Operating Performance of Japanese Firms with Large Cash Holdings during the Bubble Economy

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概要

• 論文の詳細を見る

• The existing literature posits that large corporate cash holdings might induce agency problems and thus hinder firms' operating performance. This paper investigates how Japanese firms maintain high/low cash holding position during the late 1980s and early 1990s. I find that firms pile cash because there is no profitable project. On the other hand, firms maintain a low cash holding position due to over-investing. I also find that excess cash holdings significantly affect firms' operating performance. Lastly, I find no direct evidences that ownership structure affect firms operating performance.

• 日本管理会計学会の論文

著者

• Pan Chien-min

  Graduate School Of Commere Waseda University

関連論文

• Operating Performance of Japanese Firms with Large Cash Holdings during the Bubble Economy

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