経済学部

細野 薫

ホソノ カオル  (Kaoru Hosono)

基本情報

所属
学習院大学 経済学部 経済学科 教授
学位
経済学修士(M.A.)
経済学博士

J-GLOBAL ID
200901059866724728
researchmap会員ID
5000060413

外部リンク

主要な論文

 52
  • Kaoru Hosono, Masaki Hotei, Daisuke Miyakawa
    Small Business Economics 2023年12月8日  査読有り
    Abstract This study examines the effects of the interaction of a size-dependent tax policy that exempts firms whose stated capital is at or below a certain threshold from taxation and financial frictions on firm growth and financing. Our empirical findings can be summarized as follows: First, firms with lower productivity, a positive potential tax benefit, and smaller stated capital are more likely to conduct the cash-out capital reduction to or below the threshold in response to the policy. Second, this capital reduction causes ex-post lower firm growth and fewer debt. Third, such causal effects are observed for firms with less cash flow ratios. These results indicate that the interaction between a size-dependent tax policy and financial constraints deters firm growth. Plain English Summary The interaction of a size-dependent tax policy that exempts firms whose stated capital is at or below a certain threshold from taxation and financial frictions deters firm growth. We use the introduction of the pro forma standard taxation system in Japan that exempts firms (SMEs), whose stated capital is at or below a threshold, from taxation to empirically examine how firms react to this institutional change and how such a reaction systematically affects their financing and real outcomes. We show that size-dependent tax policies can have a significant effect on firms’ growth and financing through financial constraints. It indicates that firms decide whether to obtain an SME status by considering the trade-off between a more severe borrowing constraint and a smaller tax payment. The results obtained in this study indicate that such indirect effects of a size-dependent tax policy on firm dynamics should be considered when designing the policy. Moreover, governments should understand that an institutional change in their tax systems generates a heterogeneous reaction from firms and thus has heterogeneous effects on their dynamics.
  • Kaoru Hosono, Daisuke Miyakawa, Shuji Watanabe
    Pacific-Basin Finance Journal 77 101918-101918 2023年2月  査読有り
  • Kaoru Hosono, Masaki Hotei, Daisuke Miyakawa
    Small Business Economics 2023年1月24日  査読有り
    Abstract We estimate the causal effects of a tax incentive for specific productivity-enhancing equipment introduced in 2014 for Japanese small and medium-sized enterprises (SMEs). Using firm-level panel data, we find, first, that the introduction of the tax incentive did not on average increase the capital investment rate of SMEs eligible for the tax incentive possibly due to the small number of firms using the incentive. Second, despite this finding, the firms using the tax incentive increased their capital investment rate and improved labor productivity more than the comparable firms holding the stated capital close to but more than the criterion of SMEs did. Third, firms using the tax incentive did not increase capital intensity. Fourth, more financially constrained firms using the tax incentive increased their capital investment rate to a greater degree. These results show that the use of the tax incentive mitigates financial constraints in upgrading capital.
  • Tomohito Honda, Kaoru Hosono, Daisuke Miyakawa, Arito Ono, Iichiro Uesugi
    Journal of the Japanese and International Economies 67 101239-101239 2022年12月  査読有り
  • Kaoru Hosono, Miho Takizawa
    Contemporary Economic Policy 40(1) 218-232 2022年1月  査読有り
  • Kaoru Hosono
    Journal of Japanese and International Economies 61 101147 2021年5月  査読有り
  • KAORU HOSONO, DAISUKE MIYAKAWA, MIHO TAKIZAWA, KENTA YAMANOUCHI
    The Singapore Economic Review 65(05) 1293-1321 2020年9月  査読有り
    Using Japanese firm-level panel data spanning from 2000 to 2013, we estimate industry-level production functions that explicitly take into account the complementarity and substitutability between tangible and intangible capital. The estimation results show that tangible and intangible capitals are complementary in most industries although the degree of complementarity substantially varies across industries. We further find that the relation between tangible and intangible capital in the production function accounts for the relation between firm-level tangible capital and intangible capital investments. Namely, firms’ tangible investments are more strongly positively associated with intangible investments as the degree of the complementarity between the tangible and intangible assets becomes larger. These findings show the necessity to take into account the relation between the dynamics of tangible and intangible capital in terms of their complementarity for precisely understanding the mechanisms governing a firm’s growth.
  • 経済分析 200 136-163 2019年6月  査読有り筆頭著者
  • Kaoru Hosono, Daisuke Miyakawa, Taisuke Uchino, Makoto Hazama, Arito Ono, Hirofumi Uchida, Iichiro Uesugi
    INTERNATIONAL ECONOMIC REVIEW 57(4) 1335-1370 2016年11月  査読有り筆頭著者
