M&A for Value Creation in Japan.
Title:
M&A for Value Creation in Japan.
Author:
Kurokawa, Yasuyoshi.
ISBN:
9789814287470
Personal Author:
Physical Description:
1 online resource (152 pages)
Series:
Japanese Management and International Studies ; v.6
Japanese Management and International Studies
Contents:
Contents -- Japan Society of Organization and Accounting -- Editorial Board -- List of Contributors -- 1. Accounting Problems Encountered in M&As Yasuyoshi Kurokawa -- 1 Introduction -- 2 The Present Conditions of M&A Accounting in Japan: Stepping toward International Harmonization -- 3 The Revision of the Accounting Standards for Business Combinations: Toward Convergence -- 3.1 M&A accounting standards (established in 2003, enforced in 2006) -- 3.2 Revised M&A accounting standards (established in 2009, will be enforced in 2010) -- 4 Reexamination of Governance Based on Stockholder Dominance -- 5 Conclusion -- References -- 2. A Study of Goodwill and Intangible Fixed Asset on Business Combination: Pharmaceutical Companies in Japan Yujiro Okura -- 1 Prior Studies Concerning the Reasonability of the Adoption of the Free Cash Flow Method -- 2 Corporate Evaluation of Business Combination Accounting and PPA -- 3 Revaluation in the Case of Share Transfer of Daiichi Sankyo Company Limited -- 4 Verification of Reasonability of Accounting for Goodwill -- 5 Details of R&D Expenditures and Revaluation of Intangible Assets -- 5.1 M&A and motive for innovation -- 5.2 Examination of reasonability of appropriation -- 6 In-Process R&D Expenses -- 6.1 What are in-process R&D expenses? -- 6.2 M&A of Eisai Co. Ltd. and Takeda Pharmaceutical Co. Ltd. -- 6.3 Direction of in-process R&D expenses -- 7 Conclusion -- Notes -- References -- 3. The Method of Payment in Takeovers and Earnings Management Kunimaru Takahashi -- 1 Introduction -- 2 Earnings Management and Takeovers -- 3 Research Design and Sample Selection -- 3.1 Measurement of earnings management -- 3.2 Sample -- 4 Results -- 4.1 Descriptive statistics -- 4.2 Abnormal accruals for acquiring firms around the agreed-on exchange ratio of the merger.
4.3 Abnormal accruals for target firms around the agreed-on exchange ratio of the merger -- 5 Conclusion -- References -- 4. Income Smoothing and the Just-in-Time System in the Japanese Automobile Industry Michio Kunimura -- 1 Potential Inventory Manipulation -- 2 Discretionary Models and Hypotheses -- 2.1 Discretionary accruals: the modified DJmodel -- 2.2 Discretionary day's inventory -- 3 Assumptions and Hypotheses -- 3.1 Assumptions -- 3.2 Hypothesis 1: discretionary accruals (DA/S) -- 3.2.1 Null hypothesis 1 -- 3.3 Hypothesis 2: discretionary day's inventory change (DINV/S or DINV/C) -- 3.3.1 Null hypothesis 2 -- 4 Data and Day's Inventory -- 4.1 Data -- 4.2 Day's inventory: descriptive statistics -- 5 Results -- 5.1 Comparison of the positive CFO Group with the negative CFO Group in the discretionary accruals -- 5.2 Comparison of the positive CFO Group with the negative CFO Group in the discretionary day's inventory change based on sales -- 5.3 Comparison of a positive CFO Group with a negative CFO Group in the discretionary day's inventory change based on cost of goods sold -- 6 Conclusion -- Acknowledgment -- References -- 5. M&A and Its Incentive System for the Inter-Firm Organization Yasuhiro Monden -- 1 Research Purpose -- 2 What is the Network Organization? -- 2.1 Boundaries of the inter-firm network as an open adaptive system -- 3 The Concept that Makes the Network Organization Unique -- 4 Three Roles of the Core Company in a Network Organization -- 5 Strategic Decision No. 1: Selection of Network Participating Companies Through M&A -- 6 Strategic Decision No. 2: Design of Forms of the Inter-Firm Combination -- 6.1 Merger -- 6.1.1 Acquisition price as incentive toM&A -- 6.1.2 Control right: origin of synergy effect -- 6.2 Placing a company under control as an affiliate -- 6.3 Capital alliance.
