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タカミ シゲオ
SHIGEO TAKAMI
高見 茂雄 所属 経営学部 経営学科 職種 教授 |
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| 言語種別 | 英語 |
| 発行・発表の年月 | 2016/05 |
| 形態種別 | 学術雑誌 |
| 査読 | 査読あり |
| 標題 | Preserving and Exercising Financial Flexibility in the Global Financial Crisis Period: The Japanese Example |
| 執筆形態 | 単著 |
| 掲載誌名 | The Journal of Corporate Accounting & Finance |
| 掲載区分 | 国外 |
| 出版社・発行元 | Wiley Periodicals, Inc. |
| 巻・号・頁 | 24(4),pp.13-25 |
| 総ページ数 | null |
| 概要 | This article examines whether Japanese firms replicate the DeAngelo and DeAngelo (D&D) model, which assumes that firms achieve financial flexibility by increasing their debt capacity or paying out large dividends and exercise it when abnormal cash shortfalls occur. The article analyzes frequency distributions and means across three net cash outlay states (extreme deficits, deficits, and surplus) using 10-year panel data on 1,555 Japanese firms.
It also conducts Tobit regression analyses based on the dynamic features of financial flexibility postulated by D&D. The results reveal that Japanese public firms did not effectively utilize financial flexibility to raise external funds in times of financial need, particularly during the global financial crisis sparked by the Lehman Brothers collapse in 2008. |
| DOI | DOI: 10.1002/jcaf.22156 |