Abstract
Recently, Japanese emerging market has a problem that it attracts fewer investors than before, because of a lack of reliability of the market among investors, and now people are attempting to improve the situation. In this study, we focused on alternation of companies. In particular, we put an emphasis on the two points in time; listing and alternation. In general, there is difference in the level of social responsibility for companies between in an emerging market and in an upper level market. We revealed the fact that the decision for company whether they alter the market is attributed not only to difference in growth but also to several factors about corporate administration.
