| Project/Area Number |
24K00297
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| Research Category |
Grant-in-Aid for Scientific Research (B)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Review Section |
Basic Section 07080:Business administration-related
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| Research Institution | Kwansei Gakuin University |
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Principal Investigator |
児島 幸治 関西学院大学, 国際学部, 教授 (80388727)
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| Co-Investigator(Kenkyū-buntansha) |
ADHIKARY B.K. 兵庫県立大学, 国際商経学部, 教授 (40512976)
忽那 憲治 東京大学, 応用資本市場研究センター, 特任教授 (00275273)
菅原 智 関西学院大学, 商学部, 教授 (40331839)
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| Project Period (FY) |
2024-04-01 – 2027-03-31
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| Project Status |
Granted (Fiscal Year 2024)
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| Budget Amount *help |
¥8,970,000 (Direct Cost: ¥6,900,000、Indirect Cost: ¥2,070,000)
Fiscal Year 2026: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2025: ¥3,250,000 (Direct Cost: ¥2,500,000、Indirect Cost: ¥750,000)
Fiscal Year 2024: ¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
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| Keywords | family firms / performance / ownership / corporate governance / M&A / financial strategies / SMEs / Japan / Family firms / Corporate governance / Economic shocks / Earnings management / Resilience |
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| Outline of Research at the Start |
Our key research questions are: (1) Are family firms in Japan resilient to economic shocks compared to nonfamily firms? If so, does it vary by family types, such as founder-run, heir-run, and salaryman? (2) Do governance elements influence the financial resilience of family firms? (3) What financial, physical, and human capital management strategies do the family firms adopt during economic shocks to protect the firm value and earnings quality? We empirically examine these research questions using the updated family-firms database.
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| Outline of Annual Research Achievements |
The primary purpose of the research was to investigate further the financial, physical, and human capital management strategies of family firms during 1997, 2008, and Covid-19 pandemic economic recessions to obtain a clear picture. Our key research question is: Are family firms in Japan resilient to economic shocks compared to nonfamily firms? If so, does it vary by family types, such as founder-run, heir-run, and salaryman? In doing so, we have updated our database and published we have updated our database and published three academic papers (one SSRN working paper, and one in refereed academic journal and one in nonrefereed academic journal). We compiled a case study of family firms in Japan and published it as one separate papers.
Titles of papers we publish include:
“Equity Overvaluation, Financing, and M&A Payment Method: Evidence from Japan,” by Hu, Yunxiao and Kutsuna Kenji, and “Do Family Firms Outperform Non-Family Firms in Japan? Further Evidence Using Foreign Ownership as a Moderator,” by Adhikary, Bishnu Kumar, Kojima, Koji, Mitra, Ranjan Kumar, and “Moderation role of external accountant’s advice on the relationship between small business owner-manager’s digital self-efficacy and firm’s financial performance,” by Sugahara, Satoshi and Kano, Keita.
We also published a case-oriented paper based on interviews and field studies of Japanese family firms that include:
児島幸治（2025）「小規模地方自治体におけるDX推進事例―高知県日高村と一般社団法人まるごとデジタルの挑戦―」『産研論集』52号, pp.51-59.
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| Current Status of Research Progress |
Current Status of Research Progress
2: Research has progressed on the whole more than it was originally planned.
Reason
As previously written in the summary of research achievement, we published some academic papers. We compiled case studies of family firms in Japan and published them as one separate paper. We continue to work on a book on the “Secrets of Success of Family Firms in Japan: Cases and Lessons.”
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| Strategy for Future Research Activity |
We plan to present our research results at international conferences. We also plan to publish two academic papers in internationally reputed journals. Also, we plan to publish a book “Secrets of Success of family firms in Japan: Cases and Lessons.” In addition, we plan to conduct some interviews with the family firms in Japan to enrich the case study of family firms in Japan and abroad.
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