Production Offshoring and Investment by Japanese FirmsInternational Monetary Fund, 30 jul 2015 - 20 pagina's We trace Japanese corporate investment across different types of firms over the past decades and estimate the main determinants of investment. We find that there are differences in investment behavior between firms expanding abroad and those operating mainly in domestic markets. On the back of a trend increase in production offshoring, investment by large companies, especially those in the transportation sector, is more positively associated with cash flow while responding less to Q ratio. These findings are consistent with the subdued recovery of private investment in recent years despite booming stock markets and the large build up of cash holdings by Japanese corporates. |
Inhoudsopgave
Return on Assets | 3 |
Return on Equity | 4 |
DebttoAsset Ratio | 5 |
Shortterm Debt to Longterm Debt Ratio | 6 |
Credit to the Private NonFinancial Sector | 7 |
Liquidity Ratio | 8 |
Return on Assets | 9 |
Leverage Ratio | 10 |
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Production Offshoring and Investment by Japanese Firms Mr.Joong Kang,Shi Piao Gedeeltelijke weergave - 2015 |
Veelvoorkomende woorden en zinsdelen
behavior of Japanese Botman CF/K coefficient estimate column corporate investment corporate survey data different types Eberly effect on investment estimation results expanded abroad expectations of future Figure Figure 17 financial conditions firm-level data firms with overseas future profitability global financial crisis Haver Analytics IMF staff calculations IMF Working Paper important factor increase in production intangible capital International Monetary Fund investment-cash flow sensitivity Japan Japanese firms lagged investment lagged-investment effect launch of Abenomics leverage ratio Liquidity Ratio manufacturing and non-manufacturing manufacturing sector mega firms negative cash flows non-manufacturing firms non-manufacturing sectors overall investment behavior overseas expansion overseas investment overseas operation private investment production offshoring Q ratio Ratio In percent recovery of private remains subdued Return on Assets Return on Equity sharp yen depreciation sizes of firms stylized facts Table A1 Thomson Reuters Worldscope Tobin’s Q total investment transportation sector trend increase trillions of yen types of firms z-statistics in parentheses