2010 Fiscal Year Final Research Report
Comprehensive Research on the Firm' Financial and Disclosure Policies regarding Mergers and Acquisitions, Employee Stock Option, and Share Buyback Plan.
| Project/Area Number |
20330095
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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 | Kobe University |
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Principal Investigator |
TADANORI Yosano Kobe University, 経営学研究科, 准教授 (80346410)
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| Co-Investigator(Kenkyū-buntansha) |
KIKUYA Masato 法政大学, イノベーション・マネジメント研究科, 教授 (10132101)
KOGA Chitoshi 同志社大学, 商学部, 教授 (70153509)
SAKAKIBARA Shigeki 関西学院大学, 商学部, 教授 (10030719)
KOZUMI Hideo 神戸大学, 経営学研究科, 教授 (10261273)
HU Dan 名古屋大学, 経済学研究科, 准教授 (10386667)
YAMASAKI Takashi 神戸大学, 経営学研究科, 准教授 (30403223)
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| Project Period (FY) |
2008 – 2010
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| Keywords | 財務会計 / ディスクロージャー / 自社株 / 合併・買収 / M&A / 新株予約権 / ストック・オプション / イベント・スタディ |
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| Research Abstract |
In our recent research, we found the following empirical evidence based on a comparative analysis of corporate law and accounting rules between the Anglo-Saxon Western world and Japan. In regards to mergers and acquisitions, the pursuit to restructure the cross-share holdings within group firms enhances the corporate value during a recession, such as the one in Japan from 1995-2005. Additionally, the M&A's share exchange scheme requires the approval from the target firm's management and/or parent company, which leads to a more successful M&A. Thirdly, M&A's can be categorized according to the financial attributes of the acquiring firm as either a value stock (high book-to-market ratio) or a growth stock (low book-to-market ratio). If an acquiring firm is a value stock with a high book-to-market ratio, it is generally more successful after the M&A. In regards to stock options, the allowance of stock options is still effective in appreciating the firm's share value even after the introduction of compulsory expensing in profit and loss statements following the accounting regulations of 2004. Lastly, the announcement of a share buyback plan acts as a signal to investors that a firm's share price is under-valued.
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Research Products
(26 results)
