Waseda Organizational and Financial Economics Seminar:
“Physical investment of Japanese firms during QE and non-QE periods: Did the transmission mechanism work?” (6/10)
講演者 / Speaker
朴 相俊（早稲田大学 国際学術院 教授）
- 研究分野 関心領域
経済動学、為替、貿易
日 時 / Date & Time
2019年6月10日（月） 13:00～14:30
会 場 / Venue
早稲田大学 早稲田キャンパス 11号館 11階 1111教室
主 旨 / Outline
“Physical investment of Japanese firms during QE and non-QE periods: Did the transmission mechanism work?”
This paper investigates whether the quantitative easing policy influenced physical investment decisions of Japanese publicly listed firms through neoclassical and non-neoclassical transmission channels using their financial statement data from 1991 to 2016.
Empirical test results estimated by the system GMM indicate that, during the QE period, the neoclassical channel encouraged investment through Tobin’s q and the non-neoclassical channel also worked through balance sheet effects.
Operating income and ownership structures are also found as determinants of firm investment since 1991 in Japan. In addition, the effect of financial leverage is estimated to be negative in general.
However, its impact turns out be somewhat different depending on the capital size of firms.
プログラム / Schedule
13:00～13:05 開会の挨拶（宮島 英昭 早稲田大学高等研究所 顧問 ／ 商学学術院 教授）
13:05～14:05 講演 （＊英語での講演）
14:05～14:25 質疑応答
14:25～14:30 閉会の挨拶（宮島 英昭）
対 象 / Prospected Audience
学部生・大学院生・教職員・一般
主 催 / Organizer
早稲田大学 産業経営研究所
早稲田大学 高等研究所
申込み / Registration
事前申込み不要です。直接会場にお越しください。
