An Empirical Study on the Impact of Managers' Time Orientation on Corporate Diversification

2023 Fiscal Year Final Research Report

• Project/Area Number: 19K13796
• Research Category: Grant-in-Aid for Early-Career Scientists
• Allocation Type: Multi-year Fund
• Review Section: Basic Section 07080:Business administration-related
• Research Institution: Tokyo Metropolitan University (2022-2023); Ibaraki University (2019-2021)
• Principal Investigator: Kato Takanori 東京都立大学, 経営学研究科, 准教授 (70801992)
• Project Period (FY): 2019-04-01 – 2024-03-31
• Keywords: 企業多角化 / 時間志向性

Outline of Final Research Achievements

The purpose of this study is to empirically examine the impact of managers' time orientation on corporate diversification. More specifically, we test the hypothesis that the degree of corporate diversification increases as managers become more long-term oriented.
The terms “long-term orientation” and “short-term orientation” (time orientation) of managers have been frequently used and their importance has been suggested. However, research has not focused on time orientation itself due to its difficulty in measurement. This study measures managers' time orientation and examines its impact on corporate diversification through a quantitative text analysis of Earnings Call Transcripts, which are publicly available telephone interviews with managers conducted by analysts.

Free Research Field

経営学

Academic Significance and Societal Importance of the Research Achievements

本研究の結果として生み出された大規模データベース，すなわち，経営者・取締役・アナリストの発言内容を企業/年度ごとに記録されたものは，(1)企業経営者の時間志向性のみならず，リスク志向などの様々な特性を測定する1つの主要なデータソースとなり，それら諸特性と企業行動との関係を分析可能にしているという点で，学術的意義があり，(2)近年注目されている「新しい資本主義」の論点の1つとして，四半期開示制度による企業の短期志向や近視眼的経営が取り上げられおり，こうした論点に対する分析基盤を提供するという意味で社会的意義をもつと考えられる