経営者のエントレンチメント行動下における資本構成問題 : 沖縄のホテル事業を事例にして2009 · It is possible to classify it into three (the capital structure, the investment, and the profit distribution) greatly into managerial decision making of finance in the firm. There are several the theories of the firm: Modigliani-Miller theory, agency models, the pecking order theory, the trade-off model contract theory including incomplete contract and the entrenchment theory, etc. verify the action of the firm theoretically or empirically from each standpoint. In this paper, the focus is applied to the theoretical model concerning the managerial entrenchment from among these theoretical models, and, first, we try to review the theoretical papers in these fields. Next, it is intended that the tourism industry (chiefly hotel business) in Okinawa is analyzed and positive analyses of the influence that the managerial entrenchment exerts on the capital structure of the firm. Entrenchment is a meaning ""The trench is built"" because it defends my body, and it is indicated that the manager improves an own effect defending the external interference in the firm. For instance, Shleifer and Vishny(l989) is pointed out that the manager makes his position stronger when he executes the manager-specific investment. And then, Zwiebel(l996) is pointed out that the manager determines capital structure with relation between a desire of empire-building and the dismissal evasion of the management rights It seems that Okinawa bears one of the important roles of Japan in which it aims at the sightseeing founding a state now. Actually, the tourist including the number of hotels, the number of guest rooms, and the foreigner is a marginal rise as ""the visit Okinawa plan (fiscal year 2009) "" or ""In the promotion of sightseeing in the third Okinawa Prefecture plan (2008-2011)"" executed, though not reached the target numerical value. Then, we try to do positive analyses how the managerial entrenchment for the management right securing influences about the capital structure or investment decision on the firm along such a plan, using financial data of published data of regional banks such as Okinawa Development Finance Corporation and Okinawa Bank and others. （管理者追加）リポジトリ登録情報を移行しました。確認のうえ、加除修正をしてください。
