Financial flexibility and tax incentives : evidence from defined benefit corporate pension plans in Japan

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<dc:creator>Goto, Shingo</dc:creator>
<dc:date>2013-10-07</dc:date>
<dc:description xml:lang="es">Sumario: Contrary to the objective of a major corporate pension reform in Japan to enhance retirement income security, and despite the increased relative tax benefits of externally-funded plans, the number of firms that do not sponsor externally-funded defined benefit plans or defined contribution plans has been increasing steadily. We study the common characteristics of firms sponsoring only traditional internally-funded lump sum plans that provide only weak protection of the employees¿ retirement benefits. We find that smaller firms with higher growth prospects (price-to-book ratios) and a younger workforce are less likely to adopt externally-funded plans and more likely to terminate them when they have one. Firms sponsoring only internally-funded plans tend to exhibit lower profitability than their peers with otherwise similar characteristics. These results suggest that smaller firms with higher growth prospects and a younger workforce tend to have stronger incentives to ensure financial flexibility by providing only weak protection of their employees¿ retirement benefits.</dc:description>
<dc:identifier>https://documentacion.fundacionmapfre.org/documentacion/publico/es/bib/145070.do</dc:identifier>
<dc:language>eng</dc:language>
<dc:rights xml:lang="es">InC - http://rightsstatements.org/vocab/InC/1.0/</dc:rights>
<dc:type xml:lang="es">Artículos y capítulos</dc:type>
<dc:title xml:lang="es">Financial flexibility and tax incentives : evidence from defined benefit corporate pension plans in Japan</dc:title>
<dc:relation xml:lang="es">En: Geneva papers on risk and insurance : issues and practice. - Geneva : The Geneva Association, 1976- = ISSN 1018-5895. - 07/10/2013 Volumen 38 Número 4 - octubre 2013 </dc:relation>
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