1996 Fiscal Year Final Research Report Summary
The theoretical empirical research on contemporary financial behaviors of Japanese firms
| Project/Area Number |
07303017
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| Research Category |
Grant-in-Aid for Scientific Research (A)
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| Allocation Type | Single-year Grants |
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| Section | 総合 |
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| Research Field |
Business administration
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| Research Institution | KONAN UNIVERSITY |
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Principal Investigator |
AKAISHI Masahiro Konan Univ., Faculty of Business Adm., Professor, 経営学部, 教授 (70034874)
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| Co-Investigator(Kenkyū-buntansha) |
BABA Taiji Konan Univ., Faculty of Business Adm., Assistant Professor, 経営学部, 助教授 (90248154)
TORIBE Shinji Kobe Univ.of Commerce, Faculty of Commerce, Professor, 商経学部, 教授 (00155607)
SKAKIBARA Shigeki Kobe Univ., Faculty of Business Adm., Professor, 経営学部, 教授 (10030719)
IKOMA Michihiro Kinki Univ., Faculty of Commerce, Professor, 商経学部, 教授 (10031840)
MORI Akio Kanazawagakuin Univ., Faculty of Business Adm., Professor, 経営情報学部, 教授 (30030703)
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| Project Period (FY) |
1995 – 1996
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| Keywords | Deregulation / Japanese style of Corporate Finance / Financing / Capital Structure / Cost of Capital / Investment Decision / Dividend Policy / Ownership Structure |
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| Research Abstract |
1. Investigations into actual condition
(1) We sent questionnaires to all non-financial open corporation (2,805 firms). This questionnaire includes more than 60 questions that cover all financial areas.
(2) We had interviews with the executives of more than 10 firms about views on their own firm's financial decision making.
2.Results of the investigations
"(1)"Generally speaking, the views on financial topics (ex.the cost capital, the dividend policy, the investment policy etc.) of Japanese top management are very unique and different from that of the finance theory.
(2) Apparently this finding seems irrational. But, if we take account of "traditional features of Japanese economy" (the ownership structure of the firms, the motivation of shareholdings, the institutional characteristics of capital market etc.), this finding can be regarded as rational.
(3) However, because contemporary structural change in Japanese economy (ex.the changes of aims to shareholding, the shift from organized economy to market economy etc.) imply that the "traditional features of Japanese economy" will disappear, the unique views of Japanese top management will be irrational. Now Japanese top management must change old views into new ones that conform to the finance theory.
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