| Budget Amount *help |
¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000)
Fiscal Year 2020: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2019: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2018: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2017: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2016: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
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| Outline of Final Research Achievements |
The study examines investment and financing decisions in the presence of a potential entry threat. It demonstrates that high leverage induces a potential competitor to enter the market in a down turn in order to force the high leverage firm to go bankrupt, apart from expediting the investment decision in an upturn. In addition, it demonstrates that the risk of the forced bankruptcy discourages the firm from financing the investment with debt issuance, and thus agency conflict between shareholders and bondholders is mitigated by a potential entry threat.
It also examines an investment decision for innovation activity by an opportunistic manager. It demonstrates that the intensity of the innovation activity is affected by the decision for going private through management buyouts.
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