Cash holding and acquisition performance of public and private Japanese corporations
| Project/Area Number |
21K01570
|
|---|
| Research Category |
Grant-in-Aid for Scientific Research (C)
|
| Allocation Type | Multi-year Fund |
|---|
| Section | 一般 |
|---|
| Review Section |
Basic Section 07060:Money and finance-related
|
|---|
| Research Institution | Waseda University |
|---|
Principal Investigator |
グエン・ティ・フォン タン 早稲田大学, 産業経営研究所, その他(招聘研究員) (60791928)
|
|---|
| Co-Investigator(Kenkyū-buntansha) |
NGUYEN GIANG 早稲田大学, 政治経済学術院, その他(招聘研究員) (70835462)
|
|---|
| Project Period (FY) |
2021-04-01 – 2025-03-31
|
| Project Status |
Granted (Fiscal Year 2023)
|
| Budget Amount *help |
¥4,030,000 (Direct Cost: ¥3,100,000、Indirect Cost: ¥930,000)
Fiscal Year 2024: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2023: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2022: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2021: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
|
|---|
| Keywords | Cash reserves / Public vs listed firms / Firm behavior / Firm performance / Corporate governance / Japan / Mergers and acquisitions / Cash holding / Public firms / Private firms / Public status |
|---|
| Outline of Research at the Start |
This research investigates the differences between public and private firms in Japan, with a focus on corporate cash holdings and the use of excess cash. We are motivated to understand the fundamental reasons behind the high levels of corporate cash holdings in Japan, which has shown record levels.
These results will help to deepen understanding of Japanese firms and hence act as meaningful references to investors, corporate executives, and policymakers adjusting cash holding policies, thus highlighting relevance to the Japanese economy.
|
| Outline of Annual Research Achievements |
Our research aims to investigate the impact of firm behavior on firm performance. We focus on examining the practice of huge cash holding by Japanese firms and compare the cash use and investment efficiency between listed firms and private firms. In addition, we expand the research to examine the effects of recent
corporate governance changes in Japan on the firm behavior and firm performance, whether the increase on institutional ownership or the appointment of more outside directors can change the cash holding practices of Japanese firms or bring in any improvement on firm investment results and firm performance. This year, we expanded the research to examine recent firms' sustainable investment and reporting.
|
| Current Status of Research Progress |
Current Status of Research Progress
2: Research has progressed on the whole more than it was originally planned.
Reason
The research is being carried out smoothly. We finished data collection, data treatment, main analysis and draft writing. We are submitting the written
manuscript to international workshops and conferences in order to receive the comments from discussants and conference reviewers.
|
| Strategy for Future Research Activity |
Our plans for this year include:
1/ Present results at workshops and conferences: the European Financial Management Association 2024 Annual Meeting; the 9th International Conference on Accounting and Finance (ICOAF-2024); the 12th International Conference on Emerging Challenges: Sustainable Strategies in the Data driven Economy.
2/ Revise the manuscript based on responses from conference referees and participants.
3/ Finalize the manuscript and submit to targeted journals.
|
Report
(3 results)
Research Products
(6 results)
