@article{oai:chuo-u.repo.nii.ac.jp:02000137,
 author = {北村,仁代 and キタムラ,キミヨ and KITAMURA,Kimiyo},
 issue = {42},
 journal = {企業研究},
 month = {Feb},
 note = {application/pdf, Retained earnings at Japanese companies rose to a record 516.475 trillion yen in this September. Criticism against increasing retained earnings at companies is that despite keeping improving its record, Japanese companies continued to hoard the value added they created as cash and deposits instead of sufficiently passing on to wage payments and capital investment, which stunts a virtuous cycle in Japanese economy.
 In this paper, we investigate 1) whether retained earnings are allocated to wage payments and capital investment; 2) the value added which firms created are optimally distributed between household and corporate sectors; 3) whether the monetary easing policy by the bank of Japan promoted over-invested of firms. We find in Financial Statements Statistics of Corporations data that retaind earnings firms hoarded are mainly allocated to investment securities and cash and deposits. In the Japanese National Accounts data, we also find that there has been excessively large corporate investment (that is, “over-invested”) which has extremely low rate of return. Monetary easing policy does promoted over-investment by firms.},
 pages = {187--214},
 title = {内部留保とその増加要因},
 year = {2023}
}