The purpose of this study is to elucidate the process factors required for family-owned enterprises to implement business succession, followed by business revitalization. To this end, we conducted an interview survey of 17 CEOs and other top executives of Atotsugi ventures that are mainly operating in the Tohoku region. The survey consisted of questions regarding the factors influencing the business succession process as well as questions concerning the factors influencing the business revitalization process.

　As a result, it was revealed that the key factors in the business succession process were "acquisition of management knowledge," "demonstration of servant leadership," and "building trust." Next, it was suggested that the factors in the business revitalization process included "restructuring existing businesses," "creating new businesses," "balancing existing and new businesses," and "promoting diversification in management." Finally, a "sustainable growth model for business succession and business revitalization" composed of these business succession and business revitalization process factors was derived.

This study elucidates the quantitative characteristics of listed parent companies that acquire full ownership of their subsidiaries into wholly owned entities. The integration of listed subsidiaries as wholly owned subsidiaries has been interpretated in diverse ways, and no definitive consensus has been established. Accordingly, this research addresses previously unexplored aspects to identify the distinguishing features of such parent companies. Comparable firms were selected using propensity score matching, and the analysis employed difference tests and binomial logistic regression. The findings indicate that these parent companies typically exhibit lower short-term liquidity and rely more heavily on internal financing through capital returned from subsidiaries. The results also show that management pursues these decisions irrespective of shareholder composition.

The purpose of this study is to understand the expectations and preferences of foreign tourists toward Wakayama Prefecture and to explore representative tourist segments. A questionnaire survey was conducted on 250 people from Europe, the United States, and Australia. First, (1) a principal component analysis was conducted on the results, and four principal components were extracted: "total balance," "daily life," "cherry blossom viewing, nature, and the local area," and "tourist facilities." Next, (2) a cluster analysis was conducted, and it became clear that foreign tourists can be roughly categorized into four clusters: "general-oriented," "specialty-oriented," "facility-oriented," and "nature and culture-oriented." In the future, Wakayama Prefecture will be able to attract foreign tourists more effectively by being aware of these four clusters.