲治
    • Total Pages
      200
    • Publisher
      中央経済社
    • ISBN
      9784502282119
    • Related Report
      2018 Annual Research Report

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Published: 2017-04-28   Modified: 2021-02-19  

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