Download or read book Capital Structure and Firm Performance Evidence from Japan Nikkei 225 written by Tobias Burkhart and published by GRIN Verlag. This book was released on 2021-08-09 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2020 in the subject Business economics - Investment and Finance, grade: 1,3, University of Greenwich, language: English, abstract: This study investigates what kind of impact different leverage ratios have on firm performance measurements Return on Assets, Return on Equity and Tobin’s Q in selected firms listed on Nikkei 225 stock market (excluding Finance & Technology Sector). Furthermore, the influence of sector specific and possible control variables on capital structure (using long- & short-debt ratios) as well as firm performance will be analysed. The sample derive from 165 firms during the time period from 2014 to 2019 and analysed by using various Models multiple regression analysis. Control variables Size and Growth show a clear positive effect on firm performance. In contrast, Tangibility has a negative impact on the model in which all companies are included, but has more positive coefficients in the model in which companies are divided into their industries. Additionally, this study suggests that the effect of leverage on firm performance differs among industries. Short- and long-term debt has positive impacts on different firm performance measurements by the Materials, Reals Estate, Energy and Communication Services Sector.
Download or read book Corporate Governance in Japan written by Masahiko Aoki and published by OUP Oxford. This book was released on 2007-09-06 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: Debates regarding corporate governance have become increasingly important in Japan as the post-war model of bank-based, stakeholder-oriented corporate governance faces the new pressures associated with globalization and growing investor demands for shareholder value. Bringing together a group of leading scholars from economics, law, sociology and management studies, this book looks at how the Japanese approach to corporate governance and the firm have changed in the post-bubble era. The contributions offer a unique empirical exploration of why and how Japanese firms are reshaping their corporate governance arrangements, leading to greater diversity among firms and new 'hybrid' forms of corporate governance. The book concludes by looking at what effect these incremental but transformative changes may have on Japan's distinctive variety of capitalism.
Download or read book Finance Reconsidered written by Bernard Paranque and published by Emerald Group Publishing. This book was released on 2016-09-06 with total page 441 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume argues the need for a radical break with the methodological individualism that dominates economics, management and finance, asking 'How should we (re)define the concept of value?' and serving as a stepping stone for the rethinking of academic finance.
Download or read book Bank based and Market based Financial Systems written by Asl? Demirgüç-Kunt and published by World Bank Publications. This book was released on 1999 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Empirical Capital Structure written by Christopher Parsons and published by Now Publishers Inc. This book was released on 2009 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical Capital Structure reviews the empirical capital structure literature from both the cross-sectional determinants of capital structure as well as time-series changes.
Download or read book Corporations in Evolving Diversity written by Masahiko Aoki and published by Oxford University Press. This book was released on 2010-05-06 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2008-9 financial crisis demands we look anew at the role of corporations, and the working of financial markets around the world. In this book, Masahiko Aoki provides a compelling new analysis of the corporate firm; the role of shareholders, managers and workers; and institutional governance structures.
Download or read book Hedge Fund Activism in Japan written by John Buchanan and published by Cambridge University Press. This book was released on 2012-05-24 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedge fund activism is an expression of shareholder primacy, an idea that has come to dominate discussion of corporate governance theory and practice worldwide over the past two decades. This book provides a thorough examination of public and often confrontational hedge fund activism in Japan in the period between 2001 and the full onset of the global financial crisis in 2008. In Japan this shareholder-centric conception of the company espoused by activist hedge funds clashed with the alternative Japanese conception of the company as an enduring organisation or a 'community'. By analysing this clash, the book derives a fresh view of the practices underpinning corporate governance in Japan and offers suggestions regarding the validity of the shareholder primacy ideas currently at the heart of US and UK beliefs about the purpose of the firm.
