Succession Expectations of Family CEOs and Investment Time Horizons
| Project/Area Number |
17K13792
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Management
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| Research Institution | Kyoto College of Economics (2019)
Waseda University (2017-2018) |
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Principal Investigator |
Iguchi Hakaru 京都経済短期大学, 経営情報学科, 講師 (60633906)
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| Project Period (FY) |
2017-04-01 – 2020-03-31
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| Project Status |
Completed (Fiscal Year 2019)
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| Budget Amount *help |
¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
Fiscal Year 2019: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2018: ¥2,860,000 (Direct Cost: ¥2,200,000、Indirect Cost: ¥660,000)
Fiscal Year 2017: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
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| Keywords | 同族企業 / 中小企業 / 事業承継 / 長期的投資 / 社会情緒的資産 / 海外進出 / 主観的確率 |
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| Outline of Final Research Achievements |
How do family firm CEOs’ expectations of their firms’ succession influence investment time horizon? By extending the socioemotional wealth perspective from the myopic loss aversion framework, we propose that family CEOs who confidently expect that their successors will be found are more likely to engage in long-term investment. Additionally, the likelihood of long-term investment is more positively associated with CEOs’ expectations of managerial succession by non-children than by their own children. We examine a sample of 410 small and medium-sized family manufacturers in Tokyo, Japan, and find a strong statistical support for the hypothesized relationships. These two findings shed light on a novel aspect of the accumulation and retention of socioemotional wealth based on the relationship between family firms’ managerial succession and investment time horizon.
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| Academic Significance and Societal Importance of the Research Achievements |
本研究では、同族企業経営者の子供以外の人物が事業承継をしてくれるだろうという期待は、子供に対する期待よりも、より長期的投資を促進することが明らかになった。これは、経営者の子供によって事業承継が行われた後に生じる業績の低下は、先代の経営者の長期的投資の少なさに起因している可能性を示唆するものとなっている。
また、本研究の分析結果は、、後継候補者マッチングサービスや事業承継に関わる減税施策などといった中小企業における事業承継支援策によって、事業承継における不確実性を減らすことで、同族中小企業による長期的投資を促進することができる可能性を示唆している。
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Report
(4 results)
Research Products
(11 results)
