2017 Fiscal Year Final Research Report
The Effect of the Adjustment Cost of the Internal Labor Market on the Efficiency of the Internal Capital Market
| Project/Area Number |
26380396
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Money/ Finance
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| Research Institution | Tokoha University (2015-2017)
Tokyo University of Social Welfare (2014) |
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Principal Investigator |
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| Co-Investigator(Kenkyū-buntansha) |
米澤 康博 早稲田大学, 商学学術院, 教授 (40175005)
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| Project Period (FY) |
2014-04-01 – 2018-03-31
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| Keywords | 多角化企業 / 内部資本市場 / 内部労働市場 |
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| Outline of Final Research Achievements |
This study empirically analyzes the effect of allocation of human capital (internal labor market) among business divisions in diversified firms to investment fund allocation (internal capital market) among business divisions for Japanese firms.
First, we empirically analyzes the relationship between the profitability of business divisions and human capital allocation in diversified firms. As a result, I find that the allocation of human capital in the internal labor market of Japanese firms is not efficient.Furthermore, I find that the more inefficient the allocation of human capital, the more efficient the allocation of capital is. From here, it is suggested that firms are more efficient in allocating physical capital within the firm if they can not allocate the labor force well in the internal labor market.
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| Free Research Field |
コーポレートファイナンス
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