今年度の研究では，資本予算のプロセスを分析した．構造的意思決定やリエンジニアリングにおいて，業務の改善・改革を検討する上で，ビッグデータの重要性が高まりつつあることは言うまでもない． 多くの大企業は分権化した組織であるが，こうした分権制組織では事業部長等の管理者の側に意思決定の権限がある場合が多い．しかし，管理者がビッグデータを扱うデータ・サイエンティストによる改善・改革に関わるプロポーザルの仕組みや意図を読み取り，適切な資源配分をおこなうことができるとは限らない． 今年度の研究では，こうした管理者の情報や技術に関するリテラシーに注目し，管理者のこうしたリテラシーの程度が他者そしてゲームの初期時点では経営者本人すらも観察不可能であるケースを考え，いわゆるデータドリブン経営を採用することが効率的である状況で，リテラシーが分権制組織における資源配分にどのような影響を与えるのかを分析した．分析モデルは契約理論の枠組みのひとつであるアドバース・セレクション・モデルを応用したものである． 分析の主要な結果は以下のとおりである．標準的なアドバース・セレクション・モデルと比べ，非効率的なタイプの管理者のプロジェクトのサイズが大きくなるケースが存在する．また，管理者がデータ・サイエンティストのプロポーザルを受け入れる条件を特定し，データドリブン経営の拡大を阻む要因を説明した．この結果はディスカッション・ペーパー"Manager’s Technology Literacy and Obstacles to Data Driven Management"にまとめられている．

The purpose of this research is to examine the effectiveness of non-financial indicator in small and medium-sized enterprises(SMEs). Though past research has examined the relationship between corporate value and non-financial indicator, it is difficult to apply the findings in the past research because we cannot obtain the same kind of data in the case of SMEs. We have tried to analyze the effectiveness of non-financial indicator in SMEs based on the model in which large data set is not required. We could not proceed our research as scheduled because of the unexpected affairs (hospitalization of the research representative and COVID-19 pandemic). Under the severe condition mentioned above, we could construct the basic model for Bayesian statistical analysis. We would like to admit our failure and think over the cause of this failure.

In this research, we focus on the indicator, Return on Carbon(=Operating Profit/Carbon Dioxide Emission: ROC), and analyze the significance of ROC and related indicators in our regression model. Our findings are summarized as follows: (1) the negative relationship between ROC and corporate risk, (2) the positive relationship between ROC and corporate value, (3) the positive relationship between corporate risk and patent application(another non-financial indicator), (4) the relationship between carbon dioxide emission and corporate value depends on Gas Emission per Sale, (5) the negative relationship between ROC and scale of company, (6) the positive relationship between RPC and capitalized R&D expenditures.

Recently, many companies are interested in the environmental problem and the strategy regarding environment becomes important more and more to keep their sustainability. Considering this situation, we focus on the non-financial indicators such as the emission of greenhouse gas or the environmental technology. We find that there are some significant relationships between these non-financial indicators and company value or profits. Furthermore, we analyze the relationship between these non-financial indicators and R&D activities, and find some significant relationship between them although the degree of relationship depends on the industries. The results obtained in our research suggest that the new non-financial indicators, which we specify in our study, will be promising performance evaluation measures for evaluating the outcome of the R&D project.

This study analyzes the performance evaluation using leading indicators under the long-term contract relationship between the firm's owner and the manager and examines the cost of effort provision and of inducing the manager to stay at the firm. This study showed that leading indicators contributes to the provision of effort incentives, while the effort incentive for skill improvement of the manager is not always strengthen by the efficiency, complementarity of efforts. Additionally, this study showed that there exists the case the weight of a leading indicator can be negative, as in the prior research