| Project/Area Number |
17K03799
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Money/ Finance
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| Research Institution | Mie University |
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Principal Investigator |
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| Project Period (FY) |
2017-04-01 – 2020-03-31
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| Project Status |
Completed (Fiscal Year 2019)
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| Budget Amount *help |
¥3,250,000 (Direct Cost: ¥2,500,000、Indirect Cost: ¥750,000)
Fiscal Year 2019: ¥520,000 (Direct Cost: ¥400,000、Indirect Cost: ¥120,000)
Fiscal Year 2018: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2017: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
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| Keywords | 設備投資 / リアルオプション / オーバーコンフィデンス / 認知バイアス / 保守的会計 / 情報の非対称性 / エージェンシーコスト / 投資の効率性 / 金融論 / 経済統計学 / 事業撤退 |
|---|
| Outline of Final Research Achievements |
This research examines the link between investment efficiencies, real options and managerial characteristics. The aim of this research is to provide relevant empirical evidence to improve firms’ investment efficiencies at the micro level. Using Japanese firm data, I estimate a q-investment model incorporating real options effects. Consistent with the prior studies, I find that managerial cognitive bias influences investment efficiencies. I also find that conservative accounting significantly reduces investment efficiency distortions stemming from managerial cognitive bias.
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| Academic Significance and Societal Importance of the Research Achievements |
企業の効率的な投資と迅速な撤退を促すために必要な実証的証拠を提示することをその学術的意義と考えた。例えば、事業撤退に関する企業の判断は先送りされることが多く、それは景気低迷・改善の問題と密接な関係を持つ。企業固有の経営特性、ならびに外部環境条件がリアルオプション価値に与える影響を考慮した実証分析を行い、ミクロレベルでの資本ストックの調整の要因の解明を目指した。
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