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Title
Under pressure: listing status and disinvestment in Japan
Creator
Creator Name
French, Joseph J. French, Joseph J.
Affiliation
Affiliation Name
University of Northern Colorado
Creator Name
Fujitani, Ryosuke Fujitani, Ryosuke
Affiliation
Affiliation Name
Hitotsubashi University
Creator Name
Yasuda, Yukihiro Yasuda, Yukihiro
安田, 行宏 安田, 行宏
Affiliation
Affiliation Name
Hitotsubashi University
Editor
Contributor Name
Hitotsubashi University Center for Financial Research
Affiliation
Affiliation Name
Hitotsubashi University
Key Word
disinvestment
listed status
short-termism
JEL
G31
G32
G34
Abstract
We provide the first large sample comparisons of disinvestment by listed and unlisted firms. This study focuses on Japanese firms from 2001-2017, as this was a period of economic stagnation and financial reforms encouraging companies to restructure. We show that stock market listing is positively related to disinvestment. Listed firms disinvest 1.9% more than similar unlisted firms. Disinvestment activities of listed companies are also more sensitive to investment opportunities. Additionally, firms that disinvest show improvements in ROA and increases in future investment. Finally, we find that foreign (financial institution) ownership is positively (negatively) related to disinvestment.
Description
This version: April 5, 2019
Publisher
Hitotsubashi University Center for Financial Research
Issued Date
2019-04-05
Language
英語(eng)
Resource Type
technical report（テクニカルレポート）
Version Type
VoR
Relation - Is Part Of
Related Title
Working Paper Series ; No. G-1-21
Number of Pages
16
Sponsorship
Ryosuke Fujitani greatly appreciates financial support from a Grant-in-Aid for JSPS Research Fellow (No. JP17J03278) provided by Japan’s Ministry of Education, Science, Sports, and Culture. Yukihiro Yasuda greatly appreciates the financial support from Mizuho Securities and from a Grant-in-Aid for Scientific Research (C) (No. JP17K03798) provided by Japan’s Ministry of Education, Science, Sports, and Culture. Jo-seph French acknowledges financial support from the Tointon Research Fund.
Appears in Collections
Working Paper Series / Hitotsubashi University Center for Financial Research
URL
https://hdl.handle.net/10086/30394