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Firm's nonprofit-maximizing objectives and competition structure

Research Project

Project/Area Number 21K01398
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Review Section Basic Section 07010:Economic theory-related
Research InstitutionThe University of Tokyo

Principal Investigator

Matsumura Toshihiro  東京大学, 社会科学研究所, 教授 (70263324)

Project Period (FY) 2021-04-01 – 2024-03-31
Project Status Completed (Fiscal Year 2023)
Budget Amount *help
¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
Fiscal Year 2023: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2022: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2021: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Keywords非利潤最大化行動 / 自主規制 / 企業の社会的責任 / 混合寡占 / 気候変動 / 環境政策 / common ownership / ECSR / 環境投資 / 市場構造 / Common Ownership / Green Transformation / 相対利潤 / 排出原単位規制 / Green Portfolio Standard / GX / 民営化 / 非利潤最大化目的関数 / 競争構造 / 相対利潤最大化
Outline of Research at the Start

企業が社会的責任を考慮したり、ライバル企業のパフォーマンスを気にかけるなど、必ずしも利潤だけを最大化していない可能性を考慮する。企業の非利潤最大化行動が、市場の競争構造、研究開発や環境対策、製品構成などの様々な戦略的な意思決定に与える影響を分析する。更にこれが利潤、消費者余剰や外部効果も含めた経済厚生に与える影響も分析する。
その上で、寡占市場における様々な公共政策(環境政策、競争政策、規制政策、税・補助金政策、公企業の民営化政策、証券市場規則や会社法におけるコーポレートガバナンス改革など)に関して、企業の目的関数が利潤最大化から変わることによって、最適政策がどう変化するのかを分析する。

Outline of Final Research Achievements

In the context of nonprofit-maximizing behaivior, we examine how common ownership affects emission levels when firms can use environmental CSR as a strategic commitment device. Specifically, we investigate how common ownership affects firms' voluntary commitment to emission restrictions and emissions abatement activities in an oligopoly. We show that common ownership reduces emissions by reducing output and may stimulate emissions abatement activities if the degree of common ownership is small. However, significant common ownership always reduces emissions abatement activities. We also examine effects of common ownership on fuel green transformation and find that common ownership hinders the green equilibrium where all firms commit to green fuel. These studies were published in Energy Economics.
We published 9 other papers (i.e., 11 papers including above two papers) discussing common ownership, mixed oligopolies and so on in SSCI international refereed journals for three years.

Academic Significance and Societal Importance of the Research Achievements

通常利潤を最大化すると仮定される企業行動に関して、寡占市場における企業の様々な非利潤最大化行動の帰結や戦略的な相互依存関係を明らかにし、産業組織の分野での研究の幅を広げる成果を上げた。
特に取り上げたcommon onwershipは、競争政策の観点から近年関心を集めている。common onwershipに関して、新たな社会的な利益、損失を明らかにし、競争・産業政策上の多くの政策的含意を導いた。更に社会の最重要問題の一つである気候変動に関連し、企業の自主的環境政策を取り上げ、競争政策、環境政策の両面で多くの政策的含意を導いた。また産業組織と環境経済学の架け橋となる研究成果を発表した。

Report

(4 results)
  • 2023 Annual Research Report   Final Research Report ( PDF )
  • 2022 Research-status Report
  • 2021 Research-status Report
  • Research Products

    (20 results)

All 2024 2023 2022 2021 Other

All Int'l Joint Research (6 results) Journal Article (11 results) (of which Int'l Joint Research: 4 results,  Peer Reviewed: 11 results,  Open Access: 2 results) Presentation (3 results) (of which Int'l Joint Research: 1 results,  Invited: 2 results)

  • [Int'l Joint Research] 全南大学校(韓国)

    • Related Report
      2023 Annual Research Report
  • [Int'l Joint Research] DALIAN MARITIME UNIVERSITY/Hunan University(中国)

    • Related Report
      2023 Annual Research Report
  • [Int'l Joint Research] 全南大学校(中国)

    • Related Report
      2022 Research-status Report
  • [Int'l Joint Research] Dalian Maritime University(中国)

    • Related Report
      2022 Research-status Report
  • [Int'l Joint Research] 全南大学校(韓国)

    • Related Report
      2021 Research-status Report
  • [Int'l Joint Research] Dalian Maritime University/Zhongnan University of Economics and Law(中国)

    • Related Report
      2021 Research-status Report
  • [Journal Article] Green Transformation in Oligopoly Markets under Common Ownership2023

    • Author(s)
      Kosuke Hirose and Toshihiro Matsumura
    • Journal Title

      Energy Economics

      Volume: 126 Pages: 106892-106892

    • DOI

      10.1016/j.eneco.2023.106892

    • Related Report
      2023 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Common ownership in a delivered pricing duopoly2023

