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血縁主義の弊害 : 日本の同族企業のデータを用いた実証分析, The Existence of Nepotism: Evidence from Japanese Family Firms

Author

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  • 沈, 政郁
  • Shim, Jungwook

Abstract

本稿では能力の有無にも関らず血縁関係で新規経営者になるという意味での血縁主義がどのような結果をもたらすかについて，日本の同族企業のデータを用いて実証分析した。学歴を能力の代理変数として，エリートか非エリートかを区分して，非エリート親族承継をその他の様々な事業承継のタイプと比較した。単純なDD (Difference-in-Differences)分析，幾つかの要因を制御したDD分析の結果，非エリート親族承継は婿・婿養子承継及び非同族企業の専門経営者承継に比べて経営者交代前後で業績の悪化が生じていた。このような業績の違いが能力の不足からではなく，新規経営者になるまでの経験の差異からくる可能性を探るため，経験の経路を制御した回帰分析を行いDD分析と同じ結果を得た。よって，業績の差異は経験の違いからではなく低い能力から生じたと判断される。最後に，事業承継がランダムイベントではないので因果関係を強く主張できない問題点を解決するために，操作変数法を用いた分析を行った。操作変数法の結果はDD分析の結果とほぼ同じ結果を示し，より明確な因果関係として血縁主義によって経営者交代前後で企業業績の悪化が生じていた。

Suggested Citation

  • 沈, 政郁 & Shim, Jungwook, 2009. "血縁主義の弊害 : 日本の同族企業のデータを用いた実証分析, The Existence of Nepotism: Evidence from Japanese Family Firms," CEI Working Paper Series 2009-04, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    • Handle: RePEc:hit:hitcei:2009-04
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    File URL: https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/29223/wp2009-4.pdf
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    More about this item

    Keywords

    同族企業; 事業承継; 血縁主義;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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