Outsourcing impact on manufacturing firms’ value: Evidence from Japan
利用日本制造业1994-2002年数据，研究发现核心业务外包、离岸外包和短期外包能提升企业市场价值，而非核心业务外包、国内外包和长期外包则无此效果。
Abstract Previous studies on the effects of outsourcing have relied largely on anecdotal evidence, non‐financial metrics or accounting‐based measures that ignore intangible value. This study views outsourcing effects from its future revenue‐generation potential, using market value. The relation between firms’ market valuation and outsourcing decisions is investigated using a cross‐sectional valuation approach. Results based on Japanese manufacturing industries data from 1994 to 2002 indicate that core business‐related outsourcing, offshore outsourcing, and shorter‐term outsourcing have positive effects on outsourcing firms’ market value. In contrast, non‐core business‐related outsourcing, domestic outsourcing, and longer‐term outsourcing are not found to enhance firm value.