A study on the influence and the legitimacy of founder's families in Japanese listed companies

2023 Fiscal Year Final Research Report

• Project/Area Number: 19K13805
• Research Category: Grant-in-Aid for Early-Career Scientists
• Allocation Type: Multi-year Fund
• Review Section: Basic Section 07080:Business administration-related
• Research Institution: University of Shizuoka
• Principal Investigator: Yasuhiro Ochiai 静岡県立大学, 経営情報学部, 教授 (70740679)
• Project Period (FY): 2019-04-01 – 2024-03-31
• Keywords: 創業家 / 正統性 / C区分ファミリービジネス / 株主構成 / 取締役構成 / 上場企業

Outline of Final Research Achievements

The results of this study identified 66 “C-classified family businesses” (family businesses without ownership background) among all listed companies, and clarified the features of board member composition and shareholder composition. In previous studies, the family's shareholding ratio was considered the main factor as an explanatory principle for managers from family backgrounds. This study pointed out the possibility that other factors (e.g., the family's shareholding ratio in the board of directors and the composition of family shareholders) may be relevant. In recent years, international conferences on family business have been discussing the heterogeneous factors of family businesses, and this study is the first result of such discussions.

Free Research Field

ファミリービジネス

Academic Significance and Societal Importance of the Research Achievements

通常、企業規模が拡大することに伴い、所有と経営が分離する（バーリ＝ミーンズ,　1932）。多角化、国際化、株式公開など規模が拡大すると、創業家一族の影響力は持株比率の減少に伴い低下することが想定される。他方、本研究は、上場してもなお創業家一族から経営者を輩出している企業の存在（C区分ファミリービジネス）の存在を明らかにし、その特徴を考察したことが成果としてあげられる。本研究によって、創業家一族が経営に関与する正統性、創業家一族がもつ理念や無形資産の存在が経営に影響を持つ可能性について考察をすることができた。