Updated on 2024/05/14


SHIM,Jung Wook
Faculty of Business and Commerce Professor

Research Interests

  • 企業金融

  • 企業統治

  • Entrepreneurship

  • 家族企業

  • 社長交代

  • 合併・買収

  • 家族企業,企業統治,企業戦略 合併・買収,社長交代,多角化

  • アントレプレナーシップ

Research Areas

  • Humanities & Social Sciences / Economic policy

Research History

  • 関西大学 商学部 教授


  • Kyoto Sangyo University

    2019.4 - 2024.3

  • - 京都産業大学 経済学部 准教授

    2013.4 - 2019.3

  • Singapore国立大学 Research Fellow of CGIO

    2011 - 2012

  • Singapore国立大学 RA of NUS Business School

    2010 - 2011

  • Hitotsubashi University   Institute of Economic Research

    2006 - 2010

  • 21世紀COE『現代経済システムの規範的評価と社会的選択』RA

    2004 - 2006

  • Kyoto Sangyo University Collaborative Education Promotion Organization,

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  • The evolution of ownership structure in the Japanese firms (1962-2012)

    Jungwook Shim, Toru Yoshikawa

    Japanese Management in Evolution: New Directions, Breaks, and Emerging Practices   21 - 46   2017.1

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    Publishing type:Part of collection (book)  

    In this chapter, we investigate the evolution of ownership structure and corporate governance in Japanese firms based on the entire population of listed firms from 1962 to 2012. Ownership structure is one of the main corporate governance mechanisms, and many prior studies focus on the characteristics of the ownership structure of Japanese firms (Gedajlovic and Shapiro, 2002; Gedajlovic, Yoshikawa, and Hashimoto, 2005; Lichtenberg and Pushner, 1994; Prowse, 1992; Yoshikawa and Phan, 2003). The concepts of stable shareholding and cross-shareholding represent the traditional ownership structure, and the bank-centered financial system or main bank system has been perceived as the conventional corporate governance framework in the Japanese firm system (Ahmadjian and Okumura, 2005; Ahmadjian and Robinson, 2001; Berglof and Perotti, 1994; Gerlach, 1992; Hoshi, Kashyap, and Scharfstein, 1990; Kang and Shivdasani, 1995; Morck and Nakamura, 1999; Sheard, 1994). Although prior studies examine this topic, there has not been much focus on the evolution of ownership structure and corporate governance in Japanese firms from a long-term perspective and with the entire firm population. We aim to address these gaps by analyzing the evolution of ownership structure using the entire population of listed firms with longitudinal data.

    DOI: 10.4324/9781315560892


  • ファミリービジネスと戦後の日本経済:上場企業のデータから見えてくる日本のファミリービジネスの姿 Reviewed

    Wiwattanakantang. Yupana, 沈 政郁

    一橋ビジネスレビュー   63 ( 2 )   32-46   2015

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    Language:Japanese   Publishing type:Research paper (scientific journal)  

  • 血縁主義の弊害:日本の同族企業の長期データを用いた実証分析 Invited

    沈 政郁

    組織科学   48 ( 1 )   38-51   2014

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    Language:Japanese   Publishing type:Research paper (scientific journal)  


  • Chapter 2: The Evolution of Ownership Structure in Japanese Firm (1962-2012)

    ( Role: Joint author)

    Routledge Frontiers of Business Management  2017 

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    Language:English   Book type:Scholarly book


  • Dynastic control without ownership: Evidence from post-war Japan

    Morten Bennedsen, Vikas Mehrotra, Jungwook Shim, Yupana Wiwattanakantang

    Journal of Financial Economics   142 ( 2 )   831 - 843   2021.11

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    Publisher:Elsevier BV  

    DOI: 10.1016/j.jfineco.2021.06.018

  • How do board ties affect the adoption of new practices? The effects of managerial interest and hierarchical power

    Toru Yoshikawa, Jung Wook Shim, Chang Hyun Kim, Anja Tuschke

    Corporate Governance: An International Review   28 ( 1 )   2 - 22   2020.1

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  • When does transitioning from family to professional management improve firm performance?

    Sea-Jin Chang, Jungwook Shim

    STRATEGIC MANAGEMENT JOURNAL   36 ( 9 )   1297 - 1316   2015.9

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    Language:English   Publisher:WILEY-BLACKWELL  

    Using long-term data on Japanese family firms, this study explores when the transition from family to professional management leads to better performance. In order to avoid endogeneity bias, we employ propensity score matching and difference-in-differences techniques. We find evidence that firms that transition from family to professional CEOs outperform those that maintain family leadership. This performance improvement is more pronounced when (1) families maintain high ownership control but leave no family legacy behind, (2) when the transition moves from non-founder family managers to professionals, and (3) when professional managers graduated from elite universities. Copyright (c) 2014 John Wiley & Sons, Ltd.

