![]() Are internal capital markets efficient? Quarterly Journal of Economics, 113, 531–552. ![]() Do withdrawals improve subsequent corporate performance? Hosei University’s Bulletin of Graduate School 111–125. It’s smart for a business competing against a big-box retailer to operate in a niche market, and position itself as the go-to place for ofaVCs, Gained 25,000 Users, particular product or service. Review of Financial Studies, 23(2), 581–599. A niche is a place within a market segment that represents a narrow group of customers with similar needs. Evidence on the dark side of internal capital markets. In Proceeding of PICMET'05 (Portland International Conference on Management of Engineering and Technology, August, 2005, USA) Why is Asia Pacific so strong in liquid crystal display industry?: Approach from industrial architectures of liquid crystal display. The modern industrial revolution, exit, and the failure of internal control systems. Asia’s computer challenge: Threat or opportunity for the United States and the world? Oxford University Press. Corporate governance, employment, and financial performance of Japanese firms: A cross-country analysis. KeywordsĪrikawa, Y., Inoue, K., & Saito, T. Their slow employment adjustment in response to poor post-M&A profitability is in support of the employment consideration hypothesis for stand-alone Japanese firms. Renesas is specialized in semiconductor manufacturing, and JDI has a single segment of small-medium LCD. The slowdown in the smartphone market due to a prolonged smartphone life cycle, overcapacity in the smartphone industry, the new entry of the display manufacturers of China, and the widespread adoption of OLED by smartphone makers are responsible for JDI’s declining sales and consecutive losses. Despite this, Japan has been supporting loss-making JDI. At last, foreign investors withdrew the bailout plan due to debt overhang. Moreover, the company failed to drastically downsize employment promptly even when the new plant turned out impaired assets. ![]() Irrespective of post-M&A losses, JDI expanded production capacity rather than downsizing. On the other hand, the inopportune and easy collection of loss-making LCD divisions, that is, the birth of JDI led by INCJ, did not result in a new sustainable display company. Drastic downsizing in employment after Innovation Network Corporation of Japan (INCJ), a government investment fund, taking control of distressed Renesas, successfully restructured its business. Renesas Electronics, a hodgepodge of semiconductor divisions, suffered prolonged losses after M&A. In this section, we focus on the consequences of M&A of disintegrated in-house parts and components businesses.
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