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
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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.

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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.
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