| Budget Amount *help |
¥4,810,000 (Direct Cost: ¥3,700,000、Indirect Cost: ¥1,110,000)
Fiscal Year 2015: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2014: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
Fiscal Year 2013: ¥2,340,000 (Direct Cost: ¥1,800,000、Indirect Cost: ¥540,000)
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| Outline of Final Research Achievements |
This study analyzes the delisting of companies in Japan, which has increased in recent years. Many companies voluntarily want to go private, while delisting used to be occured only in case of bankruptcy, etc. This study seeks to determine why companies change their minds from staying their listed status to going private, and describe the social and economic significance of Japan’s capital market and its function.
The study succcessfuly reveals the characteristics of going private companies in Japan, clarifying the empirical results and adding a new discovery. It also empirically reveals that the factors leading to going private decisions differ according to firm attributes. The study conducts a positive analysis of going-private transactions in which conflicts of interest can become a problem influencing the decision making of stakeholders such as management and shareholders.
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