| Project/Area Number |
21H00754
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| Research Category |
Grant-in-Aid for Scientific Research (B)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Review Section |
Basic Section 07080:Business administration-related
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| Research Institution | Kwansei Gakuin University |
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Principal Investigator |
KOJIMA KOJI 関西学院大学, 国際学部, 教授 (80388727)
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| Co-Investigator(Kenkyū-buntansha) |
忽那 憲治 神戸大学, 経営学研究科, 教授 (00275273)
菅原 智 関西学院大学, 商学部, 教授 (40331839)
ADHIKARY B.K. 兵庫県立大学, 国際商経学部, 教授 (40512976)
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| Project Period (FY) |
2021-04-01 – 2024-03-31
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| Project Status |
Completed (Fiscal Year 2023)
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| Budget Amount *help |
¥7,020,000 (Direct Cost: ¥5,400,000、Indirect Cost: ¥1,620,000)
Fiscal Year 2023: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2022: ¥2,860,000 (Direct Cost: ¥2,200,000、Indirect Cost: ¥660,000)
Fiscal Year 2021: ¥2,990,000 (Direct Cost: ¥2,300,000、Indirect Cost: ¥690,000)
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| Keywords | family firms / performance / corporate governance / M&A / financial strategies / Japan / Family firms / Earnings management / entreprenurship / Corporate governance / Family business |
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| Outline of Research at the Start |
Family firms constitute nearly 70% of the listed firms in Japan. Some researchers also outlined troubles for family firms in Japan. However, in our recent study, we find that family firms in Japan have superior accounting performance compared to non-family firms. This has created interest for us to dig further into the performance of different types of family firms using the earnings management tool.
Specifically, we plan to address the following questions such as "Does the performance of family firms vary by its type?" "Do family firms manage earnings?" and "Do governance factors matter?"
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| Outline of Final Research Achievements |
The achievements of the research projects can be summarized in three parts: Academic publications, including journal articles and working papers; 2. Cases of Japanese family firms; and 3. Database of family firms. For academic publications, we publish papers on Japanese traditional family firms in the manufacturing industry, comparative performance analyses between listed family and non-family firms, the stock performance comparison between listed family and non-family firms after Merger and Acquisitions (M&As), comparisons between family firms’ and non-family firms’ financial strategies, and comparisons of downsizing strategies between these firms. Lastly, the new database containing manager types, corporate governance, and financial variables is constructed and used in the publications for this research fund and future analysis.
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| Academic Significance and Societal Importance of the Research Achievements |
日本は多くの歴史あるファミリービジネス（同族企業）を擁するファミリービジネス大国であるが、ファミリービジネスという形態は、否定的な文脈で用いられることが多い。構築したデータベース等を用いて行った研究成果が明らかにしたことは、ファミリービジネスの形態が必ずしも古臭くなく、外国人持ち株比率などが企業業績に対する正の影響であり、同族企業が非同族企業と比較してM&A後の株価パフォーマンスが高いこと、財務戦略がより優れている、ダウンサイジングに対して否定的であるなどを明らかにすることができた。多くの同族企業の経営者とのインタビューや訪問調査を通じて、その強みと可能性について改めて確認することができた。
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