A Study of Value Creation Process in Acquisitions

• Project/Area Number: 20530420
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Single-year Grants
• Section: 一般
• Research Field: Accounting
• Research Institution: Aoyama Gakuin University
• Principal Investigator: TAKAHASHI Kunimaru 青山学院大学, 経営学部, 教授 (10276016)
• Project Period (FY): 2008 – 2011
• Project Status: Completed (Fiscal Year 2011)
• Budget Amount: ¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000); Fiscal Year 2011: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000); Fiscal Year 2010: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000); Fiscal Year 2009: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000); Fiscal Year 2008: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
• Keywords: 企業買収 / 企業価値 / 経営資源 / 組織間関係 / 成長戦略 / コスト戦略 / 価値創出 / 企業価値創造 / 顧客関係性戦略 / 株式保有 / 企業業績 / 利益持続性 / 固定顧客 / 会計学 / 経営学 / 経営者の裁量行動

Research Abstract

This study explores the role of the methodof paymentand form of acquisitionin explaining the managers of acquiring and target firms have a strong incentive to increase earnings in stock-for-stock mergersaround the agreed-on exchange ratio. In addition, this study investigates the relationship between customer-focused strategy and the financial performance of the firm.

Research Products

• [Journal Article] 組織間関係における株式保有構造と主要顧客企業の業績について (2011)
  • Author(s): 高橋邦丸, 椎葉淳, 佐々木郁子
  • Journal Title: 青山経営論集 Volume: 第45巻第4号 Pages: 1-26
  • NAID: 110008506880
• [Journal Article] 戦略タイプによる組織スラックと企業業績との関係について (2011)
  • Author(s): 高橋邦丸
  • Journal Title: 青山経営論集 Volume: 第46巻第1号 Pages: 65-87
  • NAID: 110008895197
• [Journal Article] 組織間関係における株式保有構造と主要顧客企業の業績にっいて (2011)
  • Author(s): 高橋邦丸, 椎葉淳, 佐々木郁子
  • Journal Title: 青山経営論集 第45巻第4号 Pages: 1-26
• [Journal Article] 組織間関係における株式所有構造と主要顧客企業の業績について (2011)
  • Author(s): 高橋邦丸・椎葉淳・佐々木郁子
  • Journal Title: 青山経営論集 Volume: Vol.45,No.4 Pages: 1-26
• [Journal Article] 顧客関係性戦略と企業業績との関係について (2010)
  • Author(s): 高橋邦丸, 椎葉淳, 佐々木郁子
  • Journal Title: 青山経営論集 Volume: 第45巻第1号 Pages: 177-196
  • NAID: 110008506815
• [Journal Article] 主要顧客比率が企業業績に及ぼす影響について (2010)
  • Author(s): 佐々木郁子, 椎葉淳, 高橋邦丸
  • Journal Title: 原価計算研究 Volume: 第34巻第2号 Pages: 116-126
  • NAID: 110009581768
  • Peer Reviewed
• [Journal Article] 主要顧客比率が企業業績に及ぼす影響にっいて (2010)
  • Author(s): 佐々木郁子, 椎葉淳, 高橋邦丸
  • Journal Title: 原価計算研究 第34巻第2号 Pages: 116-126
  • Peer Reviewed
• [Journal Article] 顧客関係性戦略と企業業績との関係について (2010)
  • Author(s): 高橋邦丸, 椎葉淳, 佐々木郁子
  • Journal Title: 青山経営論集 第45巻第1号 Pages: 177-196
  • NAID: 110008506815
• [Journal Article] 主要顧客比率が企業業績に及ぼす影響について (2010)
  • Author(s): 佐々木郁子・椎葉淳・高橋邦丸
  • Journal Title: 原価計算研究 Volume: Vol.34,No.2 Pages: 116-126
  • NAID: 110009581768
  • Peer Reviewed
• [Journal Article] 顧客関係性戦略と企業業績との関係について (2010)
  • Author(s): 高橋邦丸・椎葉淳・佐々木郁子
  • Journal Title: 青山経営論集 Volume: Vol.45, No.1 Pages: 177-196
  • NAID: 110008506815
• [Journal Article] The Method of Payment in Takeovers and Earnings Management (2010)
  • Author(s): Kunimaru Takahashi
  • Journal Title: M&A for Value Creation in Japan Vol.6 Pages: 35-52
  • NAID: 110007629520
• [Journal Article] クロスボーダーM & Aと国内企業M & Aにおける買収企業の長期業績 (2009)
  • Author(s): 高橋邦丸
  • Journal Title: 青山経営論集 Volume: 44巻2号 Pages: 67-91
  • NAID: 110008895124
• [Journal Article] 持続的競争優位獲得のためのM & A戦略 (2009)
  • Author(s): 高橋邦丸
  • Journal Title: 青山経営論集 Volume: 44巻1号 Pages: 95-118
  • NAID: 110008895105
• [Journal Article] Payment Methods in Takeovers and Earnings Management (2009)
