2014 Fiscal Year Final Research Report
Empirical Study of Divestiture Strategy in Japanese Firm Group
| Project/Area Number |
23530436
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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 |
Business administration
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| Research Institution | Kyushu University (2013-2014)
Saga University (2011-2012) |
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Principal Investigator |
OTSUBO Minoru 九州大学, 経済学研究科(研究院), 准教授 (90325556)
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| Project Period (FY) |
2011-04-28 – 2015-03-31
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| Keywords | ダイベスティチャー / リストラクチャリング / 企業グループ / 事業再編 / MBO |
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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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| Free Research Field |
経営財務
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