Abstract
This study examines valuation as a business succession process in Japanese small and medium-sized enterprises (SMEs). It aims to explore, from an Actor–Network Theory (ANT) perspective, why interpretations and actions regarding enterprise value derived from valuation differ significantly depending on the financial institutions or professional organisations conducting the valuation. ANT does not distinguish between human and non-human actors; instead, it conceptualises relevant actions as the outcome of heterogeneous networks. In other words, it recognises both humans and non-humans as constituent elements of society. Therefore, by focusing on the networks of each entity’s constructs, this study examines why interpretations and actions around corporate value differ among financial institutions and professional bodies conducting valuations. By analysing these differences in networks, we can clarify how differing interpretations of corporate value emerge from the same support framework, in other words, how diverse actions arise.