第132号（2025年12月）資本市場・企業統治研究会特集号

Going-Private Transactions and Ex-Post Firm Behaviors: Evidence from Japanese Management Buy-outs

河西卓弥（熊本県立大学総合管理学部教授）

〔要　旨〕

This paper examines the effects of going private (i.e., ceasing public trading of company stock) on subsequent corporate behavior. More specifically, this paper identifies the effects of going-private transactions on corporate restructuring, investment, and innovation activities (patents, R&D) using Japanese going-private type management buy-out (MBO) data. Firms that conducted public-to-private MBO are matched with firms that have similar attributes to clarify empirically whether going private promotes corporate innovation activities or restructuring. The study described herein also tests factors underlying changes after going private using a hypothesis related to motives for going private.
According to the results, restructuring behaviors are observed after going private, but firm innovation activities are not confirmed among the MBO firms.
Buyout funds enhance MBO firms’ investment after the transactions are completed, but have no effect on innovation activities.