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2015 Fiscal Year Final Research Report

Setting of Long Term Objectives and Sustainable Growth of Firms: A Corporate Finance View

Research Project

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Project/Area Number 25245052
Research Category

Grant-in-Aid for Scientific Research (A)

Allocation TypeSingle-year Grants
Section一般
Research Field Management
Research InstitutionChuo University

Principal Investigator

Kubota Keiiichi  中央大学, その他の研究科, 教授 (00120858)

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)
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)
Project Period (FY) 2013-10-21 – 2016-03-31
Keywords同族企業 / CSP / 情報の非対称性 / 資本コスト / R&D
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.

Free Research Field

経営財務論

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Published: 2017-05-10   Modified: 2018-02-02  

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