Abstract
This paper intends to analyze the effect of design management on business performance quantitatively, focusing on firms receiving international design awards, which are supposed to represent their competitive design. First, we conduct a traditional performance study concerning stock and financial indices in Japan to offer the geographical complement to predecessors focusing on other areas. However, the findings from these methods are not always reliable because it entails methodological defects in itself. Thus, secondly, an event study is implemented in order to complement the results of the performance study. It can be said not only to hold a high level of reproducibility and objectivity, but also to help us exclude practically all the effects of factors other than design. We also conduct a performance study as for the same samples and investigate the results. Following the method of event study, we can conclude that effective design management has a positive impact on enterprise value.
