2014 Fiscal Year Final Research Report
Empirical Studies on Going Private Transactions of Japanese Firms
| Project/Area Number |
25780205
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Money/ Finance
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| Research Institution | Prefectural University of Kumamoto |
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Principal Investigator |
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| Project Period (FY) |
2013-04-01 – 2015-03-31
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| Keywords | 非公開化 / MBO |
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| 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.
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| Free Research Field |
企業金融
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