Budget Amount *help |
¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
Fiscal Year 2011: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2010: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2009: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
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Research Abstract |
This study investigates factors affectingthe Japanese firm's decision to divest a subsidiary and those influencing the firm's choice of divestment mode(i. e. closure vs. selloff). We find that closure and selloff target differentkinds of subsidiaries : While closure is mainly used to remove an unprofitable subsidiary, selloff normally targets non-core subsidiaries which are more salable than the rest of the firm. This finding suggests that, though closure and selloff are both amethod of downsizing, they play heterogeneousroles in corporate restructuring.
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