Management Policies and Risk Perceptions of the “Education Industry” : Content Analysis of the Annual Securities Report

In this study, we conducted a quantitative text analysis of the management policies and risk perceptions of 25 companies that lead the “education industry” today. The subjects were “management policies, business environment, and issues to be addressed,” and “business and other risks,” as published in their annual securities reports. As a result of the co-occurrence network analysis and KWIC concordance, the following points were extracted as management policies: 1）“The “provision of educational services” is recognized as a central theme of the industry and as a social contribution, 2）the new trend of responding to “online” classes accelerated by the COVID-19, although the focus is on academic instruction for high school and college entrance exams, etc., 3）the companyʼs direction is to enter not only the education field but also the welfare and healthcare field, and 4）these are mid-term plans in a market environment with a declining birthrate. Regarding the recognition and management of risks, the following points were suggested: 1）infectious diseases such as COVID-19 and natural disasters are the biggest risks today; 2）the risk of infectious diseases, in particular, have been highlighted by the COVID-19. 3）the recruitment, retention, training of human resources and, 4）management system for the protection of personal information were recognized even before the COVID-19, and are constant problems in the education industry. This study was not limited to management and risk, but also provided insights into the education industryʼs appeal to society as a whole, future challenges, and other aspects of its self-perception and organizational identity. Future research should include a broader analysis using different data sources and tracing changes over time.