Download or read book Partial Least Squares Path Modeling written by Hengky Latan and published by Springer. This book was released on 2017-11-03 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited book presents the recent developments in partial least squares-path modeling (PLS-PM) and provides a comprehensive overview of the current state of the most advanced research related to PLS-PM. The first section of this book emphasizes the basic concepts and extensions of the PLS-PM method. The second section discusses the methodological issues that are the focus of the recent development of the PLS-PM method. The third part discusses the real world application of the PLS-PM method in various disciplines. The contributions from expert authors in the field of PLS focus on topics such as the factor-based PLS-PM, the perfect match between a model and a mode, quantile composite-based path modeling (QC-PM), ordinal consistent partial least squares (OrdPLSc), non-symmetrical composite-based path modeling (NSCPM), modern view for mediation analysis in PLS-PM, a multi-method approach for identifying and treating unobserved heterogeneity, multigroup analysis (PLS-MGA), the assessment of the common method bias, non-metric PLS with categorical indicators, evaluation of the efficiency and accuracy of model misspecification and bootstrap parameter recovery in PLS-PM, CB-SEM, and the Bollen-Stine methods and importance-performance map analysis (IPMA) for nonlinear relationships. This book will be useful for researchers and practitioners interested in the latest advances in PLS-PM as well as master and Ph.D. students in a variety of disciplines using the PLS-PM method for their projects.
Download or read book Payout Policy written by and published by . This book was released on 2007 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividend policy continues to be among the premier unsolved puzzles in finance. A number of theories have been advanced to explain dividend policy. This e-book briefly reviews the principal theories of payout policy and dividend policy and summarizes the empirical evidence on these theories. Empirical evidence is equivocal and the search for new explanation for dividends continues.
Download or read book Business Environment and Firm Entry written by Leora Klapper and published by World Bank Publications. This book was released on 2004 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Using a comprehensive database of firms in Western and Eastern Europe, we study how the business environment in a country drives the creation of new firms. Our focus is on regulations governing entry. We find entry regulations hamper entry, especially in industries that naturally should have high entry. Also, value added per employee in naturally "high entry" industries grows more slowly in countries with onerous regulations on entry. Interestingly, regulatory entry barriers have no adverse effect on entry in corrupt countries, only in less corrupt ones. Taken together, the evidence suggests bureaucratic entry regulations are neither benign nor welfare improving. However, not all regulations inhibit entry. In particular, regulations that enhance the enforcement of intellectual property rights or those that lead to a better developed financial sector do lead to greater entry in industries that do more R & D or industries that need more external finance"--National Bureau of Economic Research web site.
Download or read book The Internationalization of Equity Markets written by Jeffrey A. Frankel and published by University of Chicago Press. This book was released on 2008-04-15 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely volume addresses three important recent trends in the internationalization of United States equity markets: extensive market integration through foreign investment and links among stock prices around the world; increasing securitization as countries such as Japan come to rely more than ever before on markets in equities and bonds at the expense of banks; and the opening of national financial systems of newly industrializing countries to international financial flows and institutions, as governments remove capital controls and other barriers. Eight essays examine such issues as the current extent of international market integration, gains to U.S. investors through international diversification, home-country bias in investing, the role of time and location around the world in stock trading, and the behavior of country funds. Other, long-standing questions about equity markets are also addressed, including market efficiency and the accuracy of models of expected returns, with a particular focus on variances, covariances, and the price of risk according to the Capital Asset Pricing Model.
Download or read book Handbook of the Economics of Finance written by G. Constantinides and published by Elsevier. This book was released on 2003-11-04 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt: Arbitrage, State Prices and Portfolio Theory / Philip h. Dybvig and Stephen a. Ross / - Intertemporal Asset Pricing Theory / Darrell Duffle / - Tests of Multifactor Pricing Models, Volatility Bounds and Portfolio Performance / Wayne E. Ferson / - Consumption-Based Asset Pricing / John y Campbell / - The Equity Premium in Retrospect / Rainish Mehra and Edward c. Prescott / - Anomalies and Market Efficiency / William Schwert / - Are Financial Assets Priced Locally or Globally? / G. Andrew Karolyi and Rene M. Stuli / - Microstructure and Asset Pricing / David Easley and Maureen O'hara / - A Survey of Behavioral Finance / Nicholas Barberis and Richard Thaler / - Derivatives / Robert E. Whaley / - Fixed-Income Pricing / Qiang Dai and Kenneth J. Singleton.
