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Firm metabolism and inter-firm network in aging society

Research Project

Project/Area Number 20K20511
Research Category

Grant-in-Aid for Challenging Research (Pioneering)

Allocation TypeMulti-year Fund
Review Section Medium-sized Section 7:Economics, business administration, and related fields
Research InstitutionWaseda University

Principal Investigator

Saito Yukiko  早稲田大学, 政治経済学術院, 教授 (50543815)

Co-Investigator(Kenkyū-buntansha) 小倉 義明  早稲田大学, 政治経済学術院, 教授 (70423043)
川口 大司  東京大学, 大学院経済学研究科(経済学部), 教授 (80346139)
足立 大輔  独立行政法人経済産業研究所, 研究グループ, 研究員(特任) (70961530)
Project Period (FY) 2020-07-30 – 2025-03-31
Project Status Completed (Fiscal Year 2024)
Budget Amount *help
¥26,000,000 (Direct Cost: ¥20,000,000、Indirect Cost: ¥6,000,000)
Fiscal Year 2024: ¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000)
Fiscal Year 2023: ¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000)
Fiscal Year 2022: ¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000)
Fiscal Year 2021: ¥5,720,000 (Direct Cost: ¥4,400,000、Indirect Cost: ¥1,320,000)
Fiscal Year 2020: ¥8,580,000 (Direct Cost: ¥6,600,000、Indirect Cost: ¥1,980,000)
Keywords企業間ネットワーク / 自主的退出 / セレクション / 高齢化社会 / 企業退出 / 地域経済 / 高齢化 / 新陳代謝 / 地位経済
Outline of Research at the Start

高齢化の進む中、企業の新陳代謝において自主的な退出が趨勢となった。倒産による退出が減ったことは、企業のセレクションにおいて、銀行の果たす役割が限定的であることを意味する。本研究は、自主的な退出における新たな企業のセレクションの仕組みを検討することを目的とする。企業活動は複雑な企業間ネットワークの上になりたっており、退出の連鎖を引き起こす。退出の連鎖は企業間ネットワークという地域の無形資産の崩壊、マクロの生産性の低下につながる。自主的な退出を代表者の交代および高齢化、企業間ネットワークの観点から実証的に明らかにし、理論モデルの構築、複数のシナリオにおける政策評価を行う。

Outline of Final Research Achievements

This study examined firm's voluntary exit in comparison with firm's bankruptcy by analyzing different characteristics by CEO age, regions, and propagation of firm exit through inter-firm transaction network.
Firms with older the CEO experience higher voluntary exit, and the effect is stronger after COVID shock, suggesting less vulnerability to shock, and tend to have sticky transaction network, which amplifies propagation of voluntary exit especially in periphery region. Those characteristics are different from those of firm's bankruptcy.
Based on those results, we published IMF working paper, RIETI discussion paper, and peer reviewed academic paper.

Academic Significance and Societal Importance of the Research Achievements

高齢化の進む中、企業の代表者の高齢化も進み、企業の新陳代謝において、自主的な退出が趨勢となっていた。企業のセレクションにおいて、倒産による退出と異なり、銀行の機能が限定的であり、新しいメカニズムの解明が学術的に重要である。特に、企業間の取引ネットワークを通じた自主的な退出の連鎖の特性について、倒産との違いを明らかにしたことの意義は大きい。
また、高齢化および企業数の減少は、地方において特に顕著であり、都市の消滅など、社会的な問題となっている。代表者交代など、事業継承に関わる政策的な示唆を持つ。

Report

(6 results)
  • 2024 Annual Research Report   Final Research Report ( PDF )
  • 2023 Research-status Report
  • 2022 Research-status Report
  • 2021 Research-status Report
  • 2020 Research-status Report
  • Research Products

    (29 results)

All 2025 2024 2023 2022 2021 2020 Other

All Int'l Joint Research (8 results) Journal Article (21 results) (of which Int'l Joint Research: 7 results,  Peer Reviewed: 17 results,  Open Access: 16 results)

  • [Int'l Joint Research] IMF/ダートマス大学(米国)

    • Related Report
      2024 Annual Research Report
  • [Int'l Joint Research] オスロ大学(ノルウェー)

    • Related Report
      2024 Annual Research Report
  • [Int'l Joint Research] オーフス大学(デンマーク)

    • Related Report
      2024 Annual Research Report
  • [Int'l Joint Research] IMF/Dartmouth College/Northwestern University(米国)

    • Related Report
      2021 Research-status Report
  • [Int'l Joint Research] Oslo University(ノルウェー)

    • Related Report
      2021 Research-status Report
  • [Int'l Joint Research] World Bank(マレーシア)

