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Debt, R&D Investment and Technological Progress: A Panel Study of Japanese Manufacturing Firms in the 90s

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  • Kazuo Ogawa

Abstract

Based on a panel data set of Japanese manufacturing firms in research-intensive industries, we investigate quantitatively the extent to which debt outstandings in the 90s affected the firm's R&D activities. We find that massive debt outstandings had significantly negative effect on R&D investment in the 90s. We also find that investment on R&D was closely linked to the firm-level total factor productivity growth in the 90s. In fact, ten-percentage-point increase of debt-asset ratio lowered the firm-level total factor productivity growth rate by 0.72 percentage point for 1999-2001 by way of withering R&D activities, while the firm-level TFP growth rate remains almost intact for 1988-91.

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Paper provided by Institute of Social and Economic Research, Osaka University in its series ISER Discussion Paper with number 0607.

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Date of creation: Jun 2004
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Handle: RePEc:dpr:wpaper:0607

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  1. Charles W. Calomiris & Athanasios Orphanides & Steven A. Sharpe, 1994. "Leverage as a State Variable for Employment, Inventory Accumulation, andFixed Investment," NBER Working Papers 4800, National Bureau of Economic Research, Inc.
  2. Susanto Basu & Miles S. Kimball, 1997. "Cyclical Productivity with Unobserved Input Variation," NBER Working Papers 5915, National Bureau of Economic Research, Inc.
  3. Takeo Hoshi & Anil Kashyap & David Scharfstein, 1989. "Corporate structure, liquidity, and investment: evidence from Japanese industrial groups," Finance and Economics Discussion Series 82, Board of Governors of the Federal Reserve System (U.S.).
  4. Kazuo Ogawa, 2003. "Financial Distress and Employment: The Japanese Case in the 90s," NBER Working Papers 9646, National Bureau of Economic Research, Inc.
  5. Magnus Blomström & Jennifer Corbett & Fumio Hayashi & Anil Kashyap, 2003. "Structural Impediments to Growth in Japan," NBER Books, National Bureau of Economic Research, Inc, number blom03-1, July.
  6. Kazuo Ogawa, 2003. "Financial Distress and Corporate Investment: The Japanese Case in the 90s," ISER Discussion Paper 0584, Institute of Social and Economic Research, Osaka University.
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Cited by:
  1. Allard Bruinshoofd & Leo de Haan, 2005. "Financing the New Economy: Are ICT Firms Really That Different?," DNB Working Papers 077, Netherlands Central Bank, Research Department.
  2. Kazuo Ogawa, 2007. "Credit Allocation of Japanese Banks in the 1990s: Evidence from the Short-term Economic Survey of Enterprises," ISER Discussion Paper 0680, Institute of Social and Economic Research, Osaka University.
  3. Ogawa, Kazuo & Wan, Junmin, 2007. "Household debt and consumption: A quantitative analysis based on household micro data for Japan," Journal of Housing Economics, Elsevier, vol. 16(2), pages 127-142, June.
  4. Fujii, Hidemichi & Iwata, Kazuyuki & Kaneko, Shinji & Managi, Shunsuke, 2012. "Corporate environmental and economic performances of Japanese manufacturing firms: Empirical study for sustainable development," MPRA Paper 39564, University Library of Munich, Germany.
  5. AKIYOSHI Fumio & KOBAYASHI Keiichiro, 2007. "Bank Distress and Productivity of Borrowing Firms: Evidence from Japan," Discussion papers 07014, Research Institute of Economy, Trade and Industry (RIETI).

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