Japanese and U.S. Exports and Investment as Conduits of Growth

We develop a simple model of the choice between exploiting a technology in another country via export and via direct foreign investment. The model points to the destination country's size, level of technological sophistication, and distance from the source as factors in the decision. Moreover, it suggests that the effects of these variables may not only be nonhomogeneous but nonmonotonic as well. We use the model as a basis for estimating Japanese and U.S. exports and DFI positions around the world. Consistent with the theory we find that the importance of DFI relative to exports grows with population, although, contrary to our theory, the elasticity of DFI, as well as exports, with respect to population is less than one. We find that distance tends to inhibit DFI much less than it inhibits exports, as our theory predicts. We find some tendency for Japanese exports to rise relative to DFI as countries become more advanced with U.S. exports and DFI exhibiting the opposite tendency. Taking population, per capita income, factor endowments, and distance into account, we find Japan to be more open to U.S. exports than any region in the world except East Asia.

Firms’ Investment Strategies and the Choice of Foreign Direct Investment

In this paper, I examine firms\u27 choice to undertake foreign direct investment (FDI) using the theoretical framework of Antras and Helpman [2004]. I clarify that more headquarter-intensive firms choose to undertake FDI, whereas less headquarter-intensive firms choose outsourcing. I use the strategic types of Miles and Snow to examine firm heterogeneity. Using the analyses of mail surveys of Japanese manufacturing firms in Shimizu and Tamura [2010] and Shimizu and Tamura [2013], I find that prospectors are more headquarter intensive than defenders, whereas analyzers fall in between these types. Thus, prospectors may choose to undertake FDI more than do defenders. From the mail survey of Shimizu and Ando [2011], prospectors perform FDI more aggressively than defenders, which is consistent with the theoretical analysis

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

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

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

Characterization of the human SDHD gene encoding the small subunit of cytochrome b (cybS) in mitochondrial succinate–ubiquinone oxidoreductase

AbstractWe have mapped large (cybL) and small (cybS) subunits of cytochrome b in the succinate–ubiquinone oxidoreductase (complex II) of human mitochondria to chromosome 1q21 and 11q23, respectively (H. Hirawake et al., Cytogenet. Cell Genet. 79 (1997) 132–138). In the present study, the human SDHD gene encoding cybS was cloned and characterized. The gene comprises four exons and three introns extending over 19 kb. Sequence analysis of the 5′ promoter region showed several motifs for the binding of transcription factors including nuclear respiratory factors NRF-1 and NRF-2 at positions −137 and −104, respectively. In addition to this gene, six pseudogenes of cybS were isolated and mapped on the chromosome

TNFRSF1B A1466G genotype is predictive of clinical efficacy after treatment with a definitive 5-fluorouracil/cisplatin-based chemoradiotherapy in Japanese patients with esophageal squamous cell carcinoma

<p>Abstract</p> <p>Background</p> <p>Currently definitive 5-fluorouracil (5-FU)/cisplatin (CDDP) -based chemotherapy is recognized as one of the most promising treatments for esophageal cancer. A series of studies performed found genetic polymorphisms and the plasma concentration of 5-FU to be predictive of acute severe toxicities and clinical response. Genetic polymorphisms of <it>tumor necrosis factor (TNF) -α </it>and its surface receptors, <it>TNFRSF1A </it>and <it>TNFRSF1B </it>have been examined in terms of susceptibility to various cancers. In this study, genetic polymorphisms of <it>TNFRSF1B </it>gene were evaluated Japanese esophageal squamous cell carcinoma (ESCC) patients treated with the definitive 5-FU/CDDP-based chemoradiotherapy and their predictive values of prognosis or severe acute toxicities were assessed.</p> <p>Methods</p> <p>Forty-six patients with ESCC were treated with the definitive 5-FU/CDDP-based chemoradiotherapy, one course of which consisted of the continuous infusion of 5-FU for days 1-5 and 8-12, the infusion of CDDP on days 1 and 8, and the radiation at 2 Gy/day on days 1-5, 8-12, and 15-19, with a second course repeated after 2-week interval. Genetic polymorphisms of a TNF-α receptor <it>TNFRSF1B </it>gene were determined by a TaqMan^®MGB probe-based polymerase chain reaction.</p> <p>Results</p> <p>The genotype of <it>TNFSR1B </it>A1466G, but not M196R/T587G or C1493T, was found to be predictive of clinical response, i.e., a complete response or not (p = 0.040). Clinical response was predicted by tumor size (p = 0,002), lymph node metastasis (p = 0.007), distant metastasis (p = 0.001) and disease stage (p < 0.001), but <it>TNFRSF1B </it>A1466G genotype was independent of these factors.</p> <p>Conclusions</p> <p>Genetic polymorphism of <it>TNFRSF1B </it>A1466G was found to be predictive response in Japanese ESCC patients with a definitive 5-FU/CDDP-based chemoradiotherapy. Further clinical investigation with a large number of patients or experiments in vitro should be performed to assess the predictive value of <it>TNFRSF1B </it>A1466G genotype after chemoradiotherapy.</p