2007 Fiscal Year Final Research Report Summary
Various theoretical and empirical researches on creation of corporate value by leveraged management strategy
| Project/Area Number |
18330096
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| Research Category |
Grant-in-Aid for Scientific Research (B)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Accounting
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| Research Institution | Aoyama Gakuin University |
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Principal Investigator |
NISIMURA Yuko Aoyama Gakuin University, School of Business, Professor (10099228)
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| Co-Investigator(Kenkyū-buntansha) |
AOKI Shigeo Aoyama Gakuin University, GraduateSchool of Professional Accountancy, Professor (50129061)
TAKAHASHI Kunimaru Aoyama Gakuin University, School of Business, Professor (10276016)
KAMESAKA Akiko (村瀬 安紀子) Aoyama Gakuin University, School of Business, Associate Professor (70276666)
YAZAWA Kenichi Aoyama Gakuin University, School of Business, Assistant Professor (70406817)
YANAI Kazutoshi Aoyama Gakuin University, School of Business, Assistant Professor (10350414)
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| Project Period (FY) |
2006 – 2007
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| Keywords | firm value driver / M & A strategy / R & D investment strategy / management resource allocation / market |
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| Research Abstract |
We considered various alternative business strategies as measures of leverage that increases firm's value, and examined theoretical structures about the relation between the business strategies and the corporate values. We analyzed how business strategies created corporate values using several datasets including individual corporate data and individual industry data. We considered individual corporate strategy and business strategies of the firms to analyze business strategy, and empirically examined depending on the types of strategies on research and development investment or M&A.
Previous literatures considered industrial structures, market structures or internal management resources related to decisions of the business strategies, in the area of industrial organization, strategic theory, management of technology, and distribution channel theory. However, corporate value evaluation model, and also risk control and capital cost models were examined in the area of finance and economics. Therefore, business strategies were usually discussed independently from the discussion on creation of corporate values. Our research results integrate the findings in these various areas, and try to offer useful information to managers and the investor of the enterprises. We try to systematize how the business strategies affect corporate value drivers and finally affect corporate values. We focused on decision making of managers and investors, and constructed several models on the relation between strategic decision making and corporate value evaluation, and verified the influence from business strategy on corporate value, recognizing the importance of the corporate value evaluation model.
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