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Employment flexibility and cost of capital: A quasi-natural experiment in Japan

Research Project

Project/Area Number 25380411
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Money/ Finance
Research InstitutionInternational University of Japan

Principal Investigator

CHINO Atsushi  国際大学, 国際関係学研究科, 講師(移行) (30647988)

Project Period (FY) 2013-04-01 – 2017-03-31
Project Status Completed (Fiscal Year 2016)
Budget Amount *help
¥4,940,000 (Direct Cost: ¥3,800,000、Indirect Cost: ¥1,140,000)
Fiscal Year 2015: ¥130,000 (Direct Cost: ¥100,000、Indirect Cost: ¥30,000)
Fiscal Year 2014: ¥2,470,000 (Direct Cost: ¥1,900,000、Indirect Cost: ¥570,000)
Fiscal Year 2013: ¥2,340,000 (Direct Cost: ¥1,800,000、Indirect Cost: ¥540,000)
Keywords資本コスト / 企業金融 / 労働市場 / 金融論
Outline of Final Research Achievements

We investigate whether an increasing use of temporary agency workers affects firms’ cost of equity capital. Exploiting a major labor market deregulation in Japan in early 2000s, which removed a legal restriction that had prohibited temporary agency workers from engaging in manufacturing works, we conduct a difference-in-difference estimation and find that cost of capital decreased in manufacturing firms, relative to other firms, after the parliament passed the revised law for deregulation in 2003. Further analysis using variations only within manufacturing firms supports our causal interpretations. Overall, we conclude that firms’ use of temporary agency workers increases their operating flexibility and decreases cost of capital.

Report

(5 results)
  • 2016 Annual Research Report   Final Research Report ( PDF )
  • 2015 Research-status Report
  • 2014 Research-status Report
  • 2013 Research-status Report
  • Research Products

    (2 results)

All 2016 Other

All Presentation (1 results) Remarks (1 results)

  • [Presentation] 雇用の流動性と企業の株主資本コスト:労働者派遣法改正が与えた影響2016

    • Author(s)
      千野 厚
    • Organizer
      第24回日本ファイナンス学会
    • Place of Presentation
      横浜国立大学
    • Related Report
      2016 Annual Research Report 2015 Research-status Report
  • [Remarks] Personal Homepage of Atsushi Chino

    • URL

      https://sites.google.com/a/iuj.ac.jp/atsushi-chino/home

    • Related Report
      2016 Annual Research Report

URL: 

Published: 2014-07-25   Modified: 2019-07-29  

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