Adoptive Expectations: Rising Sons in Japanese Family Firms

The practice of adopting adults, even if one has biological children, makes Japanese family firms unusually competitive. Our nearly population-wide panel of postwar listed nonfinancial firms shows inherited family firms more important in postwar Japan than generally realized, and also performing well – an unusual finding for a developed economy. Adopted heirs’ firms outperform blood heirs’ firms, and match or nearly match founder-run listed firms. Both adopted and blood heirs’ firms outperform non-family firms. Using family structure variables as instruments, we find adopted heirs “causing” elevated performance. These findings are consistent with adult adoptees displacing blood heirs in the left tail of the talent distribution, with the “adopted son” job motivating star managers, and with the threat of displacement inducing blood heirs to invest in human capital, mitigating the so-called “Carnegie conjecture” that inherited wealth deadens talent.

Must Love Kill the Family Firm?

Family firms depend on a succession of capable heirs to stay afloat. If talent and IQ are inherited, this problem is mitigated. If, however, progeny talent and IQ display mean reversion (or worse), family firms are eventually doomed. This is the essence of the critique of family firms in Burkart, Panunzi and Shleifer (2003). Since family firms persist, solutions to this succession problem must exist. We submit that marriage can transfuse outside talent and reinvigorate family firms. This implies that changes to the institution of marriage – notably, a decline in arranged marriages in favor of marriages for “love” – bode ill for the survival of family firms. Consistent with this, the predominance of family firms correlates strongly across countries with plausible proxies for arranged marriage norms. Interestingly, family firm dominance interacted with arranged marriage norms also correlates with lower GDP per capita, suggesting that cultural inertia may also impede convergence to more efficient economic organization.

ケツエン シュギ ノ ヘイガイ : ニホン ノ ドウゾク キギョウ ノ データ オ モチイタ ジッショウ ブンセキ

本稿では能力の有無にも関らず血縁関係で新規経営者になるという意味での血縁主義がどのような結果をもたらすかについて，日本の同族企業のデータを用いて実証分析した。学歴を能力の代理変数として，エリートか非エリートかを区分して，非エリート親族承継をその他の様々な事業承継のタイプと比較した。単純なDD (Difference-in-Differences)分析，幾つかの要因を制御したDD分析の結果，非エリート親族承継は婿・婿養子承継及び非同族企業の専門経営者承継に比べて経営者交代前後で業績の悪化が生じていた。このような業績の違いが能力の不足からではなく，新規経営者になるまでの経験の差異からくる可能性を探るため，経験の経路を制御した回帰分析を行いDD分析と同じ結果を得た。よって，業績の差異は経験の違いからではなく低い能力から生じたと判断される。最後に，事業承継がランダムイベントではないので因果関係を強く主張できない問題点を解決するために，操作変数法を用いた分析を行った。操作変数法の結果はDD分析の結果とほぼ同じ結果を示し，より明確な因果関係として血縁主義によって経営者交代前後で企業業績の悪化が生じていた。37 p

Optimization of General Matrix Multiply Library for Ternary Weight for Fast DNN Inference

Efficient implementation of deep neural networks (DNNs) on CPU-based systems is critical owing to the proliferation of applications in embedded and Internet of Things systems. Nowdays, most CPUs are equipped with single instruction multiple data (SIMD) instructions, which are used to implement an efficient general matrix multiply (GEMM) library for accelerating DNN inference. Quantized neural networks are actively investigated to simplify DNN computation and memory requirements; however, the current CPU libraries do not efficiently support arithmetic operations below eight bits. Hence, we developed TernGEMM, a GEMM library composed of SIMD instructions for DNNs with ternary weights and sub-8-bit activations. TernGEMM is implemented using simple logical operations that replace the long-latency multiply-add operation. Instead of fixing the accumulation bit precision as 32-bit, TernGEMM accumulates the partial sums in a bit-incremental manner to exploit parallelism in 8-bit and 16-bit SIMD instructions. Furthermore, we propose different tile sizes for TernGEMM to better support the diverse dimensions of DNNs. Compared with a state-of-the-art reduced precision DNN GEMM library, i.e., GEMMLowp, TernGEMM achieve x1.785 to x4.147 speedup for ResNet50, MobileNet-V2, and EfficientNet-B0, as evaluated on both Intel and ARM CPUs.N

NBER WORKING PAPER SERIES ADOPTIVE EXPECTATIONS: RISING SONS IN JAPANESE FAMILY FIRMS

Foundation. All remaining errors are the authors ’ responsibility. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research