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2015 Fiscal Year Final Research Report

AN EMPIRICAL STUDY OF GOING-PRIVATE FIRMS IN JAPAN

Research Project

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Project/Area Number 25380510
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Management
Research InstitutionTokyo Metropolitan University

Principal Investigator

MATSUDA CHIEKO  首都大学東京, 社会(科)学研究科, 教授 (80613140)

Project Period (FY) 2013-04-01 – 2016-03-31
Keywords非上場化 / 親子上場 / MBO / 資本市場 / 経営財務 / 企業経営
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.

Free Research Field

経営学

URL: 

Published: 2017-05-10  

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