| Project/Area Number |
25245052
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| Research Category |
Grant-in-Aid for Scientific Research (A)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Management
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| Research Institution | Chuo University |
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Principal Investigator |
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| Co-Investigator(Kenkyū-buntansha) |
YOKOTA ERI 慶應義塾大学, 商学部, 教授 (20277700)
NIKAIDO YUKO 武蔵大学, 経済学部, 准教授 (20396899)
ASABA Shigeru 早稲田大学, 商学学術院, 教授 (60222593)
TAKEHARA HITOSHI 早稲田大学, 商学学術院, 教授 (70261782)
OSANO HIROSHI 京都大学, 経済研究所, 教授 (90152462)
AOI MICHIKAZU 明治大学, グローバル・ビジネス研究科, 教授 (70101889)
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| Co-Investigator(Renkei-kenkyūsha) |
SAWAKI KATSUSHIGE 南山大学, 大学院 ビジネス研究科, 教授 (80065482)
EBIHARA TAKASHI 武蔵大学, 経済学部, 准教授 (00367129)
TOKUNAGA TOSHIFUMI 武蔵大学, 経済学部, 教授 (30329750)
WADA KENJI 慶應義塾大学, 商学部, 教授 (30317325)
TAKAHASHI TOYOHARU 中央大学, 商学部, 教授 (10211343)
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| Project Period (FY) |
2013-10-21 – 2016-03-31
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| Project Status |
Completed (Fiscal Year 2015)
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| Budget Amount *help |
¥22,490,000 (Direct Cost: ¥17,300,000、Indirect Cost: ¥5,190,000)
Fiscal Year 2015: ¥6,110,000 (Direct Cost: ¥4,700,000、Indirect Cost: ¥1,410,000)
Fiscal Year 2014: ¥7,280,000 (Direct Cost: ¥5,600,000、Indirect Cost: ¥1,680,000)
Fiscal Year 2013: ¥9,100,000 (Direct Cost: ¥7,000,000、Indirect Cost: ¥2,100,000)
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| Keywords | 同族企業 / CSP / 情報の非対称性 / 資本コスト / R&D / 利益の質 / 株式流動性 / 研究開発投資 / マーケットマイクロストラクチャー / 企業の長期成長 / ファミリービジネス / サスティナビリティー / 企業の資本コスト / ディスクロージャーの質 / 税金と企業価値 / 株主所有構造 / 企業の長期投資行動 / ディスクロ―ジャーと価格発見 / 創業者精神 / イノベーション |
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| Outline of Final Research Achievements |
Based on the original database constructed for listed family firms in Japan, we searched for the key variables to lead these firms to aim for long term sustainability. Our main finding for family firms in Japan are: 1) informational asymmetry is higher and cost of debt is lower, 2) CSP is lower but the role of CEO is positive for selected industries, 3) family firms show better earnings quality and the distance to default is longer, 4) the variability of financial indicators of family firms is lower and these firms aim for conservative and sustainable management, 5) family firms invest less on R&D expenditures, which is crucial for long-term growth, but their investment behavior is more focused, and 6) the recent various reforms conducted by Tokyo Stock Exchange helped reduce the illiquidity of listed stocks to a great extent and made the cost of equity and the hurdle for future investment lower to attract more investment.
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