Low Productivity and Effectiveness of Public Policy during "lost two decades" in Japan

Research Project

Project/Area Number	24530376
Research Category	Grant-in-Aid for Scientific Research (C)
Allocation Type	Multi-year Fund
Section	一般
Research Field	Public finance/Monetary economics
Research Institution	Kansai University
Principal Investigator	MAEKAWA Satoko 関西大学, 経済学部, 教授 (40330120)
Project Period (FY)	2012-04-01 – 2015-03-31
Project Status	Completed (Fiscal Year 2014)
Budget Amount *help	¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000) Fiscal Year 2014: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000) Fiscal Year 2013: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000) Fiscal Year 2012: ¥2,340,000 (Direct Cost: ¥1,800,000、Indirect Cost: ¥540,000)
Keywords	企業設備投資 / 企業価値 / キャッシュフロー / 持株比率 / 海外投資家 / 株主構成 / 設備投資行動 / 構造変化 / 法人税制 / 財政政策 / 生産性
Outline of Final Research Achievements	This study investigated what have affected the Japanese firms’ capital investment and R&D since 1990s, which is so-called “lost two decades”. The empirical results showed the following three findings. (1) The firms’ capital investments have depended much more on corporate value than cash flow. (2) The Japanese firms have considered their corporate value more as the foreign investors have got their stocks more. (3) The R&D has also depended on the corporate finance rather than the incentives given by tax credits.

Report

(4 results)