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An Empirical study on Diversity Discount: Evidence from JapaneseCompany

Research Project

Project/Area Number 21530479
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeSingle-year Grants
Section一般
Research Field Accounting
Research InstitutionHosei University

Principal Investigator

NAKANO Takayuki  法政大学, キャリアデザイン学部, 教授 (70287952)

Project Period (FY) 2009 – 2012
Project Status Completed (Fiscal Year 2012)
Budget Amount *help
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2012: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2011: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2010: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2009: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Keywordsコングロマリットディスカウント / セグメント情報 / 多国籍企業 / 多角化ディス カウント / 多角化企業 / 多角化ディスカウント / 連結利益
Research Abstract

In the capital market around the world, in the company to which (A)business diversification (industry diversification) and (B)geographic diversification (globalization of business) are progressing, the phenomenon in which a stock price is lowed is observed. The purpose of this research is empirically to clarify three themes: Does the diversification discount really occur?Why does a diversification discount occur?,what kind of accounting information disclosure action or administrative behavior should the company group which has fallen into the diversification discount take or not? As result of this research, I found the following facts. First, it is discounted both business and geographic diversification. Second, since the information between managers and investors is asymmetric, the diversified firm is discounted. Third, diversification discount is reduced as be alike by high quality accounting information. However, when diversification is progressing very much such as unrelat d diversify, the effect of information disclosure does not happen.

Report

(5 results)
  • 2012 Annual Research Report   Final Research Report ( PDF )
  • 2011 Annual Research Report
  • 2010 Annual Research Report
  • 2009 Annual Research Report
  • Research Products

    (22 results)

All 2012 2011 2010 2009 Other

All Journal Article (14 results) (of which Peer Reviewed: 4 results) Presentation (8 results)

  • [Journal Article] セグメント情報開示の実態--マネジメント・アプローチ導入前と導入後の比較検証2012

    • Author(s)
      中野貴之
    • Journal Title

      企業会計

      Volume: 64(11) Pages: 88-96

    • NAID

      40019429376

    • Related Report
      2012 Final Research Report
    • Peer Reviewed
  • [Journal Article] 多角化ディスカウントの実証分析-事業多角化と地域多角化の影響-2012

    • Author(s)
      中野貴之
    • Journal Title

      証券経済研究

      Volume: 78 Pages: 81-101

    • NAID

      40019371555

    • Related Report
      2012 Final Research Report
    • Peer Reviewed
  • [Journal Article] 連結利益に対する市場評価2012

    • Author(s)
      中野貴之
    • Journal Title

      年報経営分析研究

      Volume: 28 Pages: 49-59

    • NAID

      110009426438

    • Related Report
      2012 Final Research Report 2011 Annual Research Report
    • Peer Reviewed
  • [Journal Article] 非連結企業の会計と開示2012

    • Author(s)
      中野貴之
    • Journal Title

      法政大学キャリアデザイン学部紀要

      Volume: 9 Pages: 161-177

    • NAID

      120004226031

    • Related Report
      2012 Final Research Report 2011 Annual Research Report
  • [Journal Article] 多角化ディスカウントの実証分析――事業多角化と地域多角化の影響――2012

    • Author(s)
      中野貴之
    • Journal Title

      証券経済研究

      Volume: 28 Pages: 81-101

    • NAID

      40019371555

    • Related Report
      2012 Annual Research Report
    • Peer Reviewed
  • [Journal Article] セグメント情報開示の実態――マネジメント・アプローチ導入前と導入後の比較検証――2012

    • Author(s)
      中野貴之
    • Journal Title

      企業会計

      Volume: 64 (11) Pages: 88-96

    • NAID

      40019429376

    • Related Report
      2012 Annual Research Report
  • [Journal Article] 多角化ディスカウントに関する実証研究2011

    • Author(s)
      中野貴之
    • Journal Title

      国際会計研究学会年報-2010 年度-

      Pages: 117-134

    • NAID

      40018997266

    • Related Report
      2012 Final Research Report
  • [Journal Article] SPEの連結と開示2011

    • Author(s)
      中野貴之
    • Journal Title

      法政大学キャリアデザイン学部紀要

      Volume: 8 Pages: 117-139

    • NAID

      120003221911

    • Related Report
      2012 Final Research Report 2010 Annual Research Report
  • [Journal Article] 多角化ディスカウントに関する実証研究2011

