シミズ　カズユキ   SHIMIZU Kazuyuki   清水　一之    所属   明治大学  経営学部    職種   専任教授
発表年月日	2019/09/03
発表テーマ	HETEROGENEITY OF INSTITUTIONAL INVESTORS, LONGEVITY AND CORPORATE GOVERNANCE: THE CASE OF MERCK KGAA AND MERCK & CO
会議名	AEDEM International Conference
主催者	The European Academy of Management and Business Economics (AEDEM)
学会区分	国際学会
発表形式	口頭（一般）
単独共同区分	単独
開催地名	Meiji University
概要	Long-established corporations are generally considered stable. By examining the cases of the German pharmaceutical company Merck KGaA and US subsidiary Merck & Co., Inc. (MSD), this study examines the factors that influence corporate longevity.　The standard deviation of the share price of Merck ($28.27) is higher than that of MSD ($15.10) over a 20-year period, thus indicating that the share price of Merck significantly fluctuated. The main cause of this difference might be the capitalisation of Merck of 30% of their capital as a limited partnership with shares in 1995. We hypothesise that a structural governance change occurred in both corporations owing to two aspects, on the one hands, emphasising the legal status for the general partner of family ownership for Merck and the other, this change shows the heterogeneity of institutional investors for their ownership for MSD.