How do Japanese firms make M&A decisions? A process view
Project/Area Number |
24530476
|
Research Category |
Grant-in-Aid for Scientific Research (C)
|
Allocation Type | Multi-year Fund |
Section | 一般 |
Research Field |
Business administration
|
Research Institution | Keio University |
Principal Investigator |
|
Project Period (FY) |
2012-04-01 – 2015-03-31
|
Project Status |
Completed (Fiscal Year 2014)
|
Budget Amount *help |
¥4,680,000 (Direct Cost: ¥3,600,000、Indirect Cost: ¥1,080,000)
Fiscal Year 2014: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2013: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2012: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
|
Keywords | 買収 / 合併 / 意思決定プロセス / 企業合併・買収(M&A) / 意思決定 / クロスボーダーM&A / M&A / 日本企業の海外進出 / behavioral theory |
Outline of Final Research Achievements |
Mergers and acquisitions (M&As) have been an important strategic alternative for multinational corporations. Although US and European firms actively engaged in M&As, Japanese firms were less active. However, in a rapidly globalizing environment, Japanese firms also need to consider M&As seriously. In this research, I examine the M&A activities and their decision making processes from the perspective of psychological biases and failures. I found that seemingly rational M&A decision making is not always rational. Instead, top managers are often subject to biases and overconfidence. Moreover, past M&A experience becomes liabilities and sources of biases, not lessons to reduce biases. In this regard, this research provides various important findings and implications with both academic researchers and practitioners.
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Report
(4 results)
Research Products
(8 results)