    This article investigates the effect of banks' lending capacity on firms' investment. To identify exogenous shocks to loan supply, we utilize the natural experiment provided by Japan's Great Hanshin-Awaji earthquake in 1995. Using a unique data set that allows us to identify firms and banks in the earthquake-affected areas, we find that the investment ratio of firms located outside the earthquake-affected areas but having a main bank inside the areas was significantly smaller than that of firms located outside the areas and having a main bank outside the areas. Our findings suggest that loan supply shocks affect firm investment.
  • K.Hosono, M. Takizawa, K. Tsuru
    Japanese Economic Review 67(3) 295-328 2016年9月  査読有り
  • Hirofumi Uchida, Daisuke Miyakawa, Kaoru Hosono, Arito Ono, Taisuke Uchino, Iichiro Uesugi
    JAPAN AND THE WORLD ECONOMY 36 123-135 2015年11月  査読有り
    In this paper, we investigate Whether financial shocks to firms affect their probability of bankruptcy. We also examine whether these shocks affect the natural selection of the firms, whereby more efficient firms are less likely to go bankrupt. By using the data on the bankruptcy of firms after the Great Tohoku Earthquake, we examine the impact of the damage to lender banks on the firms' probability of bankruptcy. To extract the impact of purely exogenous financial shocks on bankruptcy, we focus on firms located outside the earthquake-affected area but that transact with banks located inside the area. Our findings somewhat counterintuitively suggest that a damaged bank reduces the probability of bankruptcy and weakens the natural selection of firms. We further examine the impact of the injection of public capital into damaged banks and obtain some evidence that the injection reduces the probability of the bankruptcy of their borrowers and weakens the natural selection. (C) 2015 Elsevier B.V. All rights reserved.
  • K.Hosono, M. Takizawa, K. Tsuru
    Seoul Journal of Economics 28(3) 265-283 2015年  査読有り
  • Masaya Sakuragawa, Kaoru Hosono
    JOURNAL OF THE JAPANESE AND INTERNATIONAL ECONOMIES 25(4) 434-446 2011年12月  査読有り
    This paper investigates fiscal sustainability of Japan by providing a dynamic stochastic general equilibrium (DSGE) model that features the low interest rate of the government bond relative to the economic growth rate to mimic the actual data. We evaluate fiscal sustainability by investigating whether the expected path of the debt-to-GDP ratio stabilizes or increases without bound. The debt-to-GDP ratio depends crucially on the projected growth rate and the fiscal policy rule. If the government does not react to the current fiscal crisis, the debt-to-GDP ratio will increase without bound, and then the fiscal policy is not sustainable. If the fiscal rule uses Bohn's (1998) idea that involves the response of the primary surplus to the debt, sustainability improves. This rule provides a useful and realistic reform plan in the short and long runs. J. Japanese Int. Economies 25 (4) (2011) 434-446. Keio University, Mita 2-15-45, Minato-ku, Tokyo 108-8345, Japan; Gakushuin University, Mejiro 1-5-1, Toshima-ku, Tokyo 171-8588, Japan. (C) 2011 Elsevier Inc. All rights reserved.
  • Kaoru Hosono, Miho Takizawa, Kotaro Tsuru
    Seoul Journal of Economics 24(3) 287-331 2011年  査読有り
  • Masaya Sakuragawa, Kaoru Hosono
    JAPANESE ECONOMIC REVIEW 61(4) 517-537 2010年12月  査読有り
    The purpose of this paper is to investigate the fiscal sustainability of Japan by applying a dynamic stochastic general equilibrium model to the Japanese economy. By introducing intermediation costs into the model, we succeed in explaining the observed relationship between the interest and GDP growth rates, which is crucial in testing for sustainability. When the projected real growth rate is 2.5%, the average real interest rate becomes 2.57%, and the debt-to-GDP ratio gradually increases stochastically so that government debt is not sustainable. To recover sustainability, the primary surplus must be 0.2% of GDP.
  • Kaoru Hosono, Hideaki Murase, Samikawa Ikuko Fueda
    Corporate Ownership and Control 7(1 A) 9-17 2009年  査読有り
    This paper empirically investigates how ownership structure of Japanese firms affects the risk-return profiles of their stocks. We find significant relationships between ownership and firms' operational performance, i.e., the ownership of financial institutions is associated with poor performance while the ownership of large shareholders is associated with the opposite. However, comparing the returns on portfolios sorted by ownership, we find no significant relationships between ownership and the rates of returns. Specifically, excess returns are insignificant after controlling for three risk factors (i.e., market, size, and value) while factor loadings are significantly different across portfolios, i.e., the ownership of financial institutions is associated with low-risk, low-return portfolios while the ownership of large shareholders is associated with the opposite.
  • Kaoru Hosono
    Journal of the Japanese and International Economies 20(3) 380-405 2006年9月  査読有り
  • Kaoru Hosono, Masayo Tomiyama, Tsutomu Miyagawa
    Economics of Innovation and New Technology Vol. 13(No. 2) 141-164 2004年  査読有り
  • Kaoru Hosono
    Japan and the World Economy 15(3) 275-297 2003年8月  査読有り

MISC

 70

書籍等出版物

 2

講演・口頭発表等

 65

教育業績(担当経験のある科目)

 2

共同研究・競争的資金等の研究課題

 13