Influence of Successors' Personalities on Risk Behavior of Family Firms: Quantitative Analysis

• Project/Area Number: 17H02570
• Research Category: Grant-in-Aid for Scientific Research (B)
• Allocation Type: Single-year Grants
• Section: 一般
• Research Field: Management
• Research Institution: Waseda University
• Principal Investigator: ASABA SHIGERU 早稲田大学, 商学学術院(経営管理研究科), 教授 (60222593)
• Co-Investigator(Kenkyū-buntansha): 山野井 順一 早稲田大学, 商学学術院, 准教授 (20386543)
• Project Period (FY): 2017-04-01 – 2021-03-31
• Project Status: Completed (Fiscal Year 2021)
• Budget Amount: ¥12,610,000 (Direct Cost: ¥9,700,000、Indirect Cost: ¥2,910,000); Fiscal Year 2020: ¥3,380,000 (Direct Cost: ¥2,600,000、Indirect Cost: ¥780,000); Fiscal Year 2019: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000); Fiscal Year 2018: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000); Fiscal Year 2017: ¥6,370,000 (Direct Cost: ¥4,900,000、Indirect Cost: ¥1,470,000)
• Keywords: ファミリー企業 / 中小企業 / 事業承継 / 後継者特性 / リスクテイキング / 同族企業 / 経営者の心理的特性 / 後継者 / リスク選好 / 質問票調査 / 起業家行動 / リスク行動 / 経営学

Outline of Final Research Achievements

In this study, we conducted two questionnaire surveys on the psychological characteristics of current managers and succession candidates, their relationship, and the business succession process. We also conducted interviews
with several family firms regarding business succession. While psychological characteristics and business succession are being analyzed, we found that firms with R & D investment, which pursue long-term survival, or firms which realize the importance of sufficient preparation period and involvement of non-relatives for business succession are likely to determine a successor. We also found that business succession is a good opportunity for the successor to bring in a new perspective and carry out corporate transformation, and it is important to reconfirm the strengths and values of the firm through constructive discussions between generations.

Academic Significance and Societal Importance of the Research Achievements

ほとんどがファミリー企業である中小企業は、日本経済において高いプレゼンスを示しているが、全体の3割に当たる企業が後継者不在で、事業承継が深刻な問題となっている。本研究は、事業承継を実現するための課題や承継者が決まっている企業の特性を明らかにし、事業承継の問題に対する対処法を提示している。
また、ファミリー企業は、従来の事業やビジネスモデルを継続するがゆえに企業変革を達成しにくいと考えられるが、本研究は、事業承継が企業変革の良い機会であり、世代間での建設的な議論を通じて自社の強みを再確認することが、企業変革を進めるにあたって肝要であることを示した。

Research Products

• [Journal Article] Recent Trends in Quantitative Research in Management (2021)
  • Author(s): 山野井順一
  • Journal Title: Organizational Science Volume: 54 Issue: 4 Pages: 4-18
  • DOI: 10.11207/soshikikagaku.20210715-1
  • NAID: 130008065327
  • ISSN: 0286-9713, 2187-932X
  • Year and Date: 2021-06-20
• [Journal Article] Inter-organisational patent opposition network: how companies form adversarial relationships (2021)
  • Author(s): Tomomi Kito, Nagi Moriya, Junichi Yamanoi
  • Journal Title: The Japanese Economic Review Volume: 72 Issue: 1 Pages: 145-166
  • DOI: 10.1007/s42973-020-00057-5
  • NAID: 210000160734
  • Peer Reviewed / Open Access
• [Journal Article] ファミリー企業における事業承継： サーベイ・データの分析をもとに (2020)
  • Author(s): 淺羽茂、井口衡、鳥田友起、山野井順一
  • Journal Title: 商工金融 Volume: 70 Pages: 5-18
• [Journal Article] Acquisition announcements and stock market valuations of acquiring firms’ alliance partners: A transaction cost perspective (2020)
  • Author(s): Koo JaSeung, Yamanoi Junichi, Sakano Tomoaki
  • Journal Title: Journal of Business Research Volume: 118 Pages: 129-140
  • DOI: 10.1016/j.jbusres.2020.06.018
  • Peer Reviewed / Int'l Joint Research
• [Journal Article] The Contact-Hitting R&D Strategy of Family Firms in the Japanese Pharmaceutical Industry (2019)
  • Author(s): ASABA, Shigeru; WADA, Tetsuo
  • Journal Title: Family Business Review Volume: vol.32 Issue: 3 Pages: 277-295
  • DOI: 10.1177/0894486519852449
  • Peer Reviewed / Open Access
• [Presentation] Family CEOs’ Perceived Certainty of Family Managerial Succession and Organizational Ambidexterity (2021)
  • Author(s): Iguchi, H., Yamanoi, J. & Katayama, H.
  • Organizer: Academy of Management Meeting
  • Int'l Joint Research
• [Presentation] Boundary Conditions of Optimal Distinctiveness and Imitation Strategies: A Computational Modeling Approach (2021)
  • Author(s): Yamanoi, J., Takeuchi, Y. & Kito, T.
  • Organizer: Strategic Management Society 41st Annual Conference
  • Int'l Joint Research
• [Presentation] Entry Mode Still Matters: A Replication and Extension of Shaver’s (1998) Endogeneity Thesis (2020)
  • Author(s): He, B., Edman, J., & Yamanoi J.
  • Organizer: The 80th Annual Meeting of the Academy of Management
  • Int'l Joint Research
• [Presentation] Succession Expectations of Family CEOs and Investment Time Horizons (2018)
  • Author(s): Iguchi, H. Yamanoi, J., & Katayama, H.
  • Organizer: The 78th Annual Meeting of the Academy of Management
  • Int'l Joint Research
• [Presentation] CEOs’ Religiosity and Corporate Environmental Proactivity. (2018)
  • Author(s): Iguchi, H. Yamanoi, J., & Katayama, H.
  • Organizer: The 78th Annual Meeting of the Academy of Management
  • Int'l Joint Research
• [Book] 日本の持株会社 (2020)
  • Author(s): 下谷 政弘、川本 真哉
  • Total Pages: 230
  • Publisher: 有斐閣
  • ISBN: 9784641165731