| Budget Amount *help |
¥4,290,000 (Direct Cost: ¥3,300,000、Indirect Cost: ¥990,000)
Fiscal Year 2019: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2018: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2017: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2016: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
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| Outline of Final Research Achievements |
This study investigates empirical relationships between working capital and firm performance of small businesses using firm-level data of Japan. I also investigate the excessive working capital during financial crises. Working capital enhances a firm's sales, which is a positive effect for firms. Working capital also increases the probability of default, which is a negative effect for firms. To investigate the issues, I focus these two effects of working capital. During the economic shock period, excessive working capital caused by increasing inventories worsens financial shortage. I show the relationships between excessive working capital and firm performance. Additionally, this study investigates the empirical relationships between SME (small and medium enterprise) policy and firm growth and the effect of succession of small businesses.
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