    • Related Report
      2021 Research-status Report
  • [Int'l Joint Research] IMF/ノースウェスタン大学(米国)

    • Related Report
      2020 Research-status Report
  • [Int'l Joint Research] ケンブリッジ大学(英国)

    • Related Report
      2020 Research-status Report
  • [Journal Article] Network-Motivated Forbearance Lending2025

    • Author(s)
      Ogura Yoshiaki、Okui Ryo、Saito Yukiko Umeno
    • Journal Title

      Management Science

      Volume: なし Issue: 11 Pages: 9766-9783

    • DOI

      10.1287/mnsc.2023.00459

    • Related Report
      2024 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Elasticity of substitution between robots and workers: Theory and evidence from Japanese robot price data2025

    • Author(s)
      Adachi Daisuke
    • Journal Title

      Journal of Monetary Economics

      Volume: なし Pages: 103782-103782

    • DOI

      10.1016/j.jmoneco.2025.103782

    • Related Report
      2024 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Robots and Employment: Evidence from Japan, 1978-20172024

    • Author(s)
      Daisuke Adachi, Daiji Kawaguchi, Yukiko U. Saito
    • Journal Title

      Journal of the Labor Economics

      Volume: forthcomming Issue: 2 Pages: 591-634

    • DOI

      10.1086/723205

    • Related Report
      2024 Annual Research Report 2023 Research-status Report 2022 Research-status Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] How do firms attain internal and external flexibility of employment?2024

    • Author(s)
      Fukai, Taiyo, Daiji Kawaguchi, Ayako Kondo, Izumi Yokoyama
    • Journal Title

      Labour Economics

      Volume: 91 Pages: 102628-102628

    • DOI

      10.1016/j.labeco.2024.102628

    • Related Report
      2024 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Skill, Productivity, and Wages: Direct Evidence from a Temporary Help Agency2024

    • Author(s)
      Dong Xinwei、Hyslop Dean、Kawaguchi Daiji
    • Journal Title

      Journal of Labor Economics

      Volume: 42 Issue: S1 Pages: S133-S181

    • DOI

      10.1086/728809

    • Related Report
      2023 Research-status Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] Nonresponse Bias of Japanese Wage Statistics2024

    • Author(s)
      Kawaguchi Daiji、Toriyabe Takahiro
    • Journal Title

      Journal of Official Statistics

      Volume: 40 Issue: 1 Pages: 57-121

    • DOI

      10.1177/0282423x241235256

    • Related Report
      2023 Research-status Report
    • Peer Reviewed / Open Access
  • [Journal Article] Does Geographical Proximity Matter in Small Business Lending? Evidence from Changes in Main Bank Relationships*2023

    • Author(s)
      Ono Arito、Saito Yukiko U.、Sakai Koji、Uesugi Iichiro
    • Journal Title

      Asia-Pacific Journal of Financial Studies

      Volume: 52 Issue: 5 Pages: 819-855

    • DOI

      10.1111/ajfs.12447

    • Related Report
      2023 Research-status Report
    • Peer Reviewed
  • [Journal Article] Is Asian Flushing Syndrome a Disadvantage in the Labor Market?"2023

    • Author(s)
      Daiji Kawaguchi, Jungmin Lee, Ming-Jen Lin, and Izumi Yokoyama
    • Journal Title

      Health Economics

      Volume: ー Issue: 7 Pages: 1478-1503

    • DOI

      10.1002/hec.4675

    • Related Report
      2023 Research-status Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] Investigating the epidemiological and economic effects of a third-party certification policy for restaurants with COVID-19 prevention measures2023

    • Author(s)
      Hirokawa Kazuya、Hirota Jumpei、Kawaguchi Daiji、Masaki Yusuke、Onita Chiaki
    • Journal Title

      Scientific Reports

      Volume: 13 Issue: 1 Pages: 1-13

    • DOI

      10.1038/s41598-023-34498-w

    • Related Report
      2023 Research-status Report
    • Peer Reviewed
  • [Journal Article] Taiyo Fukai, Masato Ikeda, Daiji Kawaguchi, Shintaro Yamaguchi2023

    • Author(s)
      COVID-19 and the employment gender gap in Japan
    • Journal Title

      Journal of the Japanese and International Economies

      Volume: 68 Pages: 101256-101256

    • DOI

      10.1016/j.jjie.2023.101256

    • Related Report
      2023 Research-status Report 2022 Research-status Report
    • Peer Reviewed / Open Access
  • [Journal Article] China's impact on regional employmentPropagation through input-output linkages and co-location patterns2022

