Cash holding and acquisition performance of public and private Japanese corporations

我们的研究旨在调查日本公共和私人企业之间的差异，重点是企业现金持有量和收购绩效。我们的动机是了解日本企业高水平现金持有背后的根本原因。这些结果有助于加深对日本企业的理解，并为投资者、企业经营者和政策制定者调整现金持有政策提供有意义的参考。此外，我们还扩大了研究，以检查最近的公司治理变化在日本上市公司的财务业绩和行为的影响。

Our research aims to investigate the differences between public and private firms in Japan, with a focus on corporate cash holdings andacquisition performance. We are motivated to understand the fundamental reasons behind the high levels of corporate cash holdings in Japanesefirms. These results will help to deepen understanding of Japanese firms and hence act as meaningful references to investors, corporateexecutives, and policymakers adjusting cash holding policies. In addition, we also expand the research to examine the effects of recent corporate governance changes in Japan on the financial performance and behavior of listed firms in Japan.