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Volume 49, Issue 1
Displaying 1-6 of 6 articles from this issue
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ARTICLES FOR THE SPECIAL ISSUE
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Yuji Honjo2015 Volume 49 Issue 1 Pages 4-18
Published: September 20, 2015
Released on J-STAGE: June 29, 2016
JOURNAL FREE ACCESSThis article aims to explore capital structures, using data on Japanese start-up firms. I examine how startup firms change their capital structures over time, focusing on debt financing that plays a central role in start-up financing. It is found that start-up firms are more likely to use debt financing than equity financing. Additionally, I examine the determinants of debt financing with a dynamic panel data model. The results reveal that start-up firms with less cash flow, those with a higher growth rate, and those with a higher proportion of fixed assets are more likely to use debt financing. Moreover, the results indicate that start-up firms’ capital structures tend to follow previous patterns.View full abstractDownload PDF (2614K) -
Yasuhirio Arikawa, Hideaki Miyajima2015 Volume 49 Issue 1 Pages 19-31
Published: September 20, 2015
Released on J-STAGE: June 29, 2016
JOURNAL FREE ACCESSThis paper reviews the bank-firm relationships in Japan. The Japanese financial system, which gives banks a more prominent role than that of other countries, has been categorized as relationship-based. During the high-growth era from the early 1950s to the early 1970s, in particular, the main banks played an active role not only in providing external funds but also in monitoring client firms. Our research reveals the increasing diversity of the bank-firm relationships in Japan since the deregulation of the financial market in the 1980s and the banking crisis in the 1990s and early 2000s.View full abstractDownload PDF (2664K) -
Toshio Serita, Hideki Hanaeda2015 Volume 49 Issue 1 Pages 32-44
Published: September 20, 2015
Released on J-STAGE: June 29, 2016
JOURNAL FREE ACCESSBased on surveys conducted among Japanese firms, this article reveals several results of management views on capital budgeting techniques, capital allocation between divisions, debt financing, cash holdings and liquidity management, payout policy, and delegation of financial decision-making authority. Our findings indicate that managers of those Japanese firms frame various financial policies to manage the uncertainty and to hedge against potential risks in the future.View full abstractDownload PDF (2733K) -
Masayuki Morikawa2015 Volume 49 Issue 1 Pages 45-52
Published: September 20, 2015
Released on J-STAGE: June 29, 2016
JOURNAL FREE ACCESSThis paper examines the literatures on financing of intangible investments and analyzes empirically financial constraints on intangible investments by estimating investment functions with Japanese firm-level panel data. According to the analysis results, investments in intangible assets are more sensitive to internal capital, compared with investments in tangible assets, which suggests an existence of market failure in financial markets. Financial constraint is more serious for young and small firms. The results suggest that the government should consider investment tax credits and financial support for intangible investments to prevent underinvestment.View full abstractDownload PDF (2492K)
ARTICLES
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Yuichi Matsumoto2015 Volume 49 Issue 1 Pages 53-65
Published: September 20, 2015
Released on J-STAGE: June 29, 2016
JOURNAL FREE ACCESSThis article discusses the interaction between communities of practice (CoPs). Firstly, the article reviews prior studies on CoPs to integrate several CoPs concepts. Secondly, it clarifies the functions of CoPs as follows: learning inside the community, learning outside the community, circular learning, and multifaceted learning. In addition, the article focuses on the multilayered structure among CoPs and examines its influences on learning.
A research was conducted in an educational company, using case studies of teachers’ learning behaviors. A focus is placed on the members between CoPs; these members operate their own communities, while participating in other communities to learn skills and enhance knowledge about managing classrooms as CoPs. The research results show that other communities—which are not CoPs but related to them—influence teachers’ classrooms. The results suggest two types of multilayered structures among CoPs: “Periodical-Mastery” and “Event-Exchange.” Lastly, the article presents some implications of the interaction between CoPs and learning.View full abstractDownload PDF (2643K) -
A Case Study of Developing Digital Multifunction PrinterMie Maekawa2015 Volume 49 Issue 1 Pages 66-80
Published: September 20, 2015
Released on J-STAGE: June 29, 2016
JOURNAL FREE ACCESSDeveloping multiple products requires effective management of interacting multiple projects. This paper investigates effective process of organizational coordination among multiple projects from the product architecture viewpoint. The study is based on a case of developing digital multifunction printers. The empirical study suggests that there exist a suitable process of organizational coordination depending upon type of the product architecture. If the product architecture is integral, coordination based on authoritative manager’s decisions is suitable. If the product architecture is modular, on the other hand, negotiation among project representatives is suitable. This result suggests that it is important to incorporate an aspect of product architecture into the discussion of multi-project management. In addition, the paper demonstrates an effective management process in a case where both type of product architecture coexist in a product.View full abstractDownload PDF (2734K)
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