EconPapers    
Economics at your fingertips  
 

What matters more in R&D and Capital Expenditures Financing by Japanese Firms:Multinationality or Bank Affiliation?

Mehdi Nekhili (), Dhikra Chebbi Nekhili and Nicolas Vaillant ()
Additional contact information
Dhikra Chebbi Nekhili: Université de Bourgogne

Working Papers CREGO from Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations

Abstract: In this paper, we investigate the relation between cash flow, debt, investment and performance according to whether the firm is multinational (versus domestic), keiretsu (versus independent) or both multinational and keiretsu. Using a Japanese sample of 3024 firm-year observations in the period 2000 to 2002, the results shed lights on the association between financing, investment and performance in the Japanese context. First, they suggest that cash flow is the principal source of financing of both tangible and intangible investment. Second, we find that firms which are both multinational and keiretsu are the most constrained ones regarding capital investments. Finally, for both multinational and domestic firms, bank affiliation alters the relationship between R&D and performance as well as between capital investment and performance.

Keywords: R&D; capital expenditures; bank affiliation; keiretsu; multinational. (search for similar items in EconPapers)
JEL-codes: G22 G32 G34 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2009-01
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://crego.u-bourgogne.fr/images/stories/wp/1090103.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:dij:wpfarg:1090103

Ordering information: This working paper can be ordered from
Angèle Renaud, CREGO, 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France

Access Statistics for this paper

More papers in Working Papers CREGO from Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France.
Bibliographic data for series maintained by Angèle RENAUD ().

 
Page updated 2020-01-23
Handle: RePEc:dij:wpfarg:1090103