学会誌

This article discusses the influence of work experience at corporations that have experienced　problematic events such as bankruptcy, on start-up success. Founders and board members of companies newly listed on the apanese stock exchange between 2001 and 2011 (“IPO companies”) have been examined. The study found that there were significantly more board members who have work experience at “tosan” (i.e. “civil rehabilitation”, “legal liquidation”, “bankruptcy” and “voluntary liquidation”) corporations compared to those who have no such experience. On the other hand, work experience at “restructuring”, “merger”, “scandal” or “transform to holding company” corporations was negatively correlated to the number of board members of IPO companies. Company age was also negatively correlated.
As for founders, it was found that corporations that have undergone “rehabilitation”, “asset sale”, “civil rehabilitation”, “bankruptcy” or “absorption-type merger” produced more founders. No significant differences were identified among “merger” and “restructuring” corporations. These findings support the common belief that an exit from problematic companies encourages the birth of new companies.