经济政策的不确定性、所有权结构和研发投资：日本的证据

IF 1.8 4区经济学 Q2 BUSINESS, FINANCE

International Review of Finance Pub Date : 2024-02-11 DOI:10.1111/irfi.12445

Po-Lin Chen

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引用次数: 0

摘要

我们利用日本上市公司，研究了在经济政策不确定性和政治不确定性（EPU）较高时期研发投资决策的变化。我们发现，在经济政策不确定性和政治不确定性较高的情况下，企业会更加坚持之前的研发投资，并降低对销售增长的反应速度，而经济政策不确定性和政治不确定性的机制主要是通过财政政策来实现的。我们还发现了所有权结构的异质性，并发现尽管EPU较高，但高董事所有权会鼓励有更多增长机会的企业进行研发。此外，日本董事还存在 "平静生活问题"，这进一步降低了他们在 EPU 期间改变研发投资的动力。

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Economic policy uncertainty, ownership structure, and R&D investment: Evidence from Japan

Using listed Japanese firms, we examine changes in R&D investment decisions during periods of high economic policy uncertainty and politics uncertainty (EPU). We find that under high EPU, firms are more persistent in their previous R&D investment and reduce their responsiveness to sales growth, while the mechanism of EPU occurs mainly through fiscal policy. We also identify heterogeneities in ownership structure and find that high director ownership encourages R&D in firms with greater growth opportunities despite higher EPU. Moreover, Japanese directors suffer from the “quiet life problem,” which further reduces their incentive to change R&D investment during periods of EPU.

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来源期刊

International Review of Finance BUSINESS, FINANCE-

CiteScore

3.30

自引率

5.90%

发文量

期刊介绍： The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.