〈Articles〉The Influence of Foreign Operations on Cash Holdings Behavior : An Empirical Investigation of Japanese Companies

publisher[要旨]近年, 先進諸国における企業の現金保有水準が上昇してきている. その要因の一つとして, 海外事業活動を通じた節税動機が注目されており, いくつかの実証研究が米国を中心に実施されているが, 我が国を対象とした分析は依然として行われてない. そこで本研究は, 海外事業活動が現金保有水準に与える影響について, 静学的な決定要因モデルと動学的な部分調整モデル両方を用いて定量的な検証を行った. その結果, 静学モデルでは海外事業活動は現金保有水準に正の影響を与えていることが示された. しかし, 部分調整モデルでは, 節税動機は調整スピードに影響を与えないことが示された. [Abstract]At last two decades, firms which in developed countries have been boosting their cash holdings. Studies in U.S. firms found that tax avoidance activities through the overseas subsidiaries have an economically positive influence on their cash holdings behavior. Despite the impact of tax avoidance on cash holdings which has received considerable attention, there is no empirical evidence of Japanese companies that investigated the causality between them. In this paper, I attempt to fill the gap by analyzing the static model for the determinants of cash holdings and the dynamic model for partial adjustment behavior on cash holdings for a sample of Japanese listed firms. The results reveal that firms' tax motive has a positive impact on their cash holdings. It is consistent with previous studies in U.S. firms. But I find that no effect of the tax motive on adjustment speed toward the optimal cash holdings levels