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Japanese cross border M&A, the causes of failure and success

Research Project

Project/Area Number 17K03977
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Management
Research InstitutionJosai International University (2019-2021)
Kyoto University (2018)
Doshisha University (2017)

Principal Investigator

Matsumoto Shigeru  城西国際大学, 国際アドミニストレーション研究科, 教授 (80772079)

Co-Investigator(Kenkyū-buntansha) 砂川 伸幸  京都大学, 経営管理研究部, 教授 (90273755)
Project Period (FY) 2017-04-01 – 2022-03-31
Project Status Completed (Fiscal Year 2021)
Budget Amount *help
¥4,680,000 (Direct Cost: ¥3,600,000、Indirect Cost: ¥1,080,000)
Fiscal Year 2019: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2018: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
Fiscal Year 2017: ¥2,080,000 (Direct Cost: ¥1,600,000、Indirect Cost: ¥480,000)
KeywordsM&A / 国際経営 / 相乗効果 / 企業戦略 / 海外市場依存度 / クロスボーダー / 買収後の経営 / 規模の経済性 / 範囲の経済性 / 経営学
Outline of Final Research Achievements

The research reviewed the past 225 Japanese outbound acquisitions in three decades and determines success and failure, with the goal of explaining what works. As a result, there are 79 success and 26 failure cases. The research also identified role-up acquisitions in related business or region and acquisition with advantage of scale are possible conditions for success. The detail of research is available at the researcher`s publication of “Japanese outbound acquisitions, explaining what works” from Palgrave Macmillan.

Academic Significance and Societal Importance of the Research Achievements

今世紀に入った20年間で日本企業による海外M&Aの件数は9390件、総額は120兆円に及び、今後も増加が見込まれ、将来、海外での買収成否が企業業績に大きく影響すると考えられる。海外M&Aについて、買収後の経営に着目した著書「海外M&A新結合の経営戦略」が日本経済新聞や読売新聞の書評で取り上げられるなど、研究成果について一定の評価を得た。一方で、経営の現場では失敗の数が成功を上回り、またM&Aは途上の研究領域でもある。今後、調査対象とする買収案件数は増加していくことから、より質の高い分析を実行することで、更に企業経営そして社会への貢献に繋げていきたい。

Report

(6 results)
  • 2021 Annual Research Report   Final Research Report ( PDF )
  • 2020 Research-status Report
  • 2019 Research-status Report
  • 2018 Research-status Report
  • 2017 Research-status Report
  • Research Products

    (11 results)

All 2021 2020 2019 2018 2017

All Journal Article (4 results) (of which Int'l Joint Research: 1 results,  Peer Reviewed: 2 results) Presentation (4 results) (of which Int'l Joint Research: 3 results) Book (3 results)

  • [Journal Article] 21世紀初頭における製造業企業の海外市場依存度と収益性2021

    • Author(s)
      松本茂
    • Journal Title

      日本経営学会誌

      Volume: 47 Pages: 3-16

    • NAID

      40022686178

    • Related Report
      2021 Annual Research Report
    • Peer Reviewed
  • [Journal Article] 海外M&Aによる相乗効果創出の機構2018

    • Author(s)
      松本 茂  三品 和広
    • Journal Title

      国民経済雑誌

      Volume: 第217巻第2号 Pages: 23-38

    • NAID

      120006576468

    • Related Report
      2017 Research-status Report
  • [Journal Article] Integration and synergy generation in cross border acquisitions: a case study of business failure and success ‘Made in Japan’2017

    • Author(s)
      松本 茂 Keith Jackson
    • Journal Title

      International Business Research

      Volume: Vol.10, No.9 Issue: 9 Pages: 122-140

    • DOI

      10.5539/ibr.v10n9p122

    • Related Report
      2017 Research-status Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] クロスボーダーM&A 失敗の本質2017

    • Author(s)
      松本茂
    • Journal Title

      リスクマネジメントTODAY

      Volume: 第20巻3号通巻103号 Pages: 4-7

    • Related Report
      2017 Research-status Report
  • [Presentation] Creating Synergies in International Business; Case Studies of Japanese Outbound Acquisitions2020

    • Author(s)
      松本茂
    • Organizer
      Academy of International Business, US West Chapter,2020 ANNUAL CONFERENCE
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] Japanese acquisitions of small- and medium-sized enterprises in Europe: preparing to achieve synergies2019

    • Author(s)
      松本茂
    • Organizer
      The association of Japanese Business Studies
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] Japanese acquisitions of small- and medium-sized2019

    • Author(s)
      松本 茂  Keith Jackson
    • Organizer
      Association of Japanese Business Studies
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research
  • [Presentation] 海外M&Aによる相乗効果創出のメカニズム2017

    • Author(s)
      松本茂
    • Organizer
      組織学会
    • Related Report
      2017 Research-status Report
  • [Book] 海外M&A新結合の経営戦略2021

    • Author(s)
      松本茂
    • Total Pages
      304
    • Publisher
      東洋経済新報社
    • ISBN
      9784492534373
    • Related Report
      2021 Annual Research Report
  • [Book] Japanese Outbound Acquisitions, Explaining What Works2018

    • Author(s)
      松本 茂
    • Total Pages
      275
    • Publisher
      Palgrave Macmillan, Springer Nature
    • ISBN
      9789811313639
    • Related Report
      2018 Research-status Report
  • [Book] Japanese cross border acquisitions, Explaining what works2018

    • Author(s)
      松本茂
    • Total Pages
      250
    • Publisher
      Palgrave Macmillan
    • Related Report
      2017 Research-status Report

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Published: 2017-04-28   Modified: 2023-01-30  

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