Are Japanese companies less risky and less profitable than US companies? Evidence from a matched sample

Jiangtao Fu, Yoshiaki Ogura*

*この研究の対応する著者

研究成果査読

3 被引用数 (Scopus)

抄録

We reexamine the differences in the profitability distributions of listed companies in the United States and Japan. To control for cross-country differences in the industrial composition, firm size, and firm age distribution, we construct a matched sample using Mahalanobis nearest neighbor matching with respect to these factors. The matched sample supports the finding of existing studies that the median and the standard deviation of profitability are significantly higher in the United States than in Japan. Our matched panel data indicate that this difference arises from both larger firm heterogeneity and more intensive risk-taking in the United States. The sector-by-sector analysis shows that the standard deviation gap is larger in the sectors with more intensive churning in asset-size ranking.

本文言語English
論文番号100960
ジャーナルJapan and The World Economy
51
DOI
出版ステータスPublished - 2019 9

ASJC Scopus subject areas

  • 財務
  • 経済学、計量経済学
  • 政治学と国際関係論

フィンガープリント

「Are Japanese companies less risky and less profitable than US companies? Evidence from a matched sample」の研究トピックを掘り下げます。これらがまとまってユニークなフィンガープリントを構成します。

引用スタイル