Here are two of my most recent publications. For a complete list of my body of work, check out my Google Scholar Profile.
Determinants of Corporate Capital Structure and the Emerging Role of Intangibles and Innovation:
The Case of Japanese Corporations
ABSTRACT
The study examines capital structure determinants in Japanese firms using cross-section generalized least squares regression and dynamic panel data estimation. Results show that corporate leverage decisions are still influenced by conventional factors, but innovations and intangible assets emerge as important determinants. Manufacturing companies have lower leverage than non-manufacturing companies, with tangibility as the main collateral. Higher market capitalization leads to decreased debt-to-equity ratios, suggesting a reshaping of capital markets for firms.
The Impact of ESG on Corporate Financial
Performance: The Case of Global Energy Companies
Asia-Pacific Social Science Review | Vol. 25 No. 1 | March 2025
ABSTRACT
The Paris Agreement and Sustainable Development Goals have sparked interest in ESG investing in the energy sector, but there is uncertainty about its profitability. This study examines the impact of ESG scores on corporate financial performance in emerging, developed, and frontier markets. The analysis found a positive relationship between environmental score and profitability and efficiency, and governance score positively influences firm valuation. Social score affects growth and valuation. ESG performance generally leads to better corporate financial performance in developed economies.