Japan’s first professional basketball league, the bj-league, was launched with 6 teams in 2005. The league has expanded its scale since that time. Many organizations in local cities intend to apply to expand franchise opportunities because the operation expense of a bj club is estimated to be 250∼300 million yen annually, which is much lower than that of other major professional sports leagues. However, it is still not easy for the organizations to enter the bj-league. Since the businesses of most local cities in Japan are still suffering from the long economic recession, finding enough investors to cover the expenses is not easy for them. Akita City also faces this situation. Even though an organization in Akita City has prepared to enter the bj-league, it suffers from a lack of investors. It is assumed that to present the economic impact of a bj club to the local business society would be very useful to getting the business society interested in the bj-league. Therefore, the purpose of this research was to estimate the economic impact of the proposed basketball club on Akita Prefecture. According to the results of the input-output analysis, economic impact, including the direct effects and the primary and secondary ripple effects, of the operation expenses of the club and hosting games at the home arena would be 253 million and 172 million yen, respectively. Thus, the total economic impact of the proposed club, was estimated as 425 million yen. The total economic impact will generate income of 170 million yen for companies and individuals, and tax revenues at 5 million yen for local governments in Akita.

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    There have been some quantitative studies about the economic impact of professional sports teams on local regions, but there hasn’ t been any study in Japan that quantified the value, including the intangible or public goods value of a professional sports team, for a city. The objective of this paper was to estimate the money value, including intangible value, of a professional sports team for a city by using CVM (Contingent Valuation Method) and to find if the evaluation of the public goods aspect of a professional sport team by local residents has a positive effect on WTP (willingness to pay) . We selected the Japanese professional baseball team “A” and conducted CVM surveys in “B” city in which “A” team locates its home stadium. We estimated that the value of “A” team for “B” city is 141~341 million yen minimum, and 488~1,175 million yen maximum for a year and the present value as 2.4~5.9 billion yen minimum and 8.4~20.3 billion yen maximum. And we found that the evaluation of the public goods aspect of a professional sports team by local residents has a positive effect on WTP.

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本研究では、1991〜2003年の期間に日本企業が欧州で行った企業買収を対象に実証研究を行い、以下の二つの問題を検証している-(1)日本企業による国際買収は買収企業の株主の富にどのような効果があるのか、(2)投資先の国の法制度が買収効果にどのような影響を与えているのか。国際買収は、買収企業が優れた経営、技術や商品などを海外市場に展開することで企業の収益や価値を向上させると期待できる。一方、文化や言語の違いによる経営コストや政治経済的リスクなどが存在している。国際買収の効果はこれらのメリットとコストとの度合いで決められる。実証研究の結果、買収企業は新聞発表日前後3日間がCARが平均0.33%で、統計的に有意ではなかった。日本企業の欧州での企業買収は、全般的には、そのコストに見合ったメリットが達成されることは市場が評価しなかったといえる。法制度の影響については、次のような結果が得られた。(1)買収先が英米法の国、株主保護指数の高い国、監査コストレベルの高い国、規制の多い国での買収は、より低く、かつ負のCARが示されており、(2)買収先が英米法の国、株主保護指数の高い国、監査コストレベルの低い国では、買収価格(売上比率)はより高いが、(3)しかし、買収価格が買収CARへ与える影響が観察されなかった。総じていえば、英米法の国では投資家保護と会計制度が厳しく、規制もより煩雑であるという関係がみられる。つまり、英米法の国での買収は、買収後において厳しい会計制度や規制に対応するためのコストが予想されるため、結果的に負のCARとなったと解釈できる。一方の大陸法の国では、これらのコストが少なく、海外買収によるメリットが顕著に表れ、より高いCARが得られたと解釈できる。なお、このような効果は、ドイツ式大陸法の国において最も顕著である。ドイツ式大陸の国では、株主保護や規制がもっとも低いことに起因していると考えられる。本研究では、地域の要因によるノイズをコントロールするために、研究対象を欧州での企業買収に限定した。そのため、欧州以外での地域に本研究の結果を適用する際には注意が必要である。

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This study examines the cost-benefit of holding a sporting event by estimating the economic ripple effect brought to the hosting region through an input-output analysis using the Nara Marathon 2018 as a case study. Data on personal consumption expenditure by the participants, visitors, and related parties of the event, and the cost of holding the event are required in order to estimate the economic ripple effect of a sporting event. A web survey was conducted to collect data on the personal consumption expenditures of runners and their companions, and 2,278 valid replies were obtained. Regarding the cost of the event, the Nara Marathon Organizing Committee Office provided the “Nara Marathon Income and Expenses 2018” document. Data on personal consumption expenditures and the cost of holding the marathon were entered into the input-output analysis, and the economic ripple effect was estimated to be 1,166 million JPY in Nara Prefecture and 2,370 million JPY in Japan. In the Nara Marathon 2018, about 314 million JPY was invested as a holding cost, but the cost-benefit was 3.9 times larger in Nara Prefecture and about 7.9 times nationwide. Accordingly, the impact on the local economy created by holding the Nara Marathon 2018 was verified.

