本組／ｐｄｆ納品用＿表１～４

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1 a b M14, G30, M41 socioemotional wealthceo 1930 Berle and Means, 1932 Jensen and Meckling 1976 alignment effects 10 entrenchment effects Morck et al, Morck et. al, 2005 socioemotional wealth.danes , Kellermanns et al., incomplete contract Bolton and Dewatripont, 2005 Hart1995 longevity and sustainability 37 A a b Hamilton socioemotional wealth 1

2 socioemotoional wealth 5 6 socioemotional wealth 7 Hamilton, 2013 Miller et al socioemotional wealth socioemotional wealth socioemotional wealth socioemotional wealth 5 Miller et al socioemotional wealthy socioemotional wealth 3 Miller et al International Family Enterprise Research Academy, The International Family Business Network web Arregle et al Microsoft Northwestern Center for Family Enterprises, Assitant Director, Carol Zsolnay 2

3 1 Corbetta & Salvato, 2012, P.22 Corbetta and Salvato2012, pp ownership for company equity2family members serving on the board of directors and in management position3dimensions of the firm s human resources 7 Kubota and Takehara CEO 3 10 CEO Chen et al , , Allouche et al Corbetta and Salvato Corbetta1998, figures

4 Penrose Penrose participation constraints CEO Asaba et al.2012 CSP 6 CEO 2 CEO longevity Osano et al., 2013 Berle and Means , p. 179 p socioemotional wealth Enterprise value 4

5 Fama and Miller1972, p. 153me first rule me first rule Jensen and Meckling Jensen and Meckling, 1976 Berk and DeMarzo, 2011, Ch. 16 Bolton and Dewatripont, 2005, and Hart,1995 Morck et al.1988 Tobin s q 5 25 Jensen2000 Tobin s q 2004 entrenchment Kaplan 2006 Kaplan and Norton1996balanced scorecard balanced scorecard 4 NPO Jensen et al.2004 enlightened value maximization IT 1 corporate perks2 empire building3 reduced effort4 entrenching investment, entrenchment5 risk avoidance Brealey et al. 2005, chapter, 12 5

6 socioemotional wealth NPV empire building entrenchment 10 entrenchment NPV Kubota and Takehara2013 Ebihara et al.2012 Chen et al.2014 distance to default socioemotional wealth socioemotional wealth 4 Kaplan HBS longevitycorbetta and Salvato, longevity 13 Corbetta and Salvato longevity Corbetta and Salvato Acharya et al.2011ceo Osano et al.2013ceo argument Williamson, 1964, Marris, longevity Kubota and Takehara

7 socioemotional wealth argument 16 CSP Aoi et al., 2012CSR CSR Claessens et al.2000saito2008allouche et al.2008mehrotra et al Asaba2012 Claessens et al ,980 La Porta et al Saito Tobin s q Mehrotra et al ROA Tobin s q Aoi et al. 2012, Table 2Tobin s q ROE Saito2008 senior manager Mehrotra et al Ebihara et al.2012a1 2Aoi et al. 2012Ebihara et al.2012bkubota and Takehara Allouche et al ROA ROE Corbetta and Salvato2012 Joseph Fan 3 7

8 Asaba Ebihara et al.2012a Wang2006 Kubota and Takehara2013 Ebihara et al.2012bduarte and Young2009 Adjusted PIN PSOS Fama and French 3 factor model WACC Adjusted PIN, PSOS, Amihud measure, Lesmond, Turnover WACC Aoi et al.2012 CSP corporate social performance CSP index Suto and Takehara2012 Kinder, Lyndenberg, and DominiKLD Aoi et al.2012 CSP CSP 1 EMP2 SC3 SS4 IG5 ENV

9 CEO CEO Aoi et al.2012 Tobin s q CEO 2 CSR corporate social responsibility 19 CSP 2013 Ebihara et al.2012a 2013 Nikaido et al.2013 CSR Porter and Kramer, 2006 Kawai2013 L&G socioemotional wealth

