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Japan and the World Economy最新文献

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Endogenous decisions on acceptable worker-job mismatch level and the impact on workers’ performance 关于可接受的工人与工作不匹配程度的内生决定及其对工人绩效的影响
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2024-10-29 DOI: 10.1016/j.japwor.2024.101283
Izumi Yokoyama , Takuya Obara , Arisa Shichijo Kiyomoto , Kaichi Kusada , Kazuma Edamura , Tomohiko Inui
{"title":"Endogenous decisions on acceptable worker-job mismatch level and the impact on workers’ performance","authors":"Izumi Yokoyama ,&nbsp;Takuya Obara ,&nbsp;Arisa Shichijo Kiyomoto ,&nbsp;Kaichi Kusada ,&nbsp;Kazuma Edamura ,&nbsp;Tomohiko Inui","doi":"10.1016/j.japwor.2024.101283","DOIUrl":"10.1016/j.japwor.2024.101283","url":null,"abstract":"<div><div>This study examines the endogeneity of a worker’s acceptable level of job mismatch and its impact on worker performance. First, we construct a theoretical model that depicts the tendency of a potential worker to take a job offer if the firm is “attractive” for some reason, even when he or she knows that their personality does not align with the firm’s characteristics. According to this model, a strong tendency for this behavior yields a positive relationship between a worker’s acceptable mismatch level and the firm’s attractive characteristics. Given the positive relationship, an instrumental variable estimation confirms that higher mismatch significantly lowers worker performance. Since “attractive” firms tend to be generally large firms with a major influence on the economy, the lowered performance due to these mismatches can hinder economic strength and hamper national growth. Resolving this issue may avoid further losses.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"72 ","pages":"Article 101283"},"PeriodicalIF":1.3,"publicationDate":"2024-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142594116","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The impact of news shock of the openings or expansions of large-scale semiconductor plants on local labour market in Japan 大型半导体工厂开工或扩建的新闻冲击对日本当地劳动力市场的影响
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2024-10-10 DOI: 10.1016/j.japwor.2024.101281
Yamaguchi Akira
{"title":"The impact of news shock of the openings or expansions of large-scale semiconductor plants on local labour market in Japan","authors":"Yamaguchi Akira","doi":"10.1016/j.japwor.2024.101281","DOIUrl":"10.1016/j.japwor.2024.101281","url":null,"abstract":"<div><div>This study investigates the causal effect of news shock of openings or expansions of large-scale semiconductor plants in Japan on local labor market, especially measured by new job opening ratio, using DiD (Difference-in-Difference) applied to prefecture-level data. The results shows news shock of large-scale openings or expansion of semiconductor plants increase new job opening ratio by 0.05 - 0.08pt significantly. To address the endogeneity problems arising from firms’ site selection, I matched control group consist of prefectures where news about the openings or expansion of large semiconductor plants were announced but the amounts of investment were relatively small compared to the treatment group and run DiD analysis, and finally obtained the similar robust results. Furthermore, it has been recently pointed out in econometrics that the heterogeneity of treatment effects in a TWFE (Two Way Fixed Effect or Staggered DiD) analysis in which the timings of treatments differ, can lead to biased estimator. The similar robust results were also obtained in the analysis using CS (Callaway and Sant’Anna) DiD, a type of DiD method that overcomes this bias problem. This paper is in the literature which analyzes the impact of large-scale plant openings (million dollar plant openings) on the local labor market, and contributes to the accumulation of knowledge in this field, which is surprisingly scarce in Japan.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"72 ","pages":"Article 101281"},"PeriodicalIF":1.3,"publicationDate":"2024-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142437674","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Household spending responses to two-time COVID-19 payments 家庭支出对两次 COVID-19 付款的反应
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2024-10-01 DOI: 10.1016/j.japwor.2024.101282
Kozo Ueda
{"title":"Household spending responses to two-time COVID-19 payments","authors":"Kozo Ueda","doi":"10.1016/j.japwor.2024.101282","DOIUrl":"10.1016/j.japwor.2024.101282","url":null,"abstract":"<div><div>During the COVID-19 pandemic, the Japanese government provided special cash payments (SCPs) multiple times. This study aims to estimate the marginal propensity to spend, a proxy for the marginal propensity to consume (MPC), to these income shocks using detailed bank transaction data. Our findings indicate that the MPC is stable at around 0.2 for both the first wave of SCPs launched in mid-2020 and the second wave of SCPs provided from the end of 2021 to the beginning of 2022. The MPC tends to increase as individuals become less wealthy, more liquidity constrained, or the number of family members is larger.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"72 ","pages":"Article 101282"},"PeriodicalIF":1.3,"publicationDate":"2024-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142432127","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The impact of accounting quality on investment efficiency: Evidence from the 2001 bank shareholding limitation act of Japan 会计质量对投资效率的影响：来自日本 2001 年银行持股限制法案的证据
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2024-09-13 DOI: 10.1016/j.japwor.2024.101280
Masahiro Enomoto , Boochun Jung , S. Ghon Rhee , Akinobu Shuto
{"title":"The impact of accounting quality on investment efficiency: Evidence from the 2001 bank shareholding limitation act of Japan","authors":"Masahiro Enomoto ,&nbsp;Boochun Jung ,&nbsp;S. Ghon Rhee ,&nbsp;Akinobu Shuto","doi":"10.1016/j.japwor.2024.101280","DOIUrl":"10.1016/j.japwor.2024.101280","url":null,"abstract":"<div><div>Biddle and Hilary (2006) demonstrate that accounting quality plays an important role in improving investment efficiency in the United States but not in Japan. We examine whether the role of accounting quality remains insignificant in Japan beyond their study period, 1975–2001. We hypothesize that since Japan experienced a dramatic decline in bank financing and keiretsu affiliations after 2001, when the Act on Limitation on Shareholding by Banks and Other Financial Institutions became effective, accounting quality became positively related to investment efficiency. Consistent with our hypothesis, we find a positive impact of accounting quality on investment efficiency in the post-2001 period. We also find that higher accounting quality improves investment efficiency by reducing the tendency of over-investment. The positive impact of accounting quality on investment efficiency is more pronounced among firms with lower bank financing and lower cross-shareholdings.</div></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"72 ","pages":"Article 101280"},"PeriodicalIF":1.3,"publicationDate":"2024-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142657349","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A nowcasting model of industrial production using alternative data and machine learning approaches 使用替代数据和机器学习方法的工业生产预报模型
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2024-08-15 DOI: 10.1016/j.japwor.2024.101271
Kakuho Furukawa , Ryohei Hisano , Yukio Minoura , Tomoyuki Yagi
{"title":"A nowcasting model of industrial production using alternative data and machine learning approaches","authors":"Kakuho Furukawa ,&nbsp;Ryohei Hisano ,&nbsp;Yukio Minoura ,&nbsp;Tomoyuki Yagi","doi":"10.1016/j.japwor.2024.101271","DOIUrl":"10.1016/j.japwor.2024.101271","url":null,"abstract":"<div><p>Recent years have seen a growing trend to utilize \"alternative data\" in addition to traditional statistical data in order to understand and assess economic conditions in real time. In this paper, we construct a nowcasting model for the <em>Indices of Industrial Production</em> (IIP), which measure production activity in the manufacturing sector in Japan. The model has the following characteristics: First, it uses alternative data (mobility data and electricity demand data) that is available in real-time and can nowcast the IIP one to two months before their official release. Second, the model employs machine learning techniques to improve the nowcasting accuracy by endogenously changing the mixing ratio of nowcast values based on traditional economic statistics (the <em>Indices of Industrial Production Forecast</em>) and nowcast values based on alternative data, depending on the economic situation. The estimation results show that by applying machine learning techniques to alternative data, production activity can be nowcasted with high accuracy, including when it went through large fluctuations during the spread of the COVID-19 pandemic.</p></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"71 ","pages":"Article 101271"},"PeriodicalIF":1.3,"publicationDate":"2024-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142077115","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Is part-time employment an adjusting valve?: Business cycle analysis on the labor market in Japan by dual search and matching model 兼职就业是调节阀吗？通过二元搜索和匹配模型对日本劳动力市场的商业周期分析
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2024-08-02 DOI: 10.1016/j.japwor.2024.101270
Daisuke Nakamura
{"title":"Is part-time employment an adjusting valve?: Business cycle analysis on the labor market in Japan by dual search and matching model","authors":"Daisuke Nakamura","doi":"10.1016/j.japwor.2024.101270","DOIUrl":"10.1016/j.japwor.2024.101270","url":null,"abstract":"<div><p>This study examines the role of part-time employment in Japan’s business cycles from 2002Q1 to 2018Q3 using a two-sector competitive search and matching model. The model is estimated by the generalized method of moments (GMM). The results demonstrate that part-time employment exhibits significantly higher volatility compared to full-time employment in response to productivity shocks. Companies adapt their utilization of part-time labor through both extensive and intensive margins to a similar extent, which stands in contrast to full-time workers whose labor input variation is primarily explained by the intensive margin. These findings substantiate the concept of part-time employment serving as an “Adjusting Valve for Employment” within the Japanese labor market. However, the model only accounts for a limited portion of the fluctuations in the proportion of part-time workers among total employment. The GMM estimation reveals that a general productivity shock adequately explains variations in wage rates and market tightness, but it falls short in accounting for fluctuations in the share of part-time employment. Thus, the findings suggest the necessity for more sophisticated models to amplify the variation in part-time employment while keeping wage rates and market tightness unchanged.</p></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"71 ","pages":"Article 101270"},"PeriodicalIF":1.3,"publicationDate":"2024-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141937811","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Institutional, quality, the level of development and Japanese outward foreign direct investment 制度、质量、发展水平与日本对外直接投资
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2024-07-22 DOI: 10.1016/j.japwor.2024.101267
Andrzej Cieślik , Michael Ryan
{"title":"Institutional, quality, the level of development and Japanese outward foreign direct investment","authors":"Andrzej Cieślik ,&nbsp;Michael Ryan","doi":"10.1016/j.japwor.2024.101267","DOIUrl":"10.1016/j.japwor.2024.101267","url":null,"abstract":"<div><p>This paper studies the determinants of Japanese direct investment worldwide and in different country groups. We derive our research hypotheses from the Knowledge-Capital Model and test them empirically using the PPML model and statistical data for 179 target countries between 1995 and 2019. We examine the role of a host’s institutional quality in affecting the cost of FDI. We show that institutional quality matters in attracting Japanese FDI for developed, developing, and transitioning economies. We find the effect of institutional quality to be more pronounced in the latter group of countries, especially concerning industries characterized by high asset-specificity.</p></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"71 ","pages":"Article 101267"},"PeriodicalIF":1.3,"publicationDate":"2024-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141955699","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The impact of a CSR committee on CSR performance 企业社会责任委员会对企业社会责任绩效的影响
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2024-07-20 DOI: 10.1016/j.japwor.2024.101269
Katsuyuki Kubo, Ryo Sasaki
{"title":"The impact of a CSR committee on CSR performance","authors":"Katsuyuki Kubo,&nbsp;Ryo Sasaki","doi":"10.1016/j.japwor.2024.101269","DOIUrl":"10.1016/j.japwor.2024.101269","url":null,"abstract":"<div><p>This study investigates the impact of introducing corporate social responsibility (CSR) committees on firms’ CSR performance. Using a sample of publicly traded Japanese companies for the period of 2011–2021, we employ propensity score matching difference-in-differences methods to address endogeneity issues. Our main findings reveal that the introduction of a CSR committee significantly improves CSR performance, providing support for the importance of structured and dedicated efforts toward achieving sustainability. In addition, our study contributes to the literature by examining the effects of the detailed components of environmental and social scores on CSR performance, offering a granular understanding of how CSR committees may influence various aspects of CSR performance.</p></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"71 ","pages":"Article 101269"},"PeriodicalIF":1.3,"publicationDate":"2024-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S092214252400032X/pdfft?md5=68c98705f764ddcac5562524fdd9e084&pid=1-s2.0-S092214252400032X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141843136","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The rise of internet-only banks: Analyzing the bias in cross-prefectural money demand elasticity 纯互联网银行的兴起：分析跨省货币需求弹性的偏差
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2024-07-19 DOI: 10.1016/j.japwor.2024.101268
Hiroshi Fujiki
{"title":"The rise of internet-only banks: Analyzing the bias in cross-prefectural money demand elasticity","authors":"Hiroshi Fujiki","doi":"10.1016/j.japwor.2024.101268","DOIUrl":"10.1016/j.japwor.2024.101268","url":null,"abstract":"<div><p>In 2021, new bank forms, such as Internet-only banks, amassed 2 % of Japanese deposits. Tokyo’s statistics since 2005 encompass deposits in such banks, regardless of depositor location. These Tokyo-based banks operate branchless. Elevated deposits reported in Tokyo, Japan’s highest-income prefecture, could skew the income elasticity of money demand upwards in a cross-sectional regression. This study proposes reallocating Tokyo’s bank deposits to all prefectures to quantify the bias. Additionally, it suggests aggregating fifteen prefectures into five areas to address discrepancies between the deposit and income locations owing to cross-prefectural commuting. Adjusting for new bank deposits, the income elasticity of money demand decreased from 0.899 to 0.872 in March 2021, with overestimation increasing since March 2005. These findings suggest the adequacy of regional statistics in reflecting economic behavior in the digital era, warranting reevaluation.</p></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"71 ","pages":"Article 101268"},"PeriodicalIF":1.3,"publicationDate":"2024-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141729206","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Zombie lending, labor hoarding, and local industry growth 僵尸贷款、劳动力囤积和地方产业增长
IF 1.3 4区 经济学
Japan and the World Economy Pub Date : 2024-06-23 DOI: 10.1016/j.japwor.2024.101266
Jeff Kin Wai Cheung , Masami Imai
{"title":"Zombie lending, labor hoarding, and local industry growth","authors":"Jeff Kin Wai Cheung ,&nbsp;Masami Imai","doi":"10.1016/j.japwor.2024.101266","DOIUrl":"https://doi.org/10.1016/j.japwor.2024.101266","url":null,"abstract":"<div><p>After the bursting of real estate bubbles in 1991, Japanese banks continued lending to unviable firms to conceal problem loans. We revisit Japan’s experience and propose a new mechanism via which banks’ loan-evergreening policy undermines allocative efficiency across industries by focusing on construction and real estate loans. Namely, banks’ continuing support for construction and real estate firms encourages labor hoarding in unviable construction projects. Since construction projects predominantly use low-skilled workers, banks’ loan-evergreening policy in these troubled sectors may depress other low-skilled industries. Based on the industry-level data in each of Japan’s 47 prefectures from 1992 to 1996, we document empirical facts consistent with this hypothesis. On average, low-skilled industries experienced disproportionately slower output and employment growth and more sluggish growth in the number of new establishments in prefectures where the share of bank loans to local construction/real estate sectors increased more after construction boom ended.</p></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"71 ","pages":"Article 101266"},"PeriodicalIF":1.3,"publicationDate":"2024-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141486239","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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