M&A投資が企業業績に及ぼす効果の研究  [in Japanese] The Effect of M&A Investment Strategy on Company Performance  [in Japanese]

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Abstract

<p> 多角化戦略において,内部投資に対する外部投資(M&A投資)の比率がどのように企業業績に影響するかを検証するために,傾向スコア・マッチング法によって環境因子を調整したデータセットを構築し,重回帰分析を行った.推定結果から,多角化度が高い場合,M&A投資比率はROICに統計的有意にプラス効果を示すが,多角化度が低い場合には,M&A投資比率は統計的有意にマイナス効果を示すことが明らかになった.</p>

<p>In this paper, we analyze the effect of M&A investment strategy on company performance, considering the level of diversification. Firstly, we built datasets that control environmental factors by using propensity score matching. Then we analyzed the matched data by multivariable regression analysis. The ratio of M&A investment to internal investment has a significant positive effect on Return on Invested Capital, or ROIC, when companies are highly diversified. When the level of diversification is low, the effect becomes negative. Therefore, M&A strategy is considered to be an effective diversification mode for highly diversified companies.</p>

Journal

  • Organizational Science

    Organizational Science 52(1), 4-17, 2018

    The Academic Association for Organizational Science

Codes

  • NII Article ID (NAID)
    130007580498
  • NII NACSIS-CAT ID (NCID)
    AN00135007
  • Text Lang
    JPN
  • ISSN
    0286-9713
  • NDL Article ID
    029309907
  • NDL Call No.
    Z6-525
  • Data Source
    NDL  J-STAGE 
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