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This study investigated 145 Japanese domestic mergers and tender offers during 1981 to1998, and found close to zero 3-day abnormal returns for bidders but significantly positivereturns in a larger window period. No positive relationship exists between the bank borrowinglevel and the bidder's cumulative abnormal return. However, when using the bank directorshipto measure bank control, the result of study found that bidder's abnormal returns weresignificantly and adversely associated with bank directorship. The results also suggest thatthe costs of Japanese bank-firm relations may outnumber benefits due to changes in the macroeconomicand legal environment.

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This study examines 417 non-financial publicly listed firms in Taiwan, fmding that the firm value is positively related to both “excess control” of controlling shareholders and the firm's disclosure transparency. The results suggest disclosure requirements and the incentive of shareholders could enhance the firm value by mitigating agency problems. However, the study finds that only firms with superior disclosure and greater excess control of shareholders could outperform their industry peers. Firms with inferior disclosure and weaker excess control of shareholders thus performed the worst. The implication is that the incentive of large shareholders and disclosure requirements are complementary mechanisms, both necessary to assure good corporate governance.

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　This study aimed to objectively and quantitatively explore domestic professional sports management research by conducting an integrative literature review, including the clarification of research topics and trends and a discussion of future research agendas. A total of 113 articles were collected from seven Japanese journals related to sport management research. Topic modeling based on Latent Dirichlet Allocation was applied to analyze the research topics. After topic modeling, the articles were aggregated by 16 research topics: Spectator behavior, consumer behavior and intention, product and spectator characteristics, sponsor and brand, attendance and spectating frequency, spectating needs, top sports players, youth and rookie players, human resource development, profitable business and governance, economic value and impact, organizational studies and globalization studies, stakeholder, community/local and life, league management, and others. Of these, the number of articles in spectator-related research topics accounted for 41.6% of all articles. However, an increasing trend of published articles on research topics other than spectator-related topics was observed after 2011. Consequently, owing to the insufficient yet essential amount of studies that were indicated by the above research trends, future research promoting professional sports management research based on a life-studies approach is necessary.

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 Japan is scheduled to host 3 major international sporting events during the next 4 years: the 2019 Rugby World Cup, the 2020 Tokyo Olympics and Paralympics, and the 2021 Kansai World Masters Games. The prospect of these events provides a strong incentive for sport tourism research in Japan; however, it is more important to ensure that this scholarly effort is sustained after the sporting events take place. It is also important to build on and integrate existing knowledge in the fields of sport sciences and tourism. It is important to grasp the state of sport tourism knowledge in Japan, and one way of doing this is to conduct a systematic review. Therefore, the purposes of this research note are to: (a) review sport tourism research articles published in Japanese journals; (b) identify trends in research methods and thematic patterns; and (c) discuss avenues for future research. For our systematic review, we used 2 major academic search engines, CiNii (Articles) and J-Stage, to identify articles on sport tourism research published in Japanese journals. The following combinations of keywords were used to drive the search: (a) “sport” and “tourism” and (b) “sport” and “kankou” (i.e., a Japanese word used broadly to mean “tourism”). This resulted in the identification of 52 sport tourism research articles that included “sport” and “tourism” (or kankou) in their title, abstract, keywords, or journal name. More than half of the articles (63.5%: n=33) were published in the 2010s. The majority of sport tourism articles focused on active sport tourism (32.7%: n=17) and participant-based sport events (30.8%: n=16). The vast majority of the articles (78.8%: n=41) were empirical in nature, 19.2% (n=10) being literature reviews and 1.9% (n=1) being conceptual. Among the empirical research articles, case studies (43.9%: n=18) and questionnaire surveys (39.0%: n=16) were frequently employed. The majority of the sport tourism articles addressed social and cultural themes (71.2%: n=37), followed by economic themes (13.5%: n=7), whereas fewer articles were related to environmental themes (9.6%: n=5). While accumulation of additional knowledge about the major international sporting events scheduled for Japan remains crucial, our systematic review indicated that future research should also address gaps related to: heritage sport tourism, qualitative methodologies, cross-cultural/national approaches, environmental topics, and theory-driven research. Integration of interdisciplinary knowledge in tourism, sport, and other related studies will help to encourage sustainable sport tourism development after the events have been held.

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This study aims to facilitate further understandings of the research trends and develop recommendations to advance the field of sport tourism in Japan. We systematically examined 47 selected articles from six databases published from 1992 to 2019. Considering the environment-strategy-performance (ESP) relationship based on Chang and Katrichis'study (2016), we also categorized articles into three conceptual groups from a tourism management perspective. Our findings revealed that the current majority of sport tourism research in Japan focuses on the psychological aspects of tourists such as sport and event tourists' psychological characteristics and their behavioral patterns. Most of selected articles were categorized in an environment class according to the ESP relationship and did not indicate a strong association with a strategy or performance class. Future examination on sport tourism studies in Japan should explore the extant studies published in peer-reviewed journals with more discipline-related keywords with a specific underpinning theoretical basis.

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