日本企業の現金保有決定要因分析 -所有構造と取締役会特性の視点から-, Determinants of Cash Holding in Japan

誠 中野, Makoto Nakano, 悠介 髙須 and Yusuke Takasu

No 161, Working Paper Series from Center for Japanese Business Studies (HJBS), Graduate School of Commerce and Management Hitotsubashi University

Abstract: 現在、日本企業は世界一キャッシュ・リッチ状態にある。本研究は日本企業の現金保有行動の決定要因について、第1 に株主所有構造、第2 に取締役会特性という、企業統治の二大要素に着目して分析を行った。多様な企業特性を制御した状況下で、金融機関持株比率・その他法人持株比率は、現金保有行動に有意な負の影響を及ぼす点が観察された。取締役会特性については、取締役会構成メンバーが年齢を重ねると、大量の現金保有をする傾向が見られた。, This study investigates the determinants of cash holding by Japanese firms from the two governance view point: ownership structure and board characteristics. When basic firm characteristics such as profitability, investment opportunity, size, firm age, and business risk are controlled, both ownership of financial institutions and other corporations are negatively associated with cash holding of Japanese firms. Average age of board members has negative impact on cash holding.

Keywords: 現金保有; コーポレート・ガバナンス; 株主所有構造; 取締役特性; cash holding; corporate governance; ownership structure; board characteristics (search for similar items in EconPapers)
Pages: 19 pages
Date: 2013-01
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