Download or read book Japan s Quest for Growth written by Mr. Murtaza H. Syed and published by International Monetary Fund. This book was released on 2010-12-01 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: As labor input in Japan shrinks with population aging, capital accumulation and productivity gains will drive growth over the medium-term. At the same time, a changing global landscape calls for a shift in export-oriented investment toward new markets and a new generation of products, as well as increased investment by domestically-oriented firms. What policies could be adopted to help firms adjust to the imperatives of the post-crisis global economy and boost medium-term growth? Using disaggregated data, this paper investigates the determinants of investment and R&D spending by Japanese firms. The results suggest that policies could usefully focus on four areas. First, raising the return on investment, including through reforms to the tax code. Second, decreasing uncertainty through improved risk management by firms and by bolstering the business climate. Third, improving SME access to finance, notably by encouraging venture capital investment in innovative areas and more risk-based lending. And fourth, reducing excess leverage and supporting corporate restructuring to enable new investments to flourish.
Download or read book The Role of Factoring for Financing Small and Medium Enterprises written by Leora Klapper and published by World Bank Publications. This book was released on with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Around the world, factoring is a growing source of external financing for corporations and small and medium-size enterprises (SMEs). What is unique about factoring is that the credit provided by a lender is explicitly linked to the value of a supplier ' s accounts receivable and not the supplier ' s overall creditworthiness. Therefore, factoring allows high-risk suppliers to transfer their credit risk to their high-quality buyers. Factoring may be particularly useful in countries with weak judicial enforcement and imperfect records of upholding seniority claims because receivables are sold, rather than collateralized, and factored receivables are not part of the estate of a bankrupt SME. Empirical tests find that factoring is larger in countries with greater economic development and growth and developed credit information bureaus. In addition, the author finds that creditor rights are not related to factoring ... " -- Cover verso.
Download or read book The Japanese Business and Economic System written by M. Nakamura and published by Springer. This book was released on 2001-01-11 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emerging from ten years of post-bubble recession, the Japanese business and economic system will need to enter a period of radical restructuring in order to return to the growth of former years and maintain its influential position in the development of new technologies. Japan's choices for the future will have a major impact on its global trading partners. In this edited collection of papers, an international range of contributors discuss the fundamental issues faced by the Japanese business and economic system from historical, analytical and empirical perspectives. Their conclusions combine to present a view of the path Japan should take to restore its economy to optimal growth in the 21st century, and show how this path will affect global markets.
Download or read book Corporate Governance and Corporate Behavior in Japan written by Masaharu Hanazaki and published by Springer. This book was released on 2016-07-28 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book carefully examines the effects of changes in the corporate governance structure on corporate behavior or company performance, using micro-data from listed companies in Japan. The author found that in Japan the introduction of stock options had neither a positive impact on profitability nor the negative side effects of promoting risk-taking behaviors. Furthermore, he found that corporate diversification and division of corporations showed negative impacts on profitability. The corporate governance structure of Japan has exhibited a large change from the second half of the 1990s to the present. There have been institutional reforms involving enterprise law, such as the introduction of stock options and the removal of the ban on holding companies. With respect to the ownership structure of a company, discernible trends are that the equity holdings of financial institutions and business corporations have fallen while the presence of foreign stockholders has risen. These trends are often pointed out as signs that the Japanese corporate governance structure has been approaching the American model and that this will energize Japanese firms. The author contradicts common academic theories, however, and concludes that the formation of the corporate governance which emphasizes the agency problem between shareholders and corporate managers is inadequate. He suggests that an institutional arrangement for a corporate governance system that values a variety of stakeholders' interests is greatly needed and concludes that perspectives on maximizing surplus values for various stakeholders and distributing the surpluses appropriately among the stakeholders will become increasingly important for the purpose of managing corporations.
Download or read book Designing Financial Systems in East Asia and Japan written by Joseph P. H. Fan and published by Psychology Press. This book was released on 2004 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection discusses the role of financial institutions and markets in East Asian and Japan, corporate governance and new technology and how to redesign the East Asian and Japanese financial systems.