6.4 Business tie-up (operational alliance) -- 6.5 Market transactions -- 7 Design of an Incentive System for the Companies Participating in a Network -- 8 Determination of the Resource Allocation as Task Control : A Case of the Toyota Motor Group -- Notes -- References -- 6. The Impact of Market Ine.ciency on TOB in Japan Tatsushi Yamamoto -- 1 Introduction -- 2 Inefficiency of the Stock Market -- 2.1 Causes of inefficiency of the market -- 2.2 Market inefficiency and knowledge in behavioral finance -- 2.2.1 Efficient market and behavioral finance . -- 2.2.2 Knowledge in behavioral finance -- 2.3 Cross-shareholding among Japanese firms -- 3 TOB Strategy -- 3.1 Determination of TOB price and its effect -- 3.2 Strategies for successful TOB -- 4 A TOB Case in Japan -- 5 Concluding Remarks -- References -- 7. A Survey of Public-to-Private Buy-out Transactions in Japan Keiichi Sugiura -- 1 Introduction -- 2 Trends of Public-to-Private Buy-outs in Japan -- 3 Classification of Public-to-Private Transactions in Japan -- 3.1 Divestment type -- 3.2 Business succession type -- 3.3 Secondary buy-outs -- 3.4 Strategic going private type -- 3.5 Protection against hostile takeover type -- 4 Public-to-Private Deals and Financial Package -- 5 Conclusion -- References -- 8. Do M&As in Japan Increase Shareholder Value? Kotaro Inoue -- 1 Introduction -- 2 The State of the M&A Market in Japan -- 3 Do M&As in Japan Increase Shareholder Value? -- 4 Factors Behind the Value Creation by M&A Activities -- 5 Long-Term Shareholders' Return after M&As in Japan -- 6 Conclusion -- Acknowledgment -- References -- Index.
Abstract:
The design or reorganization of a corporate organization should be discussed from the perspective of the supply and demand equilibrium in the market. But it is quite difficult to balance supply and demand by relying on the price mechanism of the market. The book investigates the impact of a takeover on a management's incentives to increase reported earnings. The book also analyzes the type of effects reorganizations have on the laws and regulations, while weighing the company law, accounting standards for financial instruments, tax law, other accounting principles and international standards such as the Financial Accounting Standards Board (FASB) and International Financial Reporting System (IFRS). Proposing a new institutional fundamentalism based on the merits of market competition, the book clarifies the features of public-to-private buyout in Japan, explaining the advantage of going-private transactions. The trend of public-to-private buyouts in Japan and the theoretical framework of public-to-private buyout deals are also dealt with in detail. Sample Chapter(s). Chapter 1: Accounting Problems Encountered in M&As (98 KB). Contents: Accounting Problems with Encountered in M&As (Y Kurokawa); A Study of Goodwill and Intangible Fixed Asset on Business Combination: Pharmaceutical Companies in Japan (Y Okura); The Method of Payment in Takeovers and Earnings Management (K Takahashi); Income Smoothing and the Just-in-Time System in the Japanese Automobile Industry (M Kunimura); M&A and Its Incentive System for the Inter-Firm Organization (Y Monden); The Impact of Market Inefficiency on TOB in Japan (T Yamamoto); A Survey of Public-to-Private Buy-Out Transactions in Japan (K Sugiura); Do M&As in Japan Increase Shareholder Value? (K Inoue). Readership: Researchers and academics in management; management staff in public and business corporations.
Local Note:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
Genre:
Electronic Access:
Click to View