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240607 ||| eng |
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|a 9798400242243
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|a Kim, Seho
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| 245 |
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|a Drivers of Corporate Cash Holdings in Japan
|b Japan
|c Seho Kim, Pablo Lopez Murphy, Rui Xu
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2023
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| 300 |
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|a 13 pages
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| 651 |
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4 |
|a Japan
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| 653 |
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|a Financial frictions
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| 653 |
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|a Public finance & taxation
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| 653 |
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|a Taxes
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| 653 |
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|a Corporations
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| 653 |
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|a Intangible Capital
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| 653 |
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|a National accounts
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| 653 |
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|a International organization
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| 653 |
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|a Business Taxes and Subsidies
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| 653 |
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|a International institutions
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| 653 |
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|a Tax allowances
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| 653 |
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|a International Economics
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| 653 |
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|a Personal Finance -Taxation
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Tax administration and procedure
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| 653 |
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|a Capacity
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| 653 |
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|a Economic theory
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| 653 |
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|a Taxation
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| 653 |
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|a Personal Income and Other Nonbusiness Taxes and Subsidies
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| 653 |
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|a Capital
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| 653 |
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|a Income tax
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| 653 |
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|a Effective tax rate
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| 653 |
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|a Investment
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| 653 |
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|a Economic Theory
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| 653 |
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|a Monetary economics
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| 653 |
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|a International agencies
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| 653 |
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|a Economic forecasting
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| 653 |
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|a Economic theory & philosophy
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| 653 |
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|a Mergers, Acquisitions, Restructuring, Corporate Governance
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| 653 |
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|a Corporate income tax
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| 653 |
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|a Saving and investment
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| 653 |
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|a Taxation, Subsidies, and Revenue: General
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| 653 |
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|a Financial Economics
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| 653 |
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|a Investments: General
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| 653 |
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|a Tax policy
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| 653 |
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|a Corporate Taxation
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| 653 |
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|a Corporate & business tax
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| 653 |
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|a Monetary policy
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| 653 |
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|a Intangible capital
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| 653 |
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|a Money and Monetary Policy
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| 700 |
1 |
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|a Lopez Murphy, Pablo
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| 700 |
1 |
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|a Xu, Rui
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a Selected Issues Papers
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| 028 |
5 |
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|a 10.5089/9798400242243.018
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| 856 |
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|u https://elibrary.imf.org/view/journals/018/2023/029/018.2023.issue-029-en.xml?cid=533495-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
0 |
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|a 330
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| 520 |
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|a In Japan, corporate savings have risen since 2000 in line with profits. A large share of the additional savings was kept as cash holdings (i.e., cash and short-term investments) rather than used for investment. Building on a rich literature, this paper identifies two additional drivers of corporate cash holdings using financial data of public and private Japanese firms. First, a higher share of intangible capital is associated with more cash holdings. This indicates the presence of financial frictions as intangible capital is not easily collateralizable. Such financial friction could be alleviated by shifting towards cash flow-based lending that is prevalent in the United States (US). Second, corporate tax cuts are associated with more cash holdings while having no significant effect on investment. Given the significant fiscal cost, the efficiency of corporate tax cuts should be re-evaluated
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