The Consistency Between Investment Management Process and Business Strategy

This paper examines the management process for each strategic type of firm (namely, Defenders, Prospectors, Analyzers, and Reactors) as a new way of analyzing capital budgeting from a managerial accounting perspective. Using a 2009 survey of Japanese manufacturing firms, we reveal the following. To start with, Defenders seldom search for new investment projects because they establish a stable status in a limited operation domain. Therefore, the principal purpose of capital investment in this strategic type is to improve cost competitiveness. As a result, Defenders develop the investment project in their own way, and then evaluate profitability thoroughly following implementation. In contrast, Prospectors continuously search for market opportunities, and evaluate and select projects in order to pioneer new product markets and profit opportunities. Thus, the main purpose of capital investment in this strategic type is to produce new products. Consequently, Prospectors emphasize profitability and timing in the development phase, and then carefully compare the alternative projects available. Finally, Analyzers carefully deliberate and decide upon the optimum timing of investment in order to seize upon market opportunities using their existing technology. As a result, this strategic type does not aggressively pursue capital investment

The Effects of Business Strategy on Economic Evaluation Techniques of Capital Investment

This paper explains firms’ adoption of economic evaluation techniques according to differences in their business strategy and their business environment using mail survey data. Many recent studies focus only on the discount cash flow (DCF) methods, while our research examines the factors determining the use of non-DCF methods as well as DCF methods, and shows the rationality of their use. We discover that the use of non-DCF methods, such as payback method and accounting rate of return, is rational when the use of DCF methods is not valid. We find that business environment characteristics, such as (1) the complexity of the environment, (2) uncertainty, and (3) automation of the production line, affect the choice of the evaluation technique. Furthermore, we find that whether a firm’s strategic type is an analyzer or not affects the adoption of the economic evaluation technique

Matching Capital Investment Management with Business Strategy

Most competitive strategic theory employs the assumption that firms should undertake appropriate management actions for each particular strategy. Studies in managerial accounting also use this to examine how the practice of business management fits the firm’s strategy. This paper clarifies how the consistency between a firm’s business strategy and investment management efforts affects business performance. We employ a mail survey of Japanese manufacturing firms conducted in 2009 to identify Miles–Snow strategic types among respondent firms and test hypotheses concerning the effects of the interaction between investment management and firm strategic tendencies on firm performance, as measured by the return on assets. We find that investment management for Defender-type firms corresponds with traditional managerial accounting methods such as planning and control, while that for Prospector-type firms does not

Predictors of in-hospital mortality in elderly unvaccinated patients during SARS-CoV-2 Alpha variants epidemic

Summary: Background: COVID-19, caused by SARS-CoV-2, has caused a global pandemic. This study aimed to identify predictors of in-hospital mortality in unvaccinated elderly patients with COVID-19 by comparing various predictive factors between the survivors and non-survivors. Methods: We retrospectively selected 132 unvaccinated patients aged over 65 years with COVID-19 at a hospital in Kanagawa, Japan, during SARS-CoV-2 Alpha variants epidemic. We compared the clinical characteristics, laboratory and radiological findings, treatment, and complications of the survivors and non-survivors. In logistic regression analysis, variables that were significant in the univariate analysis were subjected to multivariate analysis using the variable increase method. Results: There were 119 and 13 patients in the survivor and non-survivor groups, respectively. Multivariate regression revealed increasing odds with the presence of ARDS and DIC (odd ratio (OR) = 16.35, 34.36; P=0.002, 0.001, respectively) and prolonged hospital stay (OR = 1.17; P=0.004). Conclusions: We found the complications of ARDS and DIC and hospital length of stay to be independent predictors of in-hospital mortality in elderly unvaccinated patients with COVID-19. Establishing treatments and prevention methods for ARDS and DIC could result in lower mortality rates

Localized pleural metastasis without other organ metastases after nephrectomy for renal cell carcinoma

We present a case of a 69-year-old man who had localized pleural metastasis without other organ metastases after nephrectomy for right renal cell carcinoma (RCC). He complained of respiratory symptoms for more than two years after the operation and was confirmed to have right pleural effusion and multiple pleural masses on computed tomography (CT). There were no abnormal findings in the other organs, but the pleural mass gradually increased in size on CT. We suspected malignant tumors such as malignant pleural mesothelioma and synovial sarcoma in addition to RCC metastasis. Finally, we performed surgical resection of the pleural mass under general anesthesia, and we diagnosed pathologically as metastasis from RCC. Distant metastases of RCC are common in the lungs, bones, brain, and liver. To our knowledge, localized pleural metastases from RCC is rare