An empirical and theoretical analysis of the buyout behavior of firms: the determinants of the number of consolidated subsidiaries and the effect of stock options

• Nakao Takeo

Bibliographic Information

Other Title

• 企業買収行動の理論的・実証的分析 : 連結子会社数の決定要因とストックオプションの影響
• キギョウ バイシュウ コウドウ ノ リロンテキ ジッショウテキ ブンセキ : レンケツ コガイシャスウ ノ ケッテイ ヨウイン ト ストック オプション ノ エイキョウ
• 企業買収行動の理論的実証的分析 : 連結子会社数の決定要因とストックオプションの影響

Abstract

We constructed a theoretical model of the buyout behavior of a firm and tested it by conducting the empirical analysis of the determinants of the number of consolidated subsidiaries. Estimation results showed that the buyout action increases when (1) products and production technologies have complicated structure and R&D is intensive, (2) the rate of growth in sales is high but the rate of profits is low, (3) the fund for buyout is large, and (4) the motivation of executives is strong. We also found that the speed of adjustment in the number of consolidated subsidiaries is considerably fast and the increase in the scale of stock options increases buyout resulting in the increase of the number of consolidated subsidiaries.

Journal

• 經濟學論叢

  經濟學論叢 59 (2), 131-158, 2007-09-20

  The Doshisha Economic Association

Keywords

• 335.46

Details

• CRID: 1390009224913545856
• NII Article ID: 110008138687
• NII Book ID: AN00070477
• DOI: 10.14988/pa.2017.0000012331
• NDL BIB ID: 8962028
• ISSN: 03873021
• Web Site: https://doshisha.repo.nii.ac.jp/records/21268
• Web Site: https://ndlsearch.ndl.go.jp/books/R000000004-I8962028
• Text Lang: ja
• Data Source:
  • JaLC
  • IRDB
  • NDL
  • CiNii Articles
  • KAKEN
• Abstract License Flag: Allowed