| Project/Area Number |
24530422
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Business administration
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| Research Institution | Tokyo Institute of Technology |
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Principal Investigator |
INOUE Kotaro 東京工業大学, 社会理工学研究科, 教授 (90381904)
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| Co-Investigator(Kenkyū-buntansha) |
SUZUKI Kazunori 早稲田大学, 商学学術院, 教授 (40338653)
KATO Hideaki 名古屋大学, 経済学研究科, 教授 (80177435)
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| Project Period (FY) |
2012-04-01 – 2015-03-31
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| Project Status |
Completed (Fiscal Year 2014)
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| Budget Amount *help |
¥4,810,000 (Direct Cost: ¥3,700,000、Indirect Cost: ¥1,110,000)
Fiscal Year 2014: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2013: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2012: ¥2,210,000 (Direct Cost: ¥1,700,000、Indirect Cost: ¥510,000)
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| Keywords | 経営学 / 経営財務 / クロスボーダーM&A / 企業統治 / コーポレートガバナンス / 企業文化 / イベントスタディ / 株式市場 |
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| Outline of Final Research Achievements |
In this project, we prepaired four research papers which empirically analyze economics of cross-border acquisitions by Japanese firms. We find that cross-border acquisitions by Japanese acquirers are evaluated positively by Japanese stock market, the stock market positively evaluates growth potential achieved by the oversea acquisitions. We also confirm that the acquisitions are economically rational usage of cash on hand of the acquiring firms. On the other hand, we did not find supporting evidence that Japanese acquirers increase shareholder wealth or improve performance in the post-acquisition period. We also find that Japanese coporate culture of strong uncertainty avoidance results in less cross-border acquisitions and higher premium payment to reduce completion risks. The results properly explains behavior of Japanese acquirers who are categolized in the high uncertainty avoidence group.
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