Updated on 2024/02/01

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

    • 従業員の年齢構成、特に高齢化が企業金融に与える影響

      日本学術振興会  科学研究費助成事業 

      千野 厚

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      4 2020 - 3 2023

      Grant number:20K01772

      Grant amount:\4420000 ( Direct Cost: \3400000 、 Indirect Cost:\1020000 )

      人口の高齢化および労働力の高齢化は先進国共通の現象ではあるが、高齢者の雇用を守るために各国に存在する様々な雇用保護規制も、従業員の高齢化の一因と考えられる。本研究は特に、高齢者の雇用を保護することが企業価値にいかなる影響を与えるかを実証的に解明する。前年度においては、2012年8月に衆議院で可決された、60歳以上の従業員の雇用継続を実質的に義務化した高齢者雇用安定法の改正が、企業価値に与えた影響の推定を差分の差分(DiD)分析の枠組みで行った。分析の結果、高齢者に対する雇用保護を強めた法改正が処置群企業の企業価値(トービンのQ)を低下させた事実が明らかになった。今年度においては、同様のDiD分析の枠組みを用いて当該法改正が企業レベルの収益性、売上成長率、平均労働生産性、平均賃金、等に与えた影響を分析した。なお前年度におけるDiD分析と同様に、法改正時点において55-59歳代の従業者が多い産業に属する企業を処置群、少ない産業に属する企業を対照群と定義した。分析の結果、当該法改正後に処置群企業の収益性、売上成長率、および労働生産性の成長率が有意に低下したことが明らかになった。法改正後における収益性や売上成長率の低下は、法改正後における企業価値の低下と整合的である。また、当該法改正が企業価値に与えた負の影響の頑健性を確認するために、衆議院における法改正可決日前後の短い期間における各企業の株価の超過収益率を用いた分析も行った。分析の結果、処置群企業の株価の超過収益率は法改正可決日前後に有意に低下したことが明らかになった。この結果は、前年度に行ったトービンのQを用いたDiD分析の結果とも整合的であり、前年度の推定結果の頑健性が確認された。以上が、今年度に行った分析の主要な結果である。

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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 2023

      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 cost of capital: A quasi-natural experiment in Japan

      Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research 

      CHINO Atsushi

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      4 2013 - 3 2017

      Grant number:25380411

      Grant amount:\4940000 ( Direct Cost: \3800000 、 Indirect Cost:\1140000 )

      We investigate whether an increasing use of temporary agency workers affects firms’ cost of equity capital. Exploiting a major labor market deregulation in Japan in early 2000s, which removed a legal restriction that had prohibited temporary agency workers from engaging in manufacturing works, we conduct a difference-in-difference estimation and find that cost of capital decreased in manufacturing firms, relative to other firms, after the parliament passed the revised law for deregulation in 2003. Further analysis using variations only within manufacturing firms supports our causal interpretations. Overall, we conclude that firms’ use of temporary agency workers increases their operating flexibility and decreases cost of capital.

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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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