    • Author(s)
      Shuhei Kainuma, Yukiko U. Saito
    • Journal Title

      World Economy

      Volume: 未定 Issue: 11 Pages: 3559-3601

    • DOI

      10.1111/twec.13251

    • Related Report
      2022 Research-status Report
    • Peer Reviewed / Open Access
  • [Journal Article] S. Yamaguchi, H.Inoue, K.Nakajima, T.Okazaki, Y.U.Saito, S. Braguinsky2022

    • Author(s)
      Invention by College Graduates in Science and Engineering during Japan's Industrialization
    • Journal Title

      RIETI Discussion Paper Series

      Volume: 22-E-104 Pages: 1-34

    • Related Report
      2022 Research-status Report
    • Open Access
  • [Journal Article] G.H. Hong, A. Ito, T.N.A. Nguyen, Y.U. Saito2022

    • Author(s)
      Did the COVID-19 Pandemic Create More Zombie Firms in Japan?
    • Journal Title

      RIETI Discussion Paper Series

      Volume: 22-E-072 Pages: 1-36

    • Related Report
      2022 Research-status Report
    • Open Access / Int'l Joint Research
  • [Journal Article] The impact of covid-19 on japanese firms: mobility and resilience via remote work2022

    • Author(s)
      Daiji Kawaguchi, Sagiri Kitao, and Nose Manabu
    • Journal Title

      International Tax and Public Finance

      Volume: 29 Issue: 6 Pages: 1419-1449

    • DOI

      10.1007/s10797-022-09749-7

    • Related Report
      2022 Research-status Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] The Role of Face-to-face Contact in Innovation: The Evidence from the Spanish Flu Pandemic in Japan2022

    • Author(s)
      H.Inoue, K.Nakajima, T.Okazaki, Y.U.Saito
    • Journal Title

      RIETI Discussion Paper Series

      Volume: 22-E-026 Pages: 1-23

    • Related Report
      2021 Research-status Report
    • Open Access
  • [Journal Article] Who can work from home? The roles of job tasks and HRM practices2021

    • Author(s)
      Kawaguchi Daiji、Motegi Hiroyuki
    • Journal Title

      Journal of the Japanese and International Economies

      Volume: 62 Pages: 101162-101162

    • DOI

      10.1016/j.jjie.2021.101162

    • NAID

      210000161785

    • Related Report
      2021 Research-status Report
    • Peer Reviewed / Open Access
  • [Journal Article] An Assessment of Abenomics from the Labor Market Perspective2021

    • Author(s)
      Kawaguchi Daiji、Kawata Keisuke、Toriyabe Takahiro
    • Journal Title

      Asian Economic Policy Review

      Volume: - Issue: 2 Pages: 247-278

    • DOI

      10.1111/aepr.12343

    • Related Report
      2021 Research-status Report
    • Peer Reviewed / Open Access
  • [Journal Article] Estimating the effects of the minimum wage using the introduction of indexation2021

    • Author(s)
      Kawaguchi Daiji、Mori Yuko
    • Journal Title

      Journal of Economic Behavior & Organization

      Volume: 184 Pages: 388-408

    • DOI

      10.1016/j.jebo.2021.01.032

    • Related Report
      2021 Research-status Report 2020 Research-status Report
    • Peer Reviewed / Open Access
  • [Journal Article] Supply chain disruptions: Evidence from the great east japan earthquake2021

    • Author(s)
      VM Carvalho, M Nirei, YU Saito, A Tahbaz-Salehi
    • Journal Title

      The Quarterly Journal of Economics

      Volume: 136 (2) Issue: 2 Pages: 1255-1321

    • DOI

      10.1093/qje/qjaa044

    • Related Report
      2020 Research-status Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] Adjustments of regular and non-regular workers to exogenous shocks: Evidence from exchange-rate fluctuation2020

    • Author(s)
      Izumi Yokoyama, Kazuhito Higa and Daiji Kawaguchi
    • Journal Title

      Industrial and Labor Relations Review

      Volume: in press Issue: 2 Pages: 470-510

    • DOI

      10.1177/0019793919887961

    • Related Report
      2021 Research-status Report 2020 Research-status Report
    • Peer Reviewed / Open Access
  • [Journal Article] Structural Changes in Japanese Firms: Business Dynamism in an Aging Society2020

    • Author(s)
      Gee Hee Hong, Arata Ito Yukiko U. Saito,Thi-Ngoc Anh Nguyen
    • Journal Title

      IMF Working Paper

      Volume: WP/20/182 Pages: 1-38

    • Related Report
      2020 Research-status Report
    • Int'l Joint Research

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Published: 2020-08-03   Modified: 2026-01-16  

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