シミズ　カズユキ   SHIMIZU Kazuyuki   清水　一之    所属   明治大学  経営学部    職種   専任教授
言語種別	英語
発行・発表の年月	2022/02
形態種別	学術雑誌
査読	査読あり
標題	Heterogeneity of Institutional Investors, Longevity and Corporate Governance: The Case of Merck KGaA and Merck & Co.
執筆形態	単著
掲載誌名	日本情報経営学会誌
掲載区分	国内
出版社・発行元	日本情報経営学会
巻・号・頁	41(4),pp.80-88
総ページ数	9
概要	Long-established corporations are generally considered stable. By examining the cases of the German pharmaceutical company Merck KGaA and US subsidiary Merck & Co., Inc. (MSD), this study examines the factors that influence corporate longevity. These two companies were once the same, with each originating from the Merck family drug store in Darmstadt, Germany, 350 years ago in 1668. Merck established its American branch in 1885. However, the two companies were separated during the First World War in 1917 because MSD was expropriated at this time. Our hypothesis is that Merck achieved a more stable longevity than MSD on the basis of share price. However, the standard deviation of the share price of Merck ($28.27) is higher than that of MSD ($15.10) over a 20-year period, thus indicating that the share price of Merck significantly fluctuated; this contradicts our expectations for the longevity also stability of the long-established corporation.