    • Author(s)
      中野貴之
    • Journal Title

      国際会計研究学会年報-2010年度-

      Pages: 117-134

    • NAID

      40018997266

    • Related Report
      2011 Annual Research Report
  • [Journal Article] SPE(特別目的事業体)の連結拡大が利用企業に与える影響2010

    • Author(s)
      中野貴之
    • Journal Title

      会計・監査ジャーナル

      Volume: 22(8) Pages: 90-96

    • Related Report
      2012 Final Research Report 2010 Annual Research Report
  • [Journal Article] セグメント情報をめぐる実証研究(2)2010

    • Author(s)
      中野貴之
    • Journal Title

      企業会計

      Volume: 62(8) Pages: 92-93

    • Related Report
      2012 Final Research Report 2010 Annual Research Report
  • [Journal Article] セグメント情報をめぐる実証研究(1)2010

    • Author(s)
      中野貴之
    • Journal Title

      企業会計

      Volume: 62(7) Pages: 108-109

    • Related Report
      2012 Final Research Report 2010 Annual Research Report
  • [Journal Article] セグメント情報に関する実証研究-予測能力の検証-2010

    • Author(s)
      中野貴之
    • Journal Title

      會計

      Volume: 177(5) Pages: 76-91

    • NAID

      40017060173

    • Related Report
      2012 Final Research Report
  • [Journal Article] セグメント情報に関する実証研究-予測能力の検証-2010

    • Author(s)
      中野貴之
    • Journal Title

      會計 177(5)

      Pages: 76-91

    • NAID

      40017060173

    • Related Report
      2009 Annual Research Report
  • [Presentation] Empirical Analysis on Segment Information: Evidence from Japan2012

    • Author(s)
      Nakano、 Takayuki and Naoki Kobayashi、
    • Organizer
      The 24th Asian-Pacific Conference on International Accounting Issues
    • Place of Presentation
      Kapalua Maui、 Hawaii United State.
    • Year and Date
      2012-10-23
    • Related Report
      2012 Final Research Report
  • [Presentation] 連結利益に対する市場評価2011

    • Author(s)
      中野貴之
    • Organizer
      日本経営分析学会第27回秋季大会
    • Place of Presentation
      帝塚山大学学園前キャンパス。
    • Year and Date
      2011-10-29
    • Related Report
      2012 Final Research Report
  • [Presentation] 連結利益に対する市場評価2011

    • Author(s)
      中野貴之
    • Organizer
      日本経営分析学会第27回秋季大会
    • Place of Presentation
      帝塚山大学学園前キャンパス
    • Year and Date
      2011-10-29
    • Related Report
      2011 Annual Research Report
  • [Presentation] 多角化ディスカウントに関する実証研究2010

    • Author(s)
      中野貴之
    • Organizer
      国際会計研究学会第27回研究大会
    • Place of Presentation
      大阪学院大学。
    • Year and Date
      2010-09-12
    • Related Report
      2012 Final Research Report
  • [Presentation] 多角化ディスカウントに関する実証研究2010

    • Author(s)
      中野貴之
    • Organizer
      国際会計研究学会第27回研究大会自由論題報告
    • Place of Presentation
      大阪学院大学
    • Year and Date
      2010-09-12
    • Related Report
      2010 Annual Research Report
  • [Presentation] セグメント情報に関する実証研究2009

    • Author(s)
      中野貴之
    • Organizer
      日本会計研究学会第68回全国大会
    • Place of Presentation
      関西学院大学。
    • Year and Date
      2009-09-04
    • Related Report
      2012 Final Research Report
  • [Presentation] セグメント情報に関する実証研究2009

    • Author(s)
      中野貴之
    • Organizer
      日本会計研究学会第68回全国大会
    • Place of Presentation
      関西学院大学
    • Year and Date
      2009-09-04
    • Related Report
      2009 Annual Research Report
  • [Presentation] Empirical Analysis on Segment Information: Evidence from Japan

    • Author(s)
      NAKANO, Takayuki
    • Organizer
      ,” The 24th Asian-Pacific Conference on International Accounting Issues
    • Place of Presentation
      Kapalua Maui, Hawaii United State
    • Related Report
      2012 Annual Research Report

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Published: 2009-04-01   Modified: 2019-07-29  

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