Empirical Study of Divestiture Strategy in Japanese Firm Group
Project/Area Number |
23530436
|
Research Category |
Grant-in-Aid for Scientific Research (C)
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Allocation Type | Multi-year Fund |
Section | 一般 |
Research Field |
Business administration
|
Research Institution | Kyushu University (2013-2014) Saga University (2011-2012) |
Principal Investigator |
OTSUBO Minoru 九州大学, 経済学研究科(研究院), 准教授 (90325556)
|
Project Period (FY) |
2011-04-28 – 2015-03-31
|
Project Status |
Completed (Fiscal Year 2014)
|
Budget Amount *help |
¥4,810,000 (Direct Cost: ¥3,700,000、Indirect Cost: ¥1,110,000)
Fiscal Year 2014: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2013: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2012: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2011: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
|
Keywords | ダイベスティチャー / リストラクチャリング / 企業グループ / 事業再編 / MBO / 共同出資 / ジョイントベンチャー / 資本提携 / 共同出資会社 / 提携 / 事業の再構築 / 子会社上場 / ダイベストメント / M&A / 親子関係 |
Outline of Final Research Achievements |
In my research plan, I investigate why Japanese parent firms divest subsidiaries. I focus on three divestitures of subsidiaries: management buy-outs, equity curve-outs, and joint ventures. I investigated why Japanese parent firms conduct these divestitures and whether these can contribute to enhance parents’ shareholder wealth. As a result of empirical investigation, these divestitures don’t enhance the wealth by themselves but enhance additional corporate restructuring such as scale reduction and decrease of leverage occurs after them.
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Report
(5 results)
Research Products
(5 results)