組織スラックはR&D投資と環境投資を促進するのか
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概要
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Thepurpose of this study is to investigate the effect of organizational slack-an excess of resources of a firm-on R & D investment and environmental investment. We make two contributions in this paper. First, we consider two types of simultaneous corporate investments: in R & D and in environmental conservation. Although corporate managers consider various types of investments in their decision-making processes, previous studies focus on a single form of investment as their dependent variable for organizational slack. By considering two investments simultaneously, we can discuss the comparative importance of each investment. Moreover, we extend an existing discussion concerning the absolute amount of each investment. That is, organizational slack can reduce the absolute amount of corporate investment. Previous studies focusing on only one type of investment consider that organizational slack increases various corporate investments. However, by including two types of investment, we consider the possibility that a firm can increase R & D investment by using the resources originally allocated to environmental investment. This leads to a decrease in the amount of environmental investment. The second contribution of this study is an empirical investigation of the relationship between organizational slack and corporate investments. Most previous studies consider this relationship from a theoretical perspective, but do not examine it empirically. Thus, empirical studies are required in the area of organizational slack and corporate investments. Using seemingly unrelated regression with a data set of 3225 Japanese firms in 2005, we obtained the following results. First, the hypothesis that organizational slack increases the R & D investment ratio and decreases the environmental investment ratio is supported in both manufacturing and nonmanufacturing industries. Second, however, the results differ between manufacturing and nonmanufacturing industries concerning the absolute amount of each investment. While manufacturing firms increase R & D investment using environmental investment resources, nonmanufacturing firms increase both R & D and environmental investment simultaneously. This may reflect a difference in corporate strategies between these two industries.
- 2011-06-25