| Project/Area Number |
25380490
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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 |
Management
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| Research Institution | Ritsumeikan University |
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Principal Investigator |
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| Co-Investigator(Kenkyū-buntansha) |
播磨谷 浩三 立命館大学, 経営学部, 教授 (90347732)
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| Project Period (FY) |
2013-04-01 – 2017-03-31
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| Project Status |
Completed (Fiscal Year 2016)
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| Budget Amount *help |
¥4,810,000 (Direct Cost: ¥3,700,000、Indirect Cost: ¥1,110,000)
Fiscal Year 2015: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2014: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
Fiscal Year 2013: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
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| Keywords | 経営戦略 / 製品多角化 / 選択と集中 / 資本構成 / 多角化戦略 / 多角化 / プロダクト・ライフサイクル |
|---|
| Outline of Final Research Achievements |
We examine the combined effect of diversification and core competence on the capital structure of publicly traded manufacturing firms in OECD member countries. We find that taking the combined effect of the degree of diversification and the level of core competence into consideration, the interaction between leverage and the diversification strategy is no longer uniformly linear relationship. Specifically, on pursuing a core competence strategy, the larger the degree of diversification, the lower their debt ratios become in comparison with leverages, which are determined by their diversification levels.
Moreover, we examine the combined effect of predation risk and firms’ market power on cash holdings. We find that the higher the firm’s market power, the weaker the above interplay becomes. Moreover, we find that even when firms’investments are decreased at the industry level, firms with larger cash holdings seek to mitigate predation risk by increasing own investments.
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