Waseda Organizational and Financial Economics Seminar “Who is the boss? Family control without ownership in public traded Japanese corporations” (7/4)
| 講演者 Speaker |
Vikas Mehrotra  （Professor, Finance Department, Alberta School of Business, University of Alberta, Canada） |
|---|---|
| 日 時 Date & Time |
Monday, July 4, 2016, 13:00-14:30 |
| 会 場 Venue |
Rm. 1111 on the 11th floor, Building #11, Waseda University |
| 主 旨 Outline |
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. |
| プログラム Schedule |
13：00 Opening Remarks （Hideaki Miyajima (Waseda University)） 13：05 Presentation 14：05 Question-and-answer session 14：25 Concluding Remarks（Hideaki Miyajima (Waseda University)） |
| 対 象 Prospected Audience |
Faculty and staff members of a university, grad students, the general publics |
| 主 催 Organizer |
Research Institute of Business Administration,Waseda University Waseda Institute for Advanced Study,Waseda University |
| 申込み Registration |
Advance reservations not required |
