Value of finacial slack for companies who invest R&D agressively
| Project/Area Number |
26380468
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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 | Osaka City University |
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Principal Investigator |
MIYAGAWA Hisao 大阪市立大学, 大学院経営学研究科, 教授 (30584049)
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| Project Period (FY) |
2014-04-01 – 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 2016: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2015: ¥2,210,000 (Direct Cost: ¥1,700,000、Indirect Cost: ¥510,000)
Fiscal Year 2014: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
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| Keywords | 企業価値 / 人的資本 / 財務弾力性 / 財務流動性 / 経営学 / エージェンシー理論 / 情報の非対称性 / 財務戦略 / コーポレート･ファイナンス / イノベーション / 研究開発型企業 / 財務的余裕 / ROE / インタンジブルズ / 組織の経済学理論群 / 株主優待制度 / 現金保有 / 株主還元 |
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| Outline of Final Research Achievements |
Our goal pf this study is to make clear the hypothesis that companies who have financial liquidity and financial elasticity can increase their corporate value because they can afford to invest human capital. First, we constructed a database of financial data of Japanese companies focused on financial liquidity and financial elasticity. Second we demonstrated a new empirical study that a capital increase is not necessarily bad news for stock pricing. Finally, we suggested that companies who invest human capital aggressively can have competitive advantages.
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Report
(4 results)
Research Products
(7 results)
