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Empirical Analysis on Corporate Restructuring and Performance with Almon-Lag Estimation

Research Project

Project/Area Number 05803013
Research Category

Grant-in-Aid for General Scientific Research (C)

Allocation TypeSingle-year Grants
Research Field Business administration
Research InstitutionKANTO-GAKUIN UNIVERSITY

Principal Investigator

MIYAMOTO Junjiro  KANTO-GAKUIN UNIVERSITY,FACULTY OF ECONOMICS,PROFESSOR, 経済学部, 教授 (90121053)

Project Period (FY) 1993 – 1994
Project Status Completed (Fiscal Year 1994)
Budget Amount *help
¥600,000 (Direct Cost: ¥600,000)
Fiscal Year 1994: ¥300,000 (Direct Cost: ¥300,000)
Fiscal Year 1993: ¥300,000 (Direct Cost: ¥300,000)
KeywordsCorporate Restructuring / Voluntary Restructuring / Business Performance / Time-Lag / Research & Development / Strategic Dicision / Almon-Lag Estimation / Restructuring Charge / ア-モン・ラグ推定 / 戦略的投資 / ボックス・ジェンキンズ法 / 研究・開発 / M&A / スピン・オフ / アーモン・ラグ推定 / 研究開発 / 広告宣伝 / 最小化自乗法
Research Abstract

Corporaterestructuring-decision is required urgently in the age of a longterm economic stagnation just like now. As whether an company is able to survive or not depends on succeeds or failures in a Corporaterestructuring, the desision has "strategic" implications.
Styles of Corporaterestructuring can be devided in two ways according to whether they start up voluntary or not ; on one hand there is (1) "voluntary" or "internal" restructuring and on the other hand there's (2) "external" restructuring. The latter is performed with an approach from some outsiders or by dealings with an external interest-group, eg.through M&A (Merger & Acquisition), liquidation or reorganization with the institutional procedures. Among these ways of corporaterestructuring, we had much more interest especially in "voluntary restructuring". For voluntary-restructuring can be found more often and customerly in Japan.
Comparing Japanese voluntary-restructured companies with the U.S.ones, one peculiar tendency to r … More estructure in our country is to adopt more aggressive policies (eg.to increase liability or to penetrate in new market) than most U.S.companies.
Though G.Donaldson (Harvard Business School) mentioned that most U.S.restructured companies needs to take approximately more than 10 years to accomplish restructuring, we suspected that the term is valid also in Japanese companies. In order to survey the time-lag from starting restructuring-activities to accomlish them, we've taken up research & development (R&D) activities (how much company invested toward research & development ? ) as an proxy for companies to restructure voluntary. According to our research-findings R&D-activities (one company-effort to restructure voluntary) generated effects positively on company performance (esp.on sales) only within 3-5 years, and then they gradually disappeared.
In the near future, some new indexes may be developed to measure the time-lags between any strategical decisions (eg.restructurlng activities) and the effects on business performance. Some change in corporate disclosure (incl.list of "restructuring-charge") may also be hopeful to show us them. Less

Report

(3 results)
  • 1994 Annual Research Report   Final Research Report Summary
  • 1993 Annual Research Report
  • Research Products

    (7 results)

All Other

All Publications (7 results)

  • [Publications] 宮本順二朗: "「企業における研究・開発の効果測定へ向けて・・・医薬品11社サンプルによる実証分析・・・」" 関東学院大学『経済経営研究所年報』. 第16集. 42〜55頁 (1994)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1994 Final Research Report Summary
  • [Publications] 宮本順二朗: "日本経営財務研究学会編『財務環境の変化と経営財務』第7章所収「戦略的投資のボックス・ジェンキンス伝達関数による評価」" 中央経済社, 17頁 (1995)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1994 Final Research Report Summary
  • [Publications] Junjiro, MIYAMOTO: "Toward measuring effects of R&D on Business Performance" Kanto-Gakuin University THE ANUAL REPORT OF RESEARCH INSTITUTE FOR ECONOMICS AND BUSINESS ADMINISTRATION. No.16. 42-55 (1994)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1994 Final Research Report Summary
  • [Publications] Junjiro, MIYAMOTO: "Evaluation of Strategic Investment with Box-Jenkins Transfer Function" in ; JAPAN FINANCE ASSOCIATION ed. Exchange of financial environment and Managerial Finance. chap.7. 115-131 (1995)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1994 Final Research Report Summary
  • [Publications] 宮本順二朗: "企業における研究・開発の効果測定へ向けて" (関東学院大学)経済・経営研究所年報. 第16集. 42-55 (1994)

    • Related Report
      1994 Annual Research Report
  • [Publications] 日本経営財務研究学会編: "財務環境の変化と経営財務" 中央経済社, 18 (1995)

    • Related Report
      1994 Annual Research Report
  • [Publications] 宮本順二朗: "企業における研究・開発の効果測定へ向けて" (関東学院大学)経済研究所年報. 第16集. 1 (1994)

    • Related Report
      1993 Annual Research Report

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Published: 1993-04-01   Modified: 2016-04-21  

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