Research on Captives and Risk Finance of Japanese Corporation

• Project/Area Number: 24530510
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Business administration
• Research Institution: Kwansei Gakuin University
• Principal Investigator: MAEDA Yuji 関西学院大学, 経営戦略研究科, 准教授 (70456747)
• Co-Investigator(Kenkyū-buntansha): SUGINO Fumitoshi 専修大学, 商学部, 教授 (50407631) ; METHE David 関西学院大学, 経営戦略研究科, 教授 (50294244)
• Project Period (FY): 2012-04-01 – 2015-03-31
• Project Status: Completed (Fiscal Year 2014)
• Budget Amount: ¥4,940,000 (Direct Cost: ¥3,800,000、Indirect Cost: ¥1,140,000); Fiscal Year 2014: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000); Fiscal Year 2013: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000); Fiscal Year 2012: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
• Keywords: リスクマネジメント / 企業ファイナンス / キャプティブ / リスクファイナンス / 保険 / 国際研究者交流 / 経営 / 国際情報交換（米国）

Outline of Final Research Achievements

This research investigates why Japanese firms do not utilize captives for financing risk so much as US or UK firms do. In order to answer to the above research question, we set up three hypothesises and used empirical approach both with micro and macro analysis.
Our research results show that Japanese firms did not necessarily make rational decisison based on efficiency of risk financing by captives but rather decide to keep current good relationship with the insurance companies who are afraid of lowering premium incomes. The insurance companies who have a major stockholder of the firm do not encourage the firm to increase its firm's value by captives but want to keep the current commercial relationship.

Research Products

• [Journal Article] 米国キャプティブの新展開に関する一考察 (2015)
  • Author(s): 杉野文俊
  • Journal Title: 専修大学商学論集 Volume: 100 Pages: 49-77
  • Acknowledgement Compliant
• [Journal Article] レヴィ過程による製造物賠償責任リスクのモデル推定 (2014)
  • Author(s): 前田祐治
  • Journal Title: ビジネス＆アカウンティングレビュー、関西学院大学経営戦略研究会 Volume: 13号 Pages: 1-17
  • NAID: 120005451866
• [Journal Article] Creating Value with a Captive Insurer in Europe (2013)
  • Author(s): Yuji Maeda
  • Journal Title: Kwansei Gakuin University Social Sciences Review Volume: 18 Pages: 101-118
  • NAID: 40021336438
• [Journal Article] Corporate Governance and Mutual versus Stock Ownership: A Case Study of Heisei Life Insurance Crisis (2013)
  • Author(s): 杉野文俊
  • Journal Title: 専修商学論集 Volume: 96 Pages: 81-95
  • NAID: 120006792376
• [Journal Article] Demand for Captives and Domiciles: Why are Countries and States Rushing into Captives? (2012)
  • Author(s): 前田祐治
  • Journal Title: Kwansei Gakuin University Social Sciences Review Volume: 17 Pages: 45-61
  • NAID: 40021336373
• [Journal Article] ＥＲＭの多様性と保険会社のＥＲＭ (2012)
  • Author(s): 杉野文俊
  • Journal Title: 保険学雑誌 Volume: 617 Pages: 53-72
  • NAID: 130003375524
• [Journal Article] キャプティブとソルベンシーＩＩに関する一考察-欧州キャプティブの多様性と方向性について (2012)
  • Author(s): 杉野文俊
  • Journal Title: 損害保険研究 Volume: 74 Pages: 85-125
• [Presentation] On Feasibility of a Risk Retention Group in Japan
  • Author(s): Yuji Maeda, Fumitoshi Sugino
  • Organizer: Asia Pacific Risk and Insurance Association
  • Place of Presentation: St. John's University, New York, U.S.A
• [Presentation] Sustainability of a Small Amount and Short Term Insurance Company
  • Author(s): Yuji Maeda
  • Organizer: 日本リスク学会第26回年次大会
  • Place of Presentation: 中央大学、東京
• [Presentation] Application of Levy Processes to Problems in Risk Finance: A Case Study of Product Liability Losses
  • Author(s): 前田祐治
  • Organizer: Asia-Pacific Risk and Insurance Assocation
  • Place of Presentation: Sung Kyun Kwan University （韓国）
• [Presentation] Comparative Analysis of Captive Domiciles
  • Author(s): 前田祐治
  • Organizer: 日本リスク学会
  • Place of Presentation: 滋賀大学
• [Presentation] Corporate Governance and Mutual versus Stock Ownership: A Case Study of Heisei Life Insurance Crisis
  • Author(s): 杉野文俊
  • Organizer: Asia-Pacific Risk and Insurance Assocation
  • Place of Presentation: Sung Kyun Kwan University （韓国）
• [Presentation] Feasibility of a Risk Retention Group in Japan
  • Author(s): 前田祐治
  • Organizer: Asia-Pacific Risk and Insurance Association
  • Place of Presentation: St. John's University （U.S.A）
• [Book] 企業のリスクマネジメントとキャプティブの役割 (2015)
  • Author(s): 前田祐治
  • Total Pages: 200
  • Publisher: 関西学院出版会
• [Book] キャプティブと日本企業 リスクマネジメントの強化にむけて (2013)
  • Author(s): 池内光久、杉野文俊、前田祐治
  • Total Pages: 286
  • Publisher: 保険毎日新聞社
• [Book] 損害保険講座テキスト 損害保険とリスクマネジメント (2012)
  • Author(s): 杉野文俊
  • Publisher: 公益財団法人損害保険事業総合研究所