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Empirical Studies on Going Private Transactions of Japanese Firms

Research Project

Project/Area Number 25780205
Research Category

Grant-in-Aid for Young Scientists (B)

Allocation TypeMulti-year Fund
Research Field Money/ Finance
Research InstitutionPrefectural University of Kumamoto

Principal Investigator

KAWANISHI TAKUYA  熊本県立大学, 総合管理学部, 講師 (20516992)

Project Period (FY) 2013-04-01 – 2015-03-31
Project Status Completed (Fiscal Year 2014)
Budget Amount *help
¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2014: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2013: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Keywords非公開化 / MBO
Outline of Final Research Achievements

Going private transactions of Japanese firms were empirically studied focusing on public-to-private type management buyout (MBO) cases. It turned out that the decision to go private was based on a trade-off between the costs and benefits of being public and going private transactions aiming for reduction of agency costs had increased after the 2008 financial crisis. Regarding changes in the corporate behaviors and performances after going private, although MBO firms enjoyed sales growths, improvements in other performance measures such as ROA were not observed. In the analysis which took into account the structures of MBOs, efficiency gains were observed among cases with and without buyout funds. Firms which experienced substantial increases in leverage at the time of going private transactions reduced their firm sizes ex post.

Report

(3 results)
  • 2014 Annual Research Report   Final Research Report ( PDF )
  • 2013 Research-status Report
  • Research Products

    (2 results)

All 2014 Other

All Presentation (2 results)

  • [Presentation] MBOによる株式非公開化のパフォーマンス改善効果に関する実証分析2014

    • Author(s)
      川本真哉・河西卓弥
    • Organizer
      日本応用経済学会2014年度秋季大会
    • Place of Presentation
      中央大学多摩キャンパス
    • Year and Date
      2014-11-15
    • Related Report
      2014 Annual Research Report
  • [Presentation] 日本企業のMBOにおける買収プレミアムの分析

    • Author(s)
      河西卓弥・齋藤隆志・川本真哉
    • Organizer
      日本応用経済学会2013年度秋季大会
    • Place of Presentation
      法政大学
    • Related Report
      2013 Research-status Report

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Published: 2014-07-25   Modified: 2019-07-29  

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