The Langevin equation derived by Shibata and Hashitsume with the help of the projection operator formula is shown to be the stochastic differential equation of the Ito type. From their derivation, it is natural to interpret it as that of the Stratonovich type. However, comparing the...

The development of non-equilibrium thermo field dynamics, called NETFD in abbreviation, was started in 1983 based on the damping theory in Liouville space. It has progressed considerably since then. Especially, the structural similarity between the framework of NETFD and the framework of the...

This study investigates the impact of mergers on employment and employees’ wages in Japan, based on 111 mergers between listed firms observed between 1990 and 2003. Typically, the number of employees decreases by 4.45% three years after a merger, even after changes in sales and other variables...

To discuss the role of bank-dispatched directors in the governance of Japanese firms, it has to be noted that the board is heterogeneous and only senior directors, including presidents and managing directors, are likely involved in major management decisions. With a panel of about 1150 firms in...

We examine the performance of firms that are controlled by founding families in Japan. We construct a new data set on founding families, which includes data on founding family ownership, family management, and generation of family senior managers. We find that about 36% of listed firms are...

Purpose – The purpose of this paper is to examine how corporate headquarters control business units, the governing of which has emerged as a vital issue as business portfolios have grown increasingly complex due to diversification, globalization, and corporate group expansion via spinoffs and...