Value of finacial slack for companies who invest R&D agressively

2016 Fiscal Year Final Research Report

• Project/Area Number: 26380468
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Management
• Research Institution: Osaka City University
• Principal Investigator: MIYAGAWA Hisao 大阪市立大学, 大学院経営学研究科, 教授 (30584049)
• Project Period (FY): 2014-04-01 – 2017-03-31
• Keywords: 企業価値 / 人的資本 / 財務弾力性 / 財務流動性

Outline of Final Research Achievements

Our goal pf this study is to make clear the hypothesis that companies who have financial liquidity and financial elasticity can increase their corporate value because they can afford to invest human capital. First, we constructed a database of financial data of Japanese companies focused on financial liquidity and financial elasticity. Second we demonstrated a new empirical study that a capital increase is not necessarily bad news for stock pricing. Finally, we suggested that companies who invest human capital aggressively can have competitive advantages.

Free Research Field

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