表題番号：2024C-592
日付：2025/04/03
研究課題Determinants of physical and R&D investments of Japanese manufacturing firms
| 研究者所属（当時） | 資格 | 氏名 | |
|---|---|---|---|
| （代表者） | 国際学術院 国際教養学部 | 教授 | 朴 相俊 |
- 研究成果概要
This paper investigates what variables influenced physical investment decisions of Japanese publicly listed firms using their financial statement data from 1991 to 2018 (the collapse of bubble in Japan ~ before the COVID 19).
Empirical test results show that the coefficients of Tobin’s q and liquid assets ratio are significantly positive. The coefficient of liquid addets ratio substantially declined for large firms during the quantitative easing period implying liquidity constraint became less binding for large firms during the quantitative easing periods. This result implies that expansionary monetary policy helped the firms with big size but low liquid asset ratio to invest more. In contrast, the liquid asset ratio turns out to be insignificant for small firms. The debt ratio turns out to have negative impacts on investment of small firms for the whole time period, while it has negative impacts on investment of large firms only during the quantitative easing period. Operating income ratio, major shareholder ratio and sales ratio turn out to be strongly significant and positive. The foreign shareholder ratio is significantly positive for all firms and small firms, but it is not significant for large firms.However, the validity of instruments were not supported by the Hansen J test, implying further estimation experiments are necessary in the future studies.