    DOI: 10.1002/smj.2289

    Web of Science

  • Adoptive expectations: Rising sons in Japanese family firms

    Vikas Mehrotra, Randall Morck, Jungwook Shim, Yupana Wiwattanakantang

    JOURNAL OF FINANCIAL ECONOMICS   108 ( 3 )   840 - 854   2013.6

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    Language:English   Publisher:ELSEVIER SCIENCE SA  

    We find inherited family firms more important in postwar Japan than generally realized, and also performing well on average. Non-consanguineous heir-run firms outperform blood heirs' firms, and roughly match founder-run listed firms, while blood heirs surpass professional managers at running family firms. Further, succession events suggest that adopted heirs "cause" elevated performance. We suggest that heir-run firms do well because non-consanguineous heirs displace the least talented blood heirs, the non-consanguineous heir "job" motivates professional managers, and the threat of displacement encourages blood heirs' effort and human capital accumulation, mitigating the "Carnegie conjecture" that inherited wealth deadens talent. (C) 2013 Elsevier B.V. All rights reserved.

    DOI: 10.1016/j.jfineco.2013.01.011

    Web of Science

  • Must Love Kill the Family Firm? Some Exploratory Evidence

    Vikas Mehrotra, Randall Morck, Jungwook Shim, Yupana Wiwattanakantang

    ENTREPRENEURSHIP THEORY AND PRACTICE   35 ( 6 )   1121 - 1148   2011.11

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    Language:English   Publisher:WILEY-BLACKWELL  

    Family firms depend on a succession of capable heirs to stay afloat. If talent and IQ are inherited, this problem is mitigated. If, however, progeny talent and IQ display mean reversion (or worse), family firms are eventually doomed. Since family firms persist, solutions to this succession problem must exist. We submit that marriage can transfuse outside talent and reinvigorate family firms. This implies that changes to the institution of marriagenotably, a decline in arranged marriages in favor of marriages for lovebode ill for the survival of family firms. Consistent with this, the predominance of family firms correlates strongly across countries with plausible proxies for arranged marriage norms.

    DOI: 10.1111/j.1540-6520.2011.00494.x

    Web of Science

  • Does ownership matter in mergers? A comparative study of the causes and consequences of mergers by family and non-family firms

    Jungwook Shim, Hiroyuki Okamuro

    JOURNAL OF BANKING & FINANCE   35 ( 1 )   193 - 203   2011.1

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    Language:English   Publisher:ELSEVIER SCIENCE BV  

    Although the family firm is the dominant type among listed corporations worldwide, few papers investigate the behavioral differences between family and non-family firms. We analyze the differences in merger decisions and the consequences between them by using a unique Japanese dataset from a period of high economic growth. Empirical results suggest that family firms are less likely to merge than non-family firms are. Moreover, we find a positive relationship between pre-merger family ownership and the probability of mergers. Thus, ownership structure is an important determinant of mergers. Finally, we find that non-family firms benefit more from mergers than family firms do. (C) 2010 Elsevier B.V. All rights reserved.

    DOI: 10.1016/j.jbankfin.2010.07.027

    Web of Science

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  • 企業家研究フォーラム賞 論文の部

    2018.7   企業家研究フォーラム   When Does Transitioning from Family to Professional Management Improve Firm Performance?

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    Award type:Award from Japanese society, conference, symposium, etc.  Country:Japan

  • 企業家研究フォーラム賞 論文の部

    2017.7   FORUM FOR ENTREPRENEURIAL STUDIES   When Does Transitioning from Family to Professional Management Improve Firm Performance

  • 最優秀論文賞 (The Glueck Best Paper Award) The Academy of Management 2012 Annual Meeting, Boston, Massachusetts


Research Projects

  • 分社化戦略の実行要因とその効果分析:アントレプレナーシップと家族企業の視点から

    Grant number:20K01841  2020.4 - 2024.3

    日本学術振興会  科学研究費助成事業  基盤研究(C)

    久保 亮一, 沈 政郁

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    Grant amount:\4290000 ( Direct Cost: \3300000 、 Indirect Cost:\990000 )

