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Deutsches Institut für Japanstudien

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Deutsches Institut für Japanstudien
Kōjimachi Bldg. 2F
3-3-6 Kudan-Minami, Chiyoda-ku, Tokyo 102-0074
Tel: 03 – 3222 5077, Fax: 03 – 3222 5420


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The presentation will be given in English. The DIJ Business & Economics Study Group is intended as a forum for young scholars and Ph.D. candidates in the field of Business and Economics Studies. Everybody is welcome to attend, but you are kindly asked to register by May 13th with



Determinants of investment in Japan- the role of keiretsu

27. Juni 2006 / 18:30

Jörg Mahlich, Austrian Federal Economic Chamber- Economic Policy Department

 We analyze the determinants of capital expenditures and R&D outlays in a large sample of 1.200 listed Japanese companies over the 1985-2004 period. We provide empirical evidence for the role of cash flow as a determinant of both types of investment. In contrast to earlier studies such as Hoshi et al. (1991), our findings suggest that the investment behavior of keiretsu members is not different from unaffiliated companies.


The presentation is co-authored with Burcin Yurtoglu



Short CV:
Jörg Mahlich graduated in Economics from the University of Kiel and has a PhD degree in Economics from the University of Vienna. He is now at the Economic Policy Department of the Austrian Federal Economic Chamber in Vienna.