  • Author(s): Kunimaru Takahashi
  • Journal Title: AOYAMA BUSINESS REVIEW Volume: 31 Pages: 1-20
• [Journal Article] 持続的競争優位獲得のためのM&A戦略 (2009)
  • Author(s): 高橋邦丸
  • Journal Title: 青山経営論集 第44巻第1号 Pages: 95-118
  • NAID: 110008895105
• [Journal Article] クロスボーダーM&Aと国内企業M&Aにおける買収企業の長期業績 (2009)
  • Author(s): 高橋邦丸
  • Journal Title: 青山経営論集 第44巻第2号 Pages: 67-90
  • NAID: 110008895124
• [Journal Article] 持続的競争優位獲得のためのM&A戦略 (2009)
  • Author(s): 高橋邦丸
  • Journal Title: 青山経営論集 44巻1号 Pages: 95-118
  • NAID: 110008895105
• [Journal Article] クロスボーダーM&Aと国内企業M&Aにおける買収企業の長期業績 (2009)
  • Author(s): 高橋邦丸
  • Journal Title: 青山経営論集 44巻2号 Pages: 67-91
  • NAID: 110008895124
• [Journal Article] Payment Methods in Takeovers and Earnings Management (2009)
  • Author(s): 高橋邦丸
  • Journal Title: AOYAMA BUSINESS REVIEW 31 Pages: 1-20
• [Presentation] Marketing Programs as a Revenue Driver and Performance of Retail Companies (2011)
  • Author(s): Aoki, I Sasaki, A Shiiba, K Takahashi, and Y Kusu
  • Organizer: 6TH CONFERENCE ON PERFORMANCE MEASUREMENT AND MANAGEMENT CONTROL
  • Place of Presentation: Nice, France
  • Year and Date: 2011-09-08
• [Presentation] Inter-Organizational Relationships, Corporate Equity Ownership, and Financial Performance (2011)
  • Author(s): Ikuko Sasaki, Atsushi Shiiba, Kunimaru Takahashi
  • Organizer: 34th Annual Congress of the European Accounting Association
  • Place of Presentation: Rome, Italy
  • Year and Date: 2011-04-21
• [Presentation] Inter-Organizational Relationship, Corporate Equity Ownership, and Financial Performance (2010)
  • Author(s): Ikuko Sasaki, Atsushi Shiiba, Kunimaru Takahashi
  • Organizer: 22nd Asian-Pacific Conference on International Accounting Issues
  • Place of Presentation: Gold Coast, Australia
  • Year and Date: 2010-11-10
• [Presentation] Inter-Organizational Relationship, Corporate Equity Ownership and Financial Performance (2010)
  • Author(s): Ikuko Sasaki, Atsushi Shiiba, Kunimaru Takahashi
  • Organizer: 22nd Asian-Pacific Conference on Inter-national Accounting Issues
  • Place of Presentation: Gold Coast, Australia
  • Year and Date: 2010-11-09
• [Presentation] 顧客関係性戦略についての実証研究 (2010)
  • Author(s): 佐々木郁子, 椎葉淳, 高橋邦丸
  • Organizer: 日本原価計算研究学会全国大会
  • Place of Presentation: 小樽商科大学
  • Year and Date: 2010-07-03
• [Presentation] Supplier-Customer Relationship and Financial Performance (2009)
  • Author(s): Ikuko Sasaki, Atsushi Shiiba, Kunimaru Takahashi
  • Organizer: 21st Asian-Pacific Conference on International Accounting Issues
  • Place of Presentation: Las Vegas, Nevada
  • Year and Date: 2009-11-24
• [Presentation] Supplier-Customer Relationship and Financial Performance (2009)
  • Author(s): Ikuko Sasaki, Atsushi Shiiba, Kunimaru Takahashi
  • Organizer: 21^<st> Asian-Pacific Conference on International Accounting Issues
  • Place of Presentation: Las Vegas, USA
  • Year and Date: 2009-11-24
• [Presentation] 主要顧客比率が企業業績に及ぼす影響について (2009)
  • Author(s): 佐々木郁子・椎葉淳・高橋邦丸
  • Organizer: 日本原価計算研究学会全国大会
  • Place of Presentation: 一橋大学
  • Year and Date: 2009-09-07
• [Presentation] M&A戦略と経営者行動 (2008)
  • Author(s): 高橋邦丸
  • Organizer: 中央大学企業研究所
  • Place of Presentation: 中央大学
  • Year and Date: 2008-06-14
• [Book] M & A for Value Creationin Japan (2010)
  • Author(s): Kunimaru Takahashi
• [Book] World Scientific(The Method of Payment in Takeovers and Earnings Management)(Yasuyuki Korokawa editor) (2009)
  • Author(s): Kunimaru Takahashi
  • Publisher: M &A for Value Creation in Japan