| Project/Area Number |
24730402
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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 |
Accounting
|
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| Research Institution | Otemon Gakuin 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 |
¥2,210,000 (Direct Cost: ¥1,700,000、Indirect Cost: ¥510,000)
Fiscal Year 2014: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2013: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2012: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
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| Keywords | 買収防衛策 / 経営者保身 / 利益マネジメント / コーポレート・ガバナンス / データ・ベース |
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| Outline of Final Research Achievements |
The number of firm that adopts anti-takeover provisions to protect against hostile corporate acquisitions has been increasing. It has been pointed out that adoption of anti-takeover provisions could have influence principal agent relationship between manager and shareholder. Through review of prior research and empirical analysis, this research found three main findings. Firstly, manager adopts ATP for his entrenchment. Secondly, if a firm announces ATP adoption, stock market has a tendency to undervalue ATP adopter. Finally, manager of ATP adopter operates negative earnings management.
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