    2021年度に行った作業は2つある。1つは、日本企業の分社化行動が経営学上どのような文脈に位置づけられるのかについて、文献レビューを行ったことである。その結果、分社化活動は企業外部に設置するコーポレートベンチャー(external corporate venturing:ECV)に位置づけられることを確認した。さらに、CE(コーポレートアントレプレナーシップ)やCVに関するレビュー論文を複数検討することにより、どのような要因でECVが行われるのかを整理した。もう1つは、文献レビューした内容を参考にしながら、ECVの発生要因として考えられる独立変数を次のように設定して定量分析を行った。先行研究では、主に企業内部と企業外部における複数の変数をテーマによって選別し分析していたことから、本研究では経営陣に関わる変数、人的・財務スラック変数、企業内部資源に関わる変数、外部環境変数を用いて分析を行った。現在は文献レビューをふまえながら、定量的な結果を整理している段階にある。

  • ファミリービジネスのイノベーション活動と地方創生の関連性に関する実証研究

    Grant number:20H01533  2020.4 - 2023.3

    日本学術振興会  科学研究費助成事業  基盤研究(B)

    忽那 憲治, 沈 政郁, 坂井 貴行

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    Grant amount:\17680000 ( Direct Cost: \13600000 、 Indirect Cost:\4080000 )

    分析に用いるデータセットについても、プロネクサス『株式公開白書』各年版、IPO企業の目論見書を入手して、リサーチアシスタントの大学院生によるエクセルへの入力作業を行った。2021年度は引き続き、INITIALのデータセット、日本経済研究所の企業財務データベース、東洋経済新報社の役員データベース、日本経済新聞社のNEEDS企業活動情報、東洋経済新報社の地域経済総覧のデータから本研究の分析に用いるデータを特定し、これまで整備してきた2016 年までのデータとの統合・拡張を図る。

  • 家族企業の戦略行動と企業業績の関連性に関する実証分析

    Grant number:19K01764  2019.4 - 2023.3

    日本学術振興会  科学研究費助成事業  基盤研究(C)

    沈 政郁, 久保 亮一

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    Grant amount:\4290000 ( Direct Cost: \3300000 、 Indirect Cost:\990000 )


  • An Empirical Study on the Relationship between Exit Strategy, Business Strategy and Long-term Performance of Family Firms

    Grant number:17H02560  2017.4 - 2020.3

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research  Grant-in-Aid for Scientific Research (B)

    Kutsuna Kenji

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    Grant amount:\16770000 ( Direct Cost: \12900000 、 Indirect Cost:\3870000 )

    We classified all listed companies into the family business and non-family business from two perspectives: one as a manager and the other as a shareholder, and constructed long-term panel data to produce a research paper. Family businesses are said to engage in management from a long-term perspective. However, there is no empirical evidence so far to support them. Therefore, we empirically examined how family business and non-family business acted from the viewpoint of people, things, and money, regarding two economic crises, the 1997 financial crisis and the 2008 Lehman shock.

  • The Dynamics of Family Controlled Firms: Empirical Analysis using Long-term Japanese Data

    Grant number:15K03563  2015.4 - 2018.3

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research  Grant-in-Aid for Scientific Research (C)


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    Grant amount:\4420000 ( Direct Cost: \3400000 、 Indirect Cost:\1020000 )

    It is widely thought that family control loosens as firms grow larger over time. Our analysis, based on a comprehensive sample of exchange listed family firms in post-war Japan, challenges this conventional view. We document that it is common that families keep control over board and management even when their ownership stake is largely diluted. In the second, family and financial constraints jointly determine the dynamic pattern of ownership dilution and family control. The family’s intangible assets such as reputation and competent family human resources correlate with family longevity.

  • A study on the growth of high-tech start-ups: Emprical evidence from the perspective of technology and governance

    Grant number:26285060  2014.4 - 2017.3

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research  Grant-in-Aid for Scientific Research (B)

    Honjo Yuji, YAMADA Kazuo

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    Grant amount:\16900000 ( Direct Cost: \13000000 、 Indirect Cost:\3900000 )

    This study examines the determinants of post-entry performance of high-tech start-ups in Japan to identify the process from entrepreneurship to innovation. In this study, we newly construct a data set of high-tech start-ups by matching some data sources. Using this data set, we investigate how entrepreneurs’ human capital, including technological ability, and governance at founding affect the post-entry performance of firms. Moreover, we provide some evidence on what factors affect the growth of high-tech start-ups, which will lead to policies to promote entrepreneurship and innovation in high-tech start-ups.

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