Under pressure: Listing status and disinvestment in Japan

Joseph French, Ryosuke Fujitani and Yukihiro Yasuda

Finance Research Letters, 2020, vol. 34, issue C

Abstract: We provide the first large sample comparisons of disinvestment by listed and unlisted firms using data on Japanese firms from 2001–2017. Listed firms disinvest 2.0% more than unlisted firms and their disinvestment is also more sensitive to investment opportunities. Additionally, firms that disinvest show improvements in return on assets and increases in future investment. Finally, we find that disinvestment increases with foreign ownership and falls with ownership by financial institutions.

Keywords: Disinvestment; Listing status; Unlisted firms (search for similar items in EconPapers)
JEL-codes: G31 G32 G34 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (2)

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Working Paper: Under pressure: listing status and disinvestment in Japan (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:34:y:2020:i:c:s1544612319303587

DOI: 10.1016/j.frl.2019.08.012

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