10 Ebihara et al. 2012a Tobin q entrenchment Morck et al.1988 Kubota and Takehara2013 Aoi et al.2012 CSP CEO 1 CEO socioemotional wealth Miller and Le Breton-Miller, 2005, Corbetta and Salvato, Joseph Fan

11 R&D Asaba and Wada2013 R&D Acs et al.2005, Ch. 3R&D Asaba and Wada2013 Acs et al.2005, Ch. 3 innovation Science Policy Research UnitSPRU U.S. Small Business Administration s Data BaseSBIDB M&A Parson and Titman, 2009 tangibility socioemotional wealth Dane Kellermanns et al side benefits Dechow and Sloan, 1998 entrenchment Rajan and Richtenstein, 2006 Kubota and Harris Corbetta and Salvato2012 Orangina Beam Chateau Lagrange 11

12 Acharya, V. V., Myers, S. C., & Rajan, R. G.2011The internal governance of firms. Journal of Finance, 66, Acs, Z. J., & Audretsch, D. B.,2005. Entrepreneurship, Innovation, and Technological Change. now Publishers, Inc.:Hanover,MA. Allouche, J., Amann, B., Jaussaud, J., & Kurashina, T The impact of family control on the performance and financial characteristics of family versus nonfamily businesses in Japan: A matched-pair investigation. Family Business Review, 21, Aoi, M., Asaba, S., Kubota, K., & Takehara, H Family businesses and corporate social performance: An empirical study of public firms in Japan. Paper presented at International Family Enterprise Research Academy 2012 Annual Conference and Asia Academy of Management 2012 Conference. / Arregle, J., Hitt, M. A., Salrmon, D. G., & Very, P The development of organizational social capital: Attributes of family firms. Journal of Management Studies, 44, Asaba, S.2012Patient investment of family firms in the Japanese electric machinery industry. Asia Pacific Journal of Management, DOI: /s Asaba, S., & Wada, T R&D behavior of family firms in the Japanese pharmaceutical industry. A paper presented at IFERA 2013 Annual Conference. Berk. J.& DeMarzo, P.2011Corporate Finance.second editionpearson Education Inc.: Boston, MA. Berle, A. A. & Means, G. C The Modern Corporation and Private Property, Macmillan: New York, NY New Print by Transaction Publishers, New Brunswick and London, 1991 Bolton, P. & Dewatripont, M.2005Contract Theory. The MIT Press: Cambridge, MA. Brealey, R. A., Myers, S. C., & Allen, F Principles of Corporate Finance.ninth edition, McGraw-Hill Co.: New York, NY. Chen, T-Y, Gu, Z., Kubota, K. & Takehara, H Accrual-based and real activities based earnings management behavior of family firms in Japan. Working Paper, Graduate School of Strategic Management, Chuo University. Claessens, S., Djankov, S., & Lang, L. H. P Separation of ownership from control of East Asian firms. Journal of Financial Economics 58, Corbetta, G.,1998. Le Imprese Familiari. Egea: Milan, Italy. Corbetta,G.&Salvato,C Strategies for Longevity in Family Firms. Palgrave-Macmillan: Hampshire, UK. Danes, S. M Family social capital as family business resilience capacity. A note distributed at the FD Consortium, International Family Enterprise Research Academy 2011 Annual Conference. Dechow, P. M. & Sloan, R Executive incentives and the horizon problems: An empirical investigation. Journal of Accounting and Economics 14, Ebihara, T., Kubota, K., Takehara, H., & Yokota, E.2012a. Quality of accounting disclosures by family firms in Japan. SSRN Working Paper. ssrn Ebihara, T., Kubota, K., Takehara, H., & Yokota, E.,2012b. Private information and the cost of capital of family businesses in Japan: A microstructure study. SSRN Working Paper, Fama, E. F. & Miller, M. H TheTheoryofFinance. Holt, Rinehart and Winston: New York, NY. Hamilton, E Entrepreneurship across Generations. Edward Elgar: Cheltenham, UK. Hart, O Firms, Contracts, and Financial Structure. Oxford University Press: Oxford, UK. Jensen,M.C.,TheTheoryoftheFirm, 2000, Harvard University Press: Cambridge, MA. Jensen, M. C.& Meckling, W. H Theory of the firms: Managerial behavior, agency cots, and ownership structure. Journal of Financial Economics 3, Jensen,J.C.,Murphy,K.J.,&Wruck,E.G.,2004. Remuneration: Where we ve been, how we got to here, what are the problems, and how to fix them. European Corporate Governance Institute Working Paper Series, No. 44/2004. Kaplan,R.S.,2006. The competitive advantage of management accounting. Journal of Management Accounting Research 18, Kaplan,R.S.&Norton,D.P.1996The Balanced Scorecard: Translating Strategy into Action. Harvard Business School Press: Boston, MA. Kawai, T Why Japan has lost the Flat-Panel TV wars? An analysis based on the dynamic strategy theory. Kellermanns, F. W., Eddleston, K. A., & Zellweger, T. M Extending the socioemotional wealth perspective: A look at the dark side. Entrepreneurship Theory 12

