An empirical study of factors affecting voluntary and involuntary delisting
| Project/Area Number |
15H06895
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| Research Category |
Grant-in-Aid for Research Activity Start-up
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| Allocation Type | Single-year Grants |
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| Research Field |
Management
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| Research Institution | Hitotsubashi University |
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Principal Investigator |
Konno Yukiko 一橋大学, 大学院商学研究科, 特任助教 (50756749)
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| Project Period (FY) |
2015-08-28 – 2017-03-31
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| Project Status |
Completed (Fiscal Year 2016)
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| Budget Amount *help |
¥2,990,000 (Direct Cost: ¥2,300,000、Indirect Cost: ¥690,000)
Fiscal Year 2016: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2015: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
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| Keywords | 上場廃止 / コーポレートガバナンス / 株主集中度 |
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| Outline of Final Research Achievements |
We attempt to analyse the reasons as to why managers decide to delist their company from a stock exchange and examines the financial conditions and status of shareholder and identifies the factors that affect delisting. We reveal the factors that affect delisting.
Moreover, under five hypotheses of involuntary delisting such as cash flow hypothesis, agency cost reduction hypothesis, under value elimination hypothesis, listing maintenance cost-reduction hypothesis and transfer of wealth effect hypothesis, we study both the unique and common factors that affect involuntary delisting by comparing the construction and real estate sectors. In both the construction and real estate sectors, the transfer of wealth effect hypothesis is supported. In construction sector, the agency cost reduction hypothesis is supported. In the real estate sector, the under-value elimination hypothesis is supported.
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Report
(3 results)
Research Products
(5 results)
