Waseda Organizational and Financial Economics Seminar
"Who is the boss? Family control without ownership in public traded Japanese corporations"
（Professor, Finance Department, Alberta School of Business, University of Alberta, Canada）
講演者のプロフィールはこちら/ Speaker's Profile
Date & Time
|2016年7月4日（月） 13:00～14:30 / Monday, July 4, 2016, 13:00-14:30|
|早稲田大学 早稲田キャンパス11号館11階 1111号室|
|It is widely thought that family control loosens as firms grow larger over time. Our analysis, based on the history of public traded firms in Japan, challenges this conventional view. We document three new results: First, 50 years after the IPO, the founding family retains either managerial or ownership control in 50 % of the firms in our sample. Second, we document that it is common that families keep control over board and management even when their ownership stake is largely diluted. Third, family and financial constraints determine the dynamic pattern of ownership dilution and family control. The family’s unique assets such as reputation, networks of financiers, and competent human resources are correlated with family longevity. These results show that family control over large public traded companies is time persistent and that it is important to look beyond the traditional ownership focus when categorizing family firms.|