This paper examines the pre-committed payout hypothesis that firms which increase R&D investment also increase payouts in order to mitigate the information asymmetry and agency problems. We use the R&D tax reform which came into effect in 2007 in Japan as a natural experiment. We find that...

This study examines the impact of corporate environmental efforts on financial leverage and systematic risk. Specifically, this study uses the 20th session of the Conference of the Parties of the United Nations Framework Convention on Climate Change (COP 20) in 2014 as a natural experiment to...