2007 Fiscal Year Final Research Report Summary
Financial Policy of Japanese Corporations in Transition
| Project/Area Number |
17330083
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| Research Category |
Grant-in-Aid for Scientific Research (B)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Business administration
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| Research Institution | Hitotsubashi University |
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Principal Investigator |
HANAEDA Hideki Hitotsubashi University, Graduate School of Commerce and Management, Professor (50103693)
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| Co-Investigator(Kenkyū-buntansha) |
SERITA Toshio Aoyama Gakuin University, Faculty of Economics, Professor (80226688)
MIYAKAWA Tadao Hitotsubashi University, President (60017473)
XU Peng Hosei University, Department of Economies, Professor (60247111)
SUDA Kazuyuki Waseda University, Graduate School of Finance, Professor (00171273)
HIROTA Masato Tokyo Metropolitan University, Faculty of Urban Liberal Arts, Visiting Professor (10381443)
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| Project Period (FY) |
2005 – 2007
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| Keywords | corporate finance / dividend policy / stock repurchases / debt financing / initial public offering / R&D investment / financing constraints / Japanese corporation |
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| Research Abstract |
1. We did field research study using the responses from 3824 mail survey to examine managers thinking about dividend policy, and stock repurchases of Japanese corporations.
2. "The choice of financing with public debt versus private debt: New evidence from Japan after critical binding regulations were removed": This paper investigates the choice of financing with public debt and bank debt of Japanese corporations. We find high quality Japanese firms leave banks to the bond market, while low quality firms U-turn to bank debt. We also provide new evidence that Japanese banks tend to lend loans to wealthy firms. Because of a shift from equity-linked bond to straight bond during 1993-1997, our study provides a complement to evidence on financing choices of equity-linked public debt versus bank debt with the late 1980s' bull stock market.
3. "Ownership structure and underwriting fee: Evidence from Japanese IPOs": This paper empirically examines the relationship between the underwriting fee of IPOs and ownership structure in Japan. The ownership by managers is positively associated with the underwriting fee, while the ownership by banks and lead underwriter-affiliated venture capitalists is negatively associated with the underwriting fee. Moreover, post-issue performance is positively associated with the ownership by banks but is not associated with managerial ownerships.
4. "Financing constraints and Research and Development Investment": This paper empirically investigates whether firms' R&D investment is constrained by their internal resources, using a new sample of Japanese firms where R&D expenditure amounts on average to more than half of capital expenditure. Contrary to previous studies that examine this relationship for large firms, we find that R&D investment is constrained by internal cash flow with almost the same magnitude as that of physical investment.
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[Book] 『会計操作』2007
Author(s)
須田一幸 編著
Total Pages
250
Publisher
ダイヤモンド社
Description
「研究成果報告書概要(和文)」より
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