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    On the Dynamics of Small and Medium-Sized Enterprises: Evidence from Japan

    Kazuo Yamada; Izidin El Kalak; Hidenori Takahashi | March 2018
    Abstract
    The main objective of this paper is to understand how the changes in the macroeconomic conditions (the global financial crisis) relate to the investment and financial decision-making for each of the different size categories of SMEs. To do so, we use a large dataset of 764,963 observations in Japan for the time period from 2006 to 2014. This large size of dataset enables us to understand the heterogeneity of SMEs on the financing and investment decision-making: such as the size, industry, and region. Our findings are of particular importance to regulators because they show that SMEs are dynamic in nature where they change their financial behavior in response to any macroeconomic shock. In addition, we report differences among the different size subsample at the sales growth and state/industry GDP growth levels; hence, this requires the design of a unique set of regulations for each group accordingly to properly enhance the growth potential for each group and for SMEs as a whole. Moreover, these findings have implications on lenders especially banks to treat each size group within SMEs differently while lending or assessing creditworthiness.
    Citation
    Kazuo Yamada; Izidin El Kalak; Hidenori Takahashi. 2018. On the Dynamics of Small and Medium-Sized Enterprises: Evidence from Japan. © Asian Development Bank Institute. http://hdl.handle.net/11540/8098.
    Keywords
    Macroeconomic
    Macroeconomic Analysis
    Macroeconomic Framework
    Macroeconomic Models
    Macroeconomic Performance
    Macroeconomic Planning
    Macroeconomic Policies
    Macroeconomic Reform
    Macroeconomic Stabilization
    Results-Based Monitoring And Evaluation
    Project Evaluation & Review Technique
    Project Evaluation
    Program Evaluation
    Performance Evaluation
    Operations Evaluation
    Evaluation Methods
    Evaluation
    Social condition
    Economic dependence
    Economic assistance
    International monetary relations
    International monetary relations
    International trade
    National accounting
    Market
    Project impact
    Development projects
    Program management
    Performance appraisal
    Project appraisal
    Technology assessment
    Exchange
    Comparative economics
    Index number
    Monetary policy
    Value analysis
    Adjustment cost
    Transaction cost
    Conditionality
    International relations
    Cumulative effects assessment
    Grievance procedures
    Participatory monitoring and evaluation
    Exchange rate
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    Citable URI
    http://hdl.handle.net/11540/8098
    Metadata
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    adbi-wp819.pdf (293.3Kb)
    Author
    Kazuo Yamada
    Izidin El Kalak
    Hidenori Takahashi
    Theme
    Economics
    Evaluation
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise