Japan and the World Economy最新文献_第4页

Performance feedback on sales growth and M&A: Evidence from China 销售增长和并购的绩效反馈：来自中国的证据

IF 1.3 4区经济学

Japan and the World Economy Pub Date : 2024-01-05 DOI: 10.1016/j.japwor.2023.101236

Jianquan Guo , He Cheng

{"title":"Performance feedback on sales growth and M&A: Evidence from China","authors":"Jianquan Guo , He Cheng","doi":"10.1016/j.japwor.2023.101236","DOIUrl":"10.1016/j.japwor.2023.101236","url":null,"abstract":"<div><p><span>This study examines the effects of performance feedback on sales growth relative to social and historical aspirations on corporate merger and acquisition (M&A) decisions and M&A performance. A sample of 924 M&A deals announced by Chinese manufacturing firms between January 2006 and June 2022 is analyzed using logistic regression and multiple linear regression. Robustness tests are also conducted to show that the main results are consistent. We find that (1) negative performance feedback relative to social aspiration motivates acquirers to undertake more risk in M&A-related decisions such as choosing overseas targets and using non-deferred payments in deal structure; while negative historical performance feedback significantly encourages acquirers to choose deferred deal structure. Positive performance feedback does not have a significant impact on acquirers’ choices; (2) In terms of M&A performance, both negative and positive performance feedback relative to social aspiration can have a positive effect on M&A performance; while historical performance feedback cannot affect M&A performance. This paper addresses the heterogeneity of the effects of performance feedback (which is divided into historical and social performance feedback) on firm behavior and contributes to the Behavioral Theory of Firms and </span>Stewardship theory.</p></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"69 ","pages":"Article 101236"},"PeriodicalIF":1.3,"publicationDate":"2024-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139392048","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

Are sustainable firms more innovative? The case of China 可持续发展的企业更具创新性吗？中国案例

IF 1.3 4区经济学

Japan and the World Economy Pub Date : 2024-01-04 DOI: 10.1016/j.japwor.2024.101238

Kohei Mitsunami , Miwa Nakai

引用次数: 0

The impact of demographic change on the natural rate of interest in Japan 人口变化对日本自然利率的影响*

IF 1.3 4区经济学

Japan and the World Economy Pub Date : 2024-01-03 DOI: 10.1016/j.japwor.2023.101237

Fei Han

引用次数: 0

How competitiveness evolved in the Japanese bank loan market between 1977 and 2020 1977 年至 2020 年间日本银行贷款市场的竞争力如何演变

IF 1.3 4区经济学

Japan and the World Economy Pub Date : 2023-12-14 DOI: 10.1016/j.japwor.2023.101232

Tomoya Maruyama

{"title":"How competitiveness evolved in the Japanese bank loan market between 1977 and 2020","authors":"Tomoya Maruyama","doi":"10.1016/j.japwor.2023.101232","DOIUrl":"10.1016/j.japwor.2023.101232","url":null,"abstract":"<div><p>In this study, I estimate the degree of competition in the Japanese loan market using a new empirical industrial organization method. With it, I conduct a long-term analysis of more than 40 years that includes the effect of financial deregulation prior to 2000. The model adopts an appropriate identification strategy in the estimation by introducing a rotation term to the demand function. This study also has an examination of the mechanism behind the long-term development of competition to test the validity of two hypotheses: the efficient structure hypothesis and the market power hypothesis. The findings are as follows: (1) The Japanese loan market was the least competitive around 1980, and competition has intensified since then. (2) After 2000, competition has generally increased, especially among large city banks with a nationwide presence. (3) The correlation analyses between market concentration, degree of competition, and cost efficiency indicate that the results are consistent with the efficient structure hypothesis except for the period around 2000. In contrast, the results are consistent with the market power hypothesis in the 1990s, but become inconsistent thereafter.</p></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"69 ","pages":"Article 101232"},"PeriodicalIF":1.3,"publicationDate":"2023-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138680391","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

Effects of alternative pricing structures on electricity consumption and payments in the commercial and industrial sector 不同定价结构对商业和工业部门电力消费和支付的影响

IF 1.3 4区经济学

Japan and the World Economy Pub Date : 2023-11-17 DOI: 10.1016/j.japwor.2023.101223

Asahi Oshiro , Nori Tarui

引用次数: 0

Impacts of inter-firm relations on the adoption of remote work: Evidence from a survey in Japan during the COVID-19 pandemic 企业间关系对采用远程工作的影响:来自2019冠状病毒病大流行期间日本调查的证据

IF 1.3 4区经济学

Japan and the World Economy Pub Date : 2023-10-13 DOI: 10.1016/j.japwor.2023.101221

Eiichi Tomiura , Hiroshi Kumanomido

引用次数: 0

Simulated effects of carbon pricing on industrial sector energy use 碳定价对工业部门能源使用的模拟效应

IF 1.3 4区经济学

Japan and the World Economy Pub Date : 2023-10-12 DOI: 10.1016/j.japwor.2023.101222

Hyungna Oh , Jae Yoon Lee , Eunmi Jeong , Jee Young Kim

引用次数: 0

Impacts of inter-firm relations on the adoption of remote work: Evidence from a survey in Japan during the COVID-19 pandemic 企业间关系对采用远程工作的影响：COVID-19 大流行期间日本的一项调查证据

IF 1.3 4区经济学

Japan and the World Economy Pub Date : 2023-10-01 DOI: 10.2139/ssrn.4432936

Eiichi Tomiura, H. Kumanomido

引用次数: 0

Indonesian capital city relocation and regional economy's transition toward less carbon-intensive economy: An inter-regional CGE analysis 印尼首都迁移与区域经济向低碳经济转型:区域间CGE分析

IF 1.3 4区经济学

Japan and the World Economy Pub Date : 2023-09-21 DOI: 10.1016/j.japwor.2023.101212

Arief A. Yusuf , Elizabeth L. Roos , J. Mark Horridge , Djoni Hartono

{"title":"Indonesian capital city relocation and regional economy's transition toward less carbon-intensive economy: An inter-regional CGE analysis","authors":"Arief A. Yusuf , Elizabeth L. Roos , J. Mark Horridge , Djoni Hartono","doi":"10.1016/j.japwor.2023.101212","DOIUrl":"https://doi.org/10.1016/j.japwor.2023.101212","url":null,"abstract":"<div><p>Transitioning to a low-carbon economy can take various forms, one of which is structural change, particularly tertiarization. When the economic structure shifts from being dominated by sectors that rely heavily on fossil fuels to one that does not, the economy can become less carbon-intensive. The relocation of Indonesia's capital city from Jakarta to East Kalimantan is an example of how a traditionally resource-intensive regional economy may respond to the sudden emergence of a large-scale service sector, in this case, the government sector. This paper investigates how the capital city relocation may affect the destination region's economic structure using an inter-regional computable general equilibrium modeling<span><span>. The model considers not only how different economic sectors are interconnected but also how sectors within one province are interconnected with sectors in other provinces. According to the findings, the relocation of the capital city increases the Gross Regional Domestic Product (GRDP) of the destination region (KalTim) by a massive amount (22%) while decreasing the GRDP of Jakarta (the old capital) by a moderate amount (7%). However, because the expanding sector is relatively high-skill intensive, it tends to produce skill-biased increases in real wages. As a result, the destination region (Kaltim) undergoes massive structural change as its service sector share increases by 12%, a change historically comparable in two decades. In addition, Kaltim's </span>carbon emission intensity decreases by 18% due to this large-scale tertiarization. The analysis has demonstrated how and to what extent the relocation of Indonesia's capital city may help the province diversify from a natural resource-intensive economy to a more service-oriented and low-carbon economy.</span></p></div>","PeriodicalId":46744,"journal":{"name":"Japan and the World Economy","volume":"68 ","pages":"Article 101212"},"PeriodicalIF":1.3,"publicationDate":"2023-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49700432","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

Reliability and forced outages: Survival analysis with recurrent events 可靠性和强制停电:复发事件的生存分析

IF 1.3 4区经济学

Japan and the World Economy Pub Date : 2023-09-04 DOI: 10.1016/j.japwor.2023.101213

Majah-Leah V. Ravago , Karl Robert Jandoc , Miah Maye Pormon

引用次数: 0