Multiple Q and Investment in Japan, Volume 2: Extensions

1. Auflage 2020
ISBN: 978-981-15-0021-3
Verlag: SPRINGER NATURE

Buch, Englisch, 52 Seiten, Format (B × H): 155 mm x 235 mm

Reihe: Development Bank of Japan Research Series

This book, as the second volume of a two volume treatise, develops as in the first volume a consistent framework of the investment function that allows for the heterogeneity of capital goods, i.e., the Multiple q model, with theoretical extensions and empirical applications to investment behavior in Japan. Following primary and general analyses developed in the first volume, in this volume (Volume 2) on extensions, the authors extend the Multiple q model to inquire into and statistically test null hypotheses set on rather specific issues such as (a) differences in the adjustment costs by enterprise size and the degree of capital market imperfections, and (b) differences in the adjustment costs by the mode of acquisition such as new purchases, second-hand market acquisitions, and large-scale repairs. The results of the empirical test using Japanese corporate data show that, the investment behavior is heterogeneous not only in terms of the type of capital goods but also in terms of (a) enterprise size and the degree of capital market imperfections, and (b) the modes of acquisition.

Autoren/Hrsg.

Asako, Kazumi

Nakamura, Jun-Ichi

Tonogi, Konomi

Fachgebiete

• Wirtschaftswissenschaften Volkswirtschaftslehre Internationale Wirtschaft Volkswirtschaften einzelner Länder und Regionen
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Unternehmensfinanzierung
• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Makroökonomie

Inhaltsverzeichnis

5 Extensions of the Multiple q Model: (I) Heterogeneity by Enterprise Size5.1 Investment Behaviors by Capital Good and Enterprise Size5.1.1 Analysis by Corporate Size Using Individual Survey Slip Data5.1.2 Basic Framework of the Empirical Analysis5.1.3 Control Variables and the Estimation Equation5.2 Data Overview5.2.1 Data Construction and Elimination of Outliers5.2.2 Summary Statistics5.3 Main Estimation Results and Interpretation5.3.1 Baseline Model for All Sample Enterprises5.3.2 Test of the Heterogeneity of Capital Goods5.3.3 Comparison of Estimation Results by Equity Capital Size5.3.4 Possibility of Lumpy Investment5.4 Concluding RemarksReferences
6 Extensions of the Multiple q Model: (II) Heterogeneity by Mode of Acquisition6.1 Introduction6.2 Multiple q Investment Functions and Factor Analysis6.2.1 Investment Behavior by Mode of Acquisition within a Multiple q Framework6.2.2 Basic Factor Model6.2.3 Factor Analysis6.3 Construction of the Data6.3.1 Total Investment and Total Capital Stock6.3.2 New Construction, Second-hand Acquisitions, and Large-scale Repairs6.3.3 Basic Statistics6.4 Estimation Results6.4.1 Estimation Results of the Multiple q Model6.4.2 Estimation Results of Factor Analysis6.4.3 Overall Interpretation of the Multiple q Model and Factor Analysis6.5 Acquisition Modes of Investment and Corporate Growth6.5.1 Relationship between the Acquisition Modes and Replacement Investment 6.5.2 Acquisition Mode of Capital Goods and Capital Investment Motives 6.5.3 Summary of Analysis Results 6.6 Concluding RemarksReferences
7 Heterogeneity of Capital: Concluding Remarks7.1 The Multiple q Model: What Is Now Known 7.2 Non-linear Adjustment Costs and Lumpy Investment7.3 Heterogeneity of Capital by Enterprise Size and by Mode of Acquisition7.4 EpilogueReferences

Über Autor(innen)

Kazumi Asako is professor at the Faculty of Economics, Rissho University. His fields of interest in research are macroeconomics, empirical analysis of Japanese economy, and social common capital and environmental economics. He received a bachelor’s degree in economics at the University of Tokyo in 1974 and a Ph.D. in economics at Yale University.
Jun-ichi Nakamura is general manager, Research Institute of Capital Formation, Development Bank of Japan. His fields of interest are corporate finance, financial system, corporate investment behavior, and Japanese economy. He received a bachelor’s degree in economics at Keio University in 1989, and MA in economics at the University of Tokyo in 1995.

Konomi Tonogi is assistant professor at the Faculty of Economics, Rissho University. His research area is investment dynamics, intangible investment, firm value, and productivity analysis. He received BA in economics at Chuo University in 2002 and MA (2004) and Ph.D (2015) in economics at Hitotsubashi University.