Comprehensive research on capital investment efficiency

2021 Fiscal Year Final Research Report

• Project/Area Number: 18K12906
• Research Category: Grant-in-Aid for Early-Career Scientists
• Allocation Type: Multi-year Fund
• Review Section: Basic Section 07100:Accounting-related
• Research Institution: Shizuoka Sangyo University
• Principal Investigator: Yuuki Ota 静岡産業大学, 経営学部(藤枝), 准教授 (70779834)
• Project Period (FY): 2018-04-01 – 2022-03-31
• Keywords: 投資の効率性 / 経営者 / コーポレートガバナンス

Outline of Final Research Achievements

The purpose of this study is to examine the question of whether Japanese firms undertake inefficient investment and, if so, what factors are associated with such inefficient investment, by using archival data. The results of this study consist of eight papers (three reviews of previous research and five empirical studies) and three conference and workshop reports (all empirical studies). In this study, I show that there are multiple factors that cause managers to implement inefficient investments (e.g., overconfidence and long-term tenure) and that the results of the analysis are different from those of previous studies from other countries.

Free Research Field

会計学

Academic Significance and Societal Importance of the Research Achievements

本研究は日本企業が非効率な投資を実施する要因について検討した。本研究の証拠を踏まえると「経営者の在職期間が長期化している企業や経営者の自信過剰の程度が強い企業ほど大規模な過剰投資を実施する傾向にある」と主張することができる。そして過剰投資は将来業績の悪化を導く可能性が高い。こうした過剰投資を事前に防ぐためにも経営者に対する規律付けをいかにして高めるかを議論することには大きな意義があると思われる。