000			02032cam a22003137 4500
001			w1753
003			NBER
005			20211020115142.0
006			m o d
007			cr cnu||||||||
008			210910s1985 mau fo 000 0 eng d
100	1		_aHayashi, Fumio. _912525
245	1	0	_aTaxes and Corporate Investment in Japanese Manufacturing / _cFumio Hayashi.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c1985.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w1753
500			_aOctober 1985.
520	3		_aThis paper examines the impact of taxes on the incentive to invest for the Japanese manufacturing sector in the postwar period. The idyosyricratic feature of the Japanese corporation tax system as compared to the U.S. is the prevelence of tax-free reserves and the tax deductibility of a part of taxes paid by corporations in the previous year. Our formula for the tax-adjusted Q and the cost of capital incorporates this. The main conclusions areas follows. While the postulated negative relation with the cost of capital cannot be found, investment in Japanese manufacturing shows until 1974 a strong association with the tax-adjusted Q. Since the change in stock prices, not taxes, is the primary source of changes in Q, the profitability of capitalis the major determinant of investment.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aE - Macroeconomics and Monetary Economics _2Journal of Economic Literature class.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w1753.
856	4	0	_uhttps://www.nber.org/papers/w1753
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w1753
942			_2ddc _cW-PAPER
999			_c346803 _d305365