破产经验与现金持有行为:日本案例

IF 4.8 2区 经济学 Q1 BUSINESS, FINANCE
Po-Lin Chen
{"title":"破产经验与现金持有行为:日本案例","authors":"Po-Lin Chen","doi":"10.1016/j.pacfin.2024.102519","DOIUrl":null,"url":null,"abstract":"<div><p>Using data on Japanese listed firms, we find that companies are more likely to take risks when one or more of their directors experience corporate bankruptcy at another firm when serving concurrently as a director. Consequently, these companies reduce their cash reserves by issuing less equity. This tendency to take greater risk is concentrated in firms that are in a more favorable financial condition or where the interlocked bankruptcy firm has been through less costly bankruptcy. Our findings suggest that past experiences significantly shape individual preferences for taking risk, even if these experiences occur during their professional careers. Further, the effects of bankruptcy experiences on Japanese directors, who are usually considered risk averse, exhibit shifts in risk taking like that found in the US.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"88 ","pages":"Article 102519"},"PeriodicalIF":4.8000,"publicationDate":"2024-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0927538X24002713/pdfft?md5=954dc2d5391293c20272bbacaf002733&pid=1-s2.0-S0927538X24002713-main.pdf","citationCount":"0","resultStr":"{\"title\":\"Bankruptcy experiences and cash holding behaviors: Case of Japan\",\"authors\":\"Po-Lin Chen\",\"doi\":\"10.1016/j.pacfin.2024.102519\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>Using data on Japanese listed firms, we find that companies are more likely to take risks when one or more of their directors experience corporate bankruptcy at another firm when serving concurrently as a director. Consequently, these companies reduce their cash reserves by issuing less equity. This tendency to take greater risk is concentrated in firms that are in a more favorable financial condition or where the interlocked bankruptcy firm has been through less costly bankruptcy. Our findings suggest that past experiences significantly shape individual preferences for taking risk, even if these experiences occur during their professional careers. Further, the effects of bankruptcy experiences on Japanese directors, who are usually considered risk averse, exhibit shifts in risk taking like that found in the US.</p></div>\",\"PeriodicalId\":48074,\"journal\":{\"name\":\"Pacific-Basin Finance Journal\",\"volume\":\"88 \",\"pages\":\"Article 102519\"},\"PeriodicalIF\":4.8000,\"publicationDate\":\"2024-09-07\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://www.sciencedirect.com/science/article/pii/S0927538X24002713/pdfft?md5=954dc2d5391293c20272bbacaf002733&pid=1-s2.0-S0927538X24002713-main.pdf\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Pacific-Basin Finance Journal\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0927538X24002713\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Pacific-Basin Finance Journal","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0927538X24002713","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0

摘要

利用日本上市公司的数据,我们发现,当一家或多家公司的董事在兼任另一家公司的董事期间遭遇公司破产时,这些公司更有可能承担风险。因此,这些公司会通过减少发行股票来减少现金储备。这种承担更大风险的倾向主要集中在财务状况较好的公司,或者破产互锁公司的破产成本较低的公司。我们的研究结果表明,过去的经历在很大程度上影响了个人承担风险的偏好,即使这些经历发生在他们的职业生涯中。此外,日本董事通常被认为是风险规避者,而破产经历对他们的影响却表现出与美国类似的风险承担偏好转变。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Bankruptcy experiences and cash holding behaviors: Case of Japan

Using data on Japanese listed firms, we find that companies are more likely to take risks when one or more of their directors experience corporate bankruptcy at another firm when serving concurrently as a director. Consequently, these companies reduce their cash reserves by issuing less equity. This tendency to take greater risk is concentrated in firms that are in a more favorable financial condition or where the interlocked bankruptcy firm has been through less costly bankruptcy. Our findings suggest that past experiences significantly shape individual preferences for taking risk, even if these experiences occur during their professional careers. Further, the effects of bankruptcy experiences on Japanese directors, who are usually considered risk averse, exhibit shifts in risk taking like that found in the US.

求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
Pacific-Basin Finance Journal
Pacific-Basin Finance Journal BUSINESS, FINANCE-
CiteScore
6.80
自引率
6.50%
发文量
157
期刊介绍: The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信