2012 Fiscal Year Final Research Report
Management and Governance of Family Firms: Analyses of Corporate Financial Behavior, Efficiency, and Innovation
| Project/Area Number |
21243029
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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 |
Business administration
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| Research Institution | Chuo University |
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Principal Investigator |
KUBOTA Keiichi 中央大学, 戦略経営研究科, 教授 (00120858)
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| Co-Investigator(Kenkyū-buntansha) |
EBIHARA Takashi 武蔵大学, 経済学部, 准教授 (00367129)
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)
KAWAI Tadahiko 中央大学, 戦略経営研究科, 教授 (60080363)
ASABA Shigeru 学習院大学, 経済学部, 教授 (60222593)
TAKEHARA Hitoshi 早稲田大学, 商学学術院, 教授 (70261782)
SAWAKI Katsushige 南山大学, ビジネス研究科, 教授 (80065482)
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| Co-Investigator(Renkei-kenkyūsha) |
SAITO Susumu 上智大学, 経済学部, 名誉教授 (00007808)
MATSUMOTO Toshifumi 同志社大学, 商学部, 教授 (90140095)
TOKUNAGA Toshifumi 武蔵大学, 経済学部, 教授 (30329750)
YONEYAMA Shigemi 武蔵大学, 経済学部, 教授 (30258496)
FURUSE Kimihiro 武蔵大学, 経済学部, 准教授 (70401677)
IWAI Chihiro 青山学院大学, 社会情報学部, 教授 (20388490)
UCHIDA Kounari 九州大学, 経済学研究科, 教授 (80305820)
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| Project Period (FY) |
2009 – 2012
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| Keywords | 同族企業 / 創業者一族 / CSP / 情報の非対称性 / 利益の質 / リスク回避度 / 株式保有比率 / エントレンチメント |
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| Research Abstract |
We established our original data base for listed family firms in Japan. Our main findings are:
1) information asymmetry is higher and cost of debt is lower
2) CSP is lower while the role of CEO is different between industries
3) family firms show better earnings quality and its level depends on the shares held by founding families
4) accounting conservatism is higher
5) the variability of financial performance is lower, and
6) family firms do not reduce investment during recession for the electric industry.
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