2012 Fiscal Year Final Research Report
An Empirical study on Diversity Discount: Evidence from JapaneseCompany
| Project/Area Number |
21530479
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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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 | Hosei University |
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Principal Investigator |
NAKANO Takayuki 法政大学, キャリアデザイン学部, 教授 (70287952)
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| Project Period (FY) |
2009 – 2012
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| Keywords | コングロマリットディスカウント / セグメント情報 / 多国籍企業 / 多角化ディス カウント / 多角化企業 |
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| Research Abstract |
In the capital market around the world, in the company to which (A)business diversification (industry diversification) and (B)geographic diversification (globalization of business) are progressing, the phenomenon in which a stock price is lowed is observed. The purpose of this research is empirically to clarify three themes: Does the diversification discount really occur?Why does a diversification discount occur?,what kind of accounting information disclosure action or administrative behavior should the company group which has fallen into the diversification discount take or not? As result of this research, I found the following facts. First, it is discounted both business and geographic diversification. Second, since the information between managers and investors is asymmetric, the diversified firm is discounted. Third, diversification discount is reduced as be alike by high quality accounting information. However, when diversification is progressing very much such as unrelat d diversify, the effect of information disclosure does not happen.
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