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Restructuring and Performance among Japanese Firms after Prudential Policy Reform
Beason, Dick,Gordon, Ken,Mehrotra, Vikas,Watanabe, Akiko KNU The Institute of Management Economy Research 2010 Asia-Pacific Journal of Business Vol.1 No.1
After over a decade of sluggish economic growth accompanied by massive fiscal stimulus in the 1990s, it remains an open question whether and how Japanese firms have restructured their operations, and whether these efforts have borne any fruit. Using a randomly selected sample of 300 firms from the Tokyo Stock Exchange, we collect all restructuring announcement in the FY 2000-2001 (April 2000-March 2002) period. Our results are striking in that while we find that firms engaging in restructuring of various sorts display improved earnings in the period following the restructuring announcement, shareholders do not appear to benefit at the time of the restructuring announcements.
Restructuring and Performance among Japanese Firms after Prudential Policy Reform
Dick Beason,Ken Gordon,Vikas Mehrotra,Akiko Watanabe 강원대학교 경영연구소 2010 Asia-Pacific Journal of Business Vol.1 No.1
After over a decade of sluggish economic growth accompanied by massive fiscal stimulus in the 1990s, it remains an open question whether and how Japanese firms have restructured their operations, and whether these efforts have borne any fruit. Using a randomly selected sample of 300 firms from the Tokyo Stock Exchange, we collect all restructuring announcement in the FY 2000-2001 (April 2000-March 2002) period. Our results are striking in that while we find that firms engaging in restructuring of various sorts display improved earnings in the period following the restructuring announcement, shareholders do not appear to benefit at the time of the restructuring announcements.
Dick Beason,Vikas Mehrotra 한국경제연구학회 2018 Korea and the World Economy Vol.19 No.1
After the collapse of Japanese asset markets at the end of 1989 many observers expected dramatic transformation of the Japanese labor market, especially in terms of the system of permanent employment. During the ‘lost decade’ of the 1990’s, however, there was a growing consensus that Japanese firms were unwilling to restructure. From the end of the 1990’s to the present, however, Japanese firms have undertaken changes in order to adapt, among these has been a steady increase in the utilization of temporary employees. Despite this trend, we find that permanent employment continues to be important for research intensive firms.
Japan’s Fiscal Crisis and Implications for Imports from Korea
Dick Beason,R. Todd Smith 한국경제연구학회 2007 Korea and the World Economy Vol.8 No.2
Korean exports to Japan are highly correlated to Japanese GDP growth. Given Japan’s large fiscal deficit and debt, there is concern that future government austerity measures may cause a collapse in Korean exports to that country. After summarizing the magnitude of Japan’s fiscal woes, we investigate whether austerity measures are likely to cause a collapse in such exports. We find no statistically significant relationship between Japanese fiscal policy and Korean exports to Japan, as well as no evidence that past fiscal policy in Japan has had significant impact on Japanese GDP growth. We conclude that future Japanese austerity measures are unlikely to cause a collapse in Korean exports to Japan.