Updated on 2024/05/23

写真b

 
CHINO Atsushi
 
*Items subject to periodic update by Rikkyo University (The rest are reprinted from information registered on researchmap.)
Affiliation*
College of Business Department of Business
Graduate School of Business Doctoral Program in Business
Graduate School of Business Master's Program in Business
Title*
Associate Professor
Degree
Ph.D. in Finance ( University of Washington )
Research Theme*
  • ファイナンス・金融論の分野において、企業レベルの財務・株価データを用いた実証研究を行っている。特に最近は、企業で働く従業員の特性や日本における労働市場の法規制が、企業の財務政策や企業の株価収益率に与えている因果的影響の推定を中心に研究している。これらの研究を通じて最終的には、比較的労働者保護の程度が強い日本の労働法制が、日本の労働者の生産性、日本企業の成長性および企業価値、更には日本経済の成長率に与えている因果的影響を解明することを目指している。

  • Research Interests
  • Corporate Finance

  • Campus Career*
    • 4 2022 - Present 
      College of Business   Department of Business   Associate Professor
    • 4 2022 - Present 
      Graduate School of Business   Master's Program in Business   Associate Professor
    • 4 2022 - Present 
      Graduate School of Business   Doctoral Program in Business   Associate Professor
     

    Research Areas

    • Humanities & Social Sciences / Money and finance

    Research History

    • 4 2022 - Present 
      Rikkyo University   College of Business

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    • 4 2017 - 3 2022 
      Nagasaki University   Dept. of Economics

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    • 9 2012 - 3 2017 
      International University of Japan

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    Education

    • 9 2007 - 6 2012 
      Foster School of Business, University of Washington

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    Papers

    • Does dividend policy affect sales growth in product markets? Evidence from the 2003 dividend tax cut Peer-reviewed

      Atsushi Chino, Joon Ho Kim

      Financial Management51 ( 2 ) 539 - 571   6 2022

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      Publishing type:Research paper (scientific journal)   Publisher:Wiley  

      DOI: 10.1111/fima.12376

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      Other Link: https://onlinelibrary.wiley.com/doi/full-xml/10.1111/fima.12376

    • Alternative Work Arrangements and Cost of Equity: Evidence from a Quasi-Natural Experiment Peer-reviewed

      Atsushi Chino

      Journal of Financial and Quantitative Analysis56 ( 2 ) 569 - 606   3 2021

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      Publishing type:Research paper (scientific journal)   Publisher:Cambridge University Press (CUP)  

      Abstract

      I examine whether firms’ use of alternative work arrangements, particularly temporary agency workers, affects their cost of equity. Exploiting a major labor-market deregulation in Japan that induced manufacturing firms to increase their employment of temporary agency workers, I show that the cost of equity decreased in manufacturing firms, relative to nonmanufacturing firms, after the deregulation. Further analysis using variations within manufacturing firms provides corroborating evidence. The rigidity in labor expenses and the cost of debt also decreased in manufacturing firms. Overall, alternative work arrangements increase the flexibility in labor costs, leading to lower operating leverage and cost of capital.

      DOI: 10.1017/s002210901900108x

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    • Do labor unions affect firm payout policy?: Operating leverage and rent extraction effects Peer-reviewed

      Atsushi Chino

      Journal of Corporate Finance41   156 - 178   12 2016

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      Language:English   Publishing type:Research paper (scientific journal)   Publisher:ELSEVIER SCIENCE BV  

      While previous literature documents weak effects of unionization on payout policy on average, we find that this average relationship hides significant heterogeneous effects of unionization on payouts across firms that depend on firm profitability. The effect of unionization on payouts is negative for low-profitability firms but positive for high-profitability firms. We posit that labor unions (i) increase operating risk, which negatively affects payouts, but (ii) increase potential for rent extraction from unions, which could induce shareholders to demand positive payouts. Higher profitability mitigates the negative effect while strengthening the positive effect, making the relation between unionization and payouts less negative or more positive. We provide evidence consistent with both the negative and positive effects of unionization on payouts. Our empirical design mitigates endogeneity concerns. Further, an instrumental variable analysis and a cross-sectional test using right-to-work laws confirm that endogeneity is unlikely to drive our results. (C) 2016 Elsevier B.V. All rights reserved.

      DOI: 10.1016/j.jcorpfin.2016.08.017

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    Research Projects

    • Employment protection of older workers and cost of capital

      Japan Society for the Promotion of Science  Grant-in-Aid for Scientific Research (C) 

      Atsushi Chino

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      4 2024 - 3 2027

      Grant amount:\3120000 ( Direct Cost: \2400000 、 Indirect Cost:\720000 )

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    • Delayed retirement of older workers and corporate value

      Japan Society for the Promotion of Science  Grant-in-Aid for Scientific Research (C) 

      Atsushi Chino

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      4 2020 - 3 2024

      Authorship:Principal investigator 

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    • The effects of alternative work arrangements on cost of capital, firm value, and financial decisions

      Japan Society for the Promotion of Science  Grant-in-Aid for Scientific Research (C) 

      Atsushi Chino

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      4 2017 - 3 2020

      Authorship:Principal investigator  Grant type:Competitive

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    • Employment Flexibility and Corporate Finance Decisions

      Japan Society for the Promotion of Science  Grant-in-Aid for Scientific Research (C) 

      Atsushi Chino

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      4 2013 - 3 2017

      Authorship:Principal investigator  Grant type:Competitive

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