| Budget Amount *help |
¥4,810,000 (Direct Cost: ¥3,700,000、Indirect Cost: ¥1,110,000)
Fiscal Year 2014: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2013: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2012: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2011: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
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| Outline of Final Research Achievements |
In my research plan, I investigate why Japanese parent firms divest subsidiaries. I focus on three divestitures of subsidiaries: management buy-outs, equity curve-outs, and joint ventures. I investigated why Japanese parent firms conduct these divestitures and whether these can contribute to enhance parents’ shareholder wealth.
As a result of empirical investigation, these divestitures don’t enhance the wealth by themselves but enhance additional corporate restructuring such as scale reduction and decrease of leverage occurs after them.
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