著者

大坪 稔

出版者

経営史学会

雑誌

経営史学 (ISSN:03869113)

巻号頁・発行日

vol.54, no.2, pp.5-22, 2019 (Released:2021-09-30)

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The number of Japanese firms adopting a pure holding company system has increased since changes to the anti-trust law in 1997. This study investigates how adopting the pure holding company system changes the management of Japanese firms. Since the changes in anti-trust laws, many researchers have highlighted the merits of a pure holding company, such as efficient internal capital market, easy Mergers and Acquisitions (M&As), and easy divestiture. This study expects that adopting the pure holding company form drastically changes the scales of business departments, which enhances their performance, that is, a pure holding company results in the corporate restructuring of business departments.The results of the empirical study reveal the following four facts. First, firms with lower performance tend to adopt the pure holding company system. Second, firms adopting thepure holding company tend to reduce the scale of major business segments, which lower firm performance. These results indicate that Japanese firms adopt the pure holding company system to reduce the scale of major business segments with lower performance. Third, M&As increase the scale of non-major business segments; in other words, they increase product diversification. Simultaneously, firms adopting the pure holding company system do not increase the number of M&As after adoption. Although M&As contribute to the growth of non-major business segments, firms adopting a pure holding company system do not increase the number of M&As after adoption. Finally, the decrease of major business segments improves the performance of firms with a pure holding company system.

著者

大坪 稔

出版者

日本経営学会

雑誌

日本経営学会誌 (ISSN:18820271)

巻号頁・発行日

no.22, pp.27-40, 2008-10-10

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This paper studies the change of the capital relationship between a parent company and the publicly listed subsidiaries in Japan. A lot of Japanese firms tend to have a subsidiary which was listed on the stock market. In addition, the relationship is affected by a lot of factors and they have a variety of capital relationships with its subsidiaries as a result. For example, in 1996 SONY had 70.2% ownership of SONY Chemicals Corporation which is a subsidiary of SONY. However, SONY had 100% ownership as a result of a stock swap in 2000. Japanese firms change the capital relationship with the subsidiaries. This paper investigates how the capital relationship has changed over the past 20 years and what kind of factors affect the change. As a result of an empirical study, two facts are found. First, 30% of Japanese firms kept the capital relationship and the rest changed the relationship over the past 20 years. Especially, a lot of firms changed after 1995. Second, the corporate performance of a parent company tends to affect the change of the relation-ship. The parent company with a poor performance tends to sell a part of the ownership of a listed subsidiary for the purpose of corporate restructuring and hence the capital relationship change.