2012 Fiscal Year Final Research Report
A Theoretical and Empirical Study on Financial Structure, CorporateControl and Oligopolistic Market Competition
| Project/Area Number |
22530251
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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 |
Applied economics
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| Research Institution | Kwansei Gakuin University |
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Principal Investigator |
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| Co-Investigator(Kenkyū-buntansha) |
OHKAWA Takao 立命館大学, 経済学部, 教授 (10258494)
OKAMURA Makoto 広島大学, 大学院・社会科学研究科, 教授 (30177084)
HARIMAYA Kozo 立命館大学, 経営学部, 教授 (90347732)
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| Project Period (FY) |
2010 – 2012
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| Keywords | 有限責任 / 無限責任 / 権限委譲 / 企業統治 / 企業の行動目的 / 寡占市場 |
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| Research Abstract |
We examine an effect of limited liability on strategic delegation in a Cournot duopoly with demand uncertainty. We establish that owners of each firm always delegate their tasks, decisions, and responsibility to a manager under limited liability, while they do not always do so underunlimited liability. In addition, we construct a two-stage game in that the first stage, each of the oligopolistic firms chooses its business organizational form, while in the second stage each behaves in a Cournot fashion. We established that (1) even if an unlimited liability firm is viable, all firms become limited liability entities in equilibrium, and (2) the equilibrium industry configuration, where all firmsbecome limited liability entities, achieves efficiency in the second-best sense.
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