| Project/Area Number |
24730228
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Applied economics
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| Research Institution | Nanzan University |
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Principal Investigator |
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| Project Period (FY) |
2012-04-01 – 2015-03-31
|
| Project Status |
Completed (Fiscal Year 2014)
|
| Budget Amount *help |
¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2014: ¥260,000 (Direct Cost: ¥200,000、Indirect Cost: ¥60,000)
Fiscal Year 2013: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2012: ¥520,000 (Direct Cost: ¥400,000、Indirect Cost: ¥120,000)
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| Keywords | M&A / 医薬品産業 / 企業パフォーマンス / マッチング / 企業パフォ－マンス |
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| Outline of Final Research Achievements |
The purpose of this paper is to study how M&A in the pharmaceutical industry affects the corporate performance after that. Using financial data and stock market data, and employing the propensity score matching, we investigate the effect of M&A. We find that R&D investment increases, but corporate performance declines in the long-run. Moreover, we conduct three analyses to examine the effect of M&A on the stock price, however, we obtain three different results and cannot arrive at a definite conclusion.
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