13 and Practice 36, Kubota, K., & Harris, M Capital allocation decisions by private family firms : Asymmetric information, risk aversion, and empire building. Mimeo.ChuoUniversity Kubota, K.& Takehara, H Family firms, accounting conservatism, and information asymmetry: Evidence from Japan. Paper presented at joint finance and accounting seminar at Institute of Economics and Finance, Chinese University of HK. / La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R Corporate ownership around the world. Journal of Finance 54, Marris, L. R The Economic Theory of Managerial Capitalism. Macmillan; London, UK. Mehrotra, V., Morck, R., Shim, J., & Wiwattankantang, Y., Adoptive expectations: Rising son tournaments in Japanese family firms. Forthcoming, Journal of Financial Economics. Miller, D., & Le Breton-Miller, I Managing for the long run: Lessons in competitive advantage from great family businesses. Harvard Business School Press: Boston,:MA. Miller, D., Le Breton-Miller, I., Lestor, R.H., & Cannella, A. A. 2007, Are family firms really superior performers?journal of Corporate Finance 13, Morck. R., Shleifer, A., &Vishny, R Management ownership and market valuation : An empirical evaluation. Journal of Financial Economics 20, Morck, R., Wolfenzon, D., & Yeung, B Corporate governance, economic entrenchment, and growth. Journal of Economic Literature 43, Nikaido. Y., Pais, J., & Sarma, M Determinants of institutional access to credis for small enterprises in India. Osano,, H, Kubota, K., & Harris, M Optimal choice of division mangers : heir or professional manager?mimeo. Kyoto University Parsons,C.&Titman,S Empirical Capital Structure: A Review. now Publishers, Inc: Boston MA. Penrose, E The Theory of the Growth of the Firm. Fourth Edition. Oxford University Press: Oxford. Porter,M.E.,&Kramer,M.R Strategy and society: The link between competitive advantage and corporate social responsibility. Harvard Business ReviewDecember, Rajan, M.V. & Reichlstein, S Subjective performance indicators and discretionary bonus pools. Journal of Accounting Research Saito, T Family firms and firm performance: Evidence from Japan. Journal of the Japanese and International Economies 22, Suto, M. & Takehara, H Stock ownership structure and corporate social performance: Evidence from Japan, Working Paper, Waseda University, W1F 12 05, Tokyo, Japanhttp:// pdf Wang, D.,2006. Founding family ownership and earnings quality. Journal of Accounting Research 44, Williamson, O. E The Economics of Discretionary Behavior : Managerial Objectives in a Theory of the Firm. Prentice Hall: Englewood Cliffs, N. J

戦間期日本企業の資金調達、資本コスト、資本構成：最適資本構成理論からみた1930年代における企業財務

戦間期日本企業の資金調達、資本コスト、資本構成：最適資本構成理論からみた1930年代における企業財務 1930 Modigliani and Miller [1958] 170 1930 2008 7 16 I E-mail: takashi.nanjou@boj.or.jp E-mail: cc00881@srv.cc.hit-u.ac.jp //2009.7 81 1. 1 2 M&A 3 4 1965 1969 1995 1995 1993 1 2008 2008 1985 2006 10 ROA