Ebisu: Études Japonaises (Oct 2013)

Valorisation boursière comparée des entreprises familiales et non familiales au Japon

  • Bruno Amann,
  • Jacques Jaussaud,
  • Sophie Nivoix

DOI
https://doi.org/10.4000/ebisu.1088
Journal volume & issue
Vol. 50
pp. 7 – 25

Abstract

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This paper investigates whether being a family business or not effects a company’s stock market valuation in the context of Japan. Our empirical investigation involved ninety pairs of listed companies, each pair consisting of one family and one non-family business of the same size and from the same industry. We found that there is little difference between the way family and non-family businesses are evaluated by financial markets. The tendency is even to award better valuations to non-family businesses, for reasons that this paper attempts to identify.

Keywords