Author: Publisher:
ISBN:
Category : Capital investments
Languages : en
Pages : 52
Book Description
Empirical Reassessment of Japanese Corporate Investment Behavior
Author: The Main Bank System and Corporate Investment
Author: Fumio HayashiAn International Comparison of Corporate Investment Behavior
Author: Masaharu HanazakiPublisher:
ISBN:
Category : Corporations
Languages : en
Pages : 70
Book Description
Corporate Governance and Corporate Behavior in Japan
Author: Masaharu HanazakiPublisher: Springer
ISBN: 4431560068
Category : Business & Economics
Languages : en
Pages : 94
Book Description
This book carefully examines the effects of changes in the corporate governance structure on corporate behavior or company performance, using micro-data from listed companies in Japan. The author found that in Japan the introduction of stock options had neither a positive impact on profitability nor the negative side effects of promoting risk-taking behaviors. Furthermore, he found that corporate diversification and division of corporations showed negative impacts on profitability. The corporate governance structure of Japan has exhibited a large change from the second half of the 1990s to the present. There have been institutional reforms involving enterprise law, such as the introduction of stock options and the removal of the ban on holding companies. With respect to the ownership structure of a company, discernible trends are that the equity holdings of financial institutions and business corporations have fallen while the presence of foreign stockholders has risen. These trends are often pointed out as signs that the Japanese corporate governance structure has been approaching the American model and that this will energize Japanese firms. The author contradicts common academic theories, however, and concludes that the formation of the corporate governance which emphasizes the agency problem between shareholders and corporate managers is inadequate. He suggests that an institutional arrangement for a corporate governance system that values a variety of stakeholders' interests is greatly needed and concludes that perspectives on maximizing surplus values for various stakeholders and distributing the surpluses appropriately among the stakeholders will become increasingly important for the purpose of managing corporations.
Development Bank of Japan Research Report
Author: Publisher:
ISBN:
Category : International economic relations
Languages : en
Pages : 32
Book Description
Behavior Trends of Japanese Banks Toward the Corporate Sector and Their Impact on the Economy
Author: Japan's Corporate Groups
Author: David E. WeinsteinPublisher:
ISBN:
Category : Competition
Languages : en
Pages : 36
Book Description
Multiple q and Investment in Japan
Author: Kazumi AsakoPublisher: Springer
ISBN: 9789811529832
Category : Business & Economics
Languages : en
Pages : 184
Book Description
In this book, a framework of the investment function is developed that allows for the heterogeneity of capital goods, i.e., the Multiple q model, and investment behavior in Japan by employing this Multiple q framework is developed. The standard approach to investment behavior is Tobin's q theory in which the investment rate is a linear function of only the q ratio, or a firm's market value measured by its capital goods. As is well known, however, its empirical performance has been almost universally unsatisfactory. Thus the development of a new framework. The authors inquire into and statistically test null hypotheses set on such issues as (a) heterogeneity of multiple capital goods, (b) non-convex adjustment costs to inspire lumpy investment, (c) differences in the adjustment costs in accumulating capital stock through new purchases, second-hand market acquisitions, and large-scale repairs, and (d) capital market imperfections. The test results show that, irrespective of the time period, firms’ size, and the industry to which firms belong, (a) multiple capital goods are not homogeneous, (b) some firms face adjustment cost structures that eventually lead to occasional lumpy investment, (c) the method of acquiring investment matters in accumulating capital stock, and (d) capital market imperfections would constrain some lumpy investment. This book is published in cooperation with the Research Institute of Capital Formation, Development Bank of Japan.
An International Comparison of Corporate Investment Behavior
Author: Masaharu HanazakiPublisher:
ISBN:
Category : Capital investments
Languages : en
Pages : 48
Book Description
Investment and Liquidity Constraints
Author: Andreas BehrPublisher: Springer Science & Business Media
ISBN: 3322820106
Category : Business & Economics
Languages : en
Pages : 181
Book Description
Based on a unique database of German firms, the Deutsche Bundesbank's Corporate Balance Sheet Statistics, Andreas Behr explores the link between financial factors and a firm's investment decision within the framework of the Q-theory of investment.