    • Author(s)
      Bai Nuowen、Matsumura Toshihiro
    • Journal Title

      Journal of Economics

      Volume: 139 Issue: 3 Pages: 191-208

    • DOI

      10.1007/s00712-023-00822-1

    • Related Report
      2023 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Competition mode and common ownership in a mixed oligopoly2023

    • Author(s)
      Xu Lili、Zhang Yidan、Matsumura Toshihiro
    • Journal Title

      The Manchester School

      Volume: 91 Issue: 4 Pages: 306-319

    • DOI

      10.1111/manc.12431

    • Related Report
      2023 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Procurement of advanced inputs and welfare-reducing vertical integration2022

    • Author(s)
      Park Chul-Hi、Matsumura Toshihiro、Lee Sang-Ho
    • Journal Title

      Journal of Economics

      Volume: 135 Issue: 3 Pages: 255-283

    • DOI

      10.1007/s00712-021-00759-3

    • Related Report
      2022 Research-status Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Market competition and strategic choices of electric power sources under fluctuating demand2022

    • Author(s)
      Ino Hiroaki、Matsueda Norimichi、Matsumura Toshihiro
    • Journal Title

      Resource and Energy Economics

      Volume: 68 Pages: 101280-101280

    • DOI

      10.1016/j.reseneeco.2021.101280

    • Related Report
      2022 Research-status Report
    • Peer Reviewed
  • [Journal Article] Welfare-reducing price competition under relative performance delegation with convex costs2022

    • Author(s)
      Xu Lili、Matsumura Toshihiro
    • Journal Title

      Economic Modelling

      Volume: 112 Pages: 105871-105871

    • DOI

      10.1016/j.econmod.2022.105871

    • Related Report
      2022 Research-status Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Common ownership and environmental Corporate Social Responsibility2022

    • Author(s)
      Hirose Kosuke、Matsumura Toshihiro
    • Journal Title

      Energy Economics

      Volume: 114 Pages: 106269-106269

    • DOI

      10.1016/j.eneco.2022.106269

    • Related Report
      2022 Research-status Report
    • Peer Reviewed
  • [Journal Article] Free entry under an output-cap constraint2022

    • Author(s)
      Ino Hiroaki、Matsumura Toshihiro
    • Journal Title

      Economics Letters

      Volume: 210 Pages: 110192-110192

    • DOI

      10.1016/j.econlet.2021.110192

    • Related Report
      2021 Research-status Report
    • Peer Reviewed / Open Access
  • [Journal Article] Profit‐enhancing entries in mixed oligopolies2021

    • Author(s)
      Haraguchi Junichi、Matsumura Toshihiro
    • Journal Title

      Southern Economic Journal

      Volume: - Issue: 1 Pages: 33-55

    • DOI

      10.1002/soej.12506

    • Related Report
      2021 Research-status Report
    • Peer Reviewed
  • [Journal Article] Optimality of emission pricing policies based on emission intensity targets under imperfect competition2021

    • Author(s)
      Hiroaki Ino and Toshihiro Matsumura
    • Journal Title

      Energy Economics

      Volume: 98 Pages: 105238-105238

    • DOI

      10.1016/j.eneco.2021.105238

    • Related Report
      2021 Research-status Report
    • Peer Reviewed
  • [Journal Article] The relationship between privatization and corporate taxation policies2021

    • Author(s)
      Liu Yi、Matsumura Toshihiro、Zeng Chenhang
    • Journal Title

      Journal of Economics

      Volume: 133 Issue: 1 Pages: 85-101

    • DOI

      10.1007/s00712-020-00720-w

    • Related Report
      2021 Research-status Report
    • Peer Reviewed / Int'l Joint Research
  • [Presentation] The optimal fuel and emission tax combination for life-cycle emissions under imperfect competition2024

    • Author(s)
      松村敏弘
    • Organizer
      マーケティング論・産業組織論・ビジネス経済学ワークショップ
    • Related Report
      2023 Annual Research Report
  • [Presentation] The optimal fuel and emission tax combination for life-cycle emissions under imperfect competition2023

    • Author(s)
      松村敏弘
    • Organizer
      小樽商科大学 土用研究会
    • Related Report
      2023 Annual Research Report
    • Invited
  • [Presentation] Tax versus Regulations: An Analysis of Robustness to Polluter Lobbying against Near-Zero Emission Targets2021

    • Author(s)
      Toshihiro Matsumura
    • Organizer
      Oligopoly Theory Workshop
    • Related Report
      2021 Research-status Report
    • Int'l Joint Research / Invited

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Published: 2021-04-28   Modified: 2025-01-30  

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