Updated on 2026/09/05

写真a

 
SASAKI Takafumi
 
Organization
Faculty of Policy Studies Professor
Other responsible organization
Policy Studies Course of Graduate School of Policy Studies, Master's Program
Policy Studies Course of Graduate School of Policy Studies, Doctoral Program
Contact information
The inquiry by e-mail is 《here》
External link

Degree

  • 博士（商学） ( 一橋大学 )

  • 修士（経営学） ( 筑波大学 )

Education

  • 2005.3
     

    Hitotsubashi University   Graduate School, Division of Commerce   doctor course   completed

  • 1999.3
     

    University of Tsukuba   master course   completed

  • 1990.3
     

    Tokyo University of Science   Faculty of Science   graduated

Research History

  • 2018.4 - Now

    中央大学総合政策学部教授

  • 2019.4 - 2022.3

    早稲田大学大学院   商学研究科   非常勤講師

  • 2018.4 - 2019.3

    Tokyo University of Science

  • 2016.4 - 2018.3

    東京理科大学経営学部教授

  • 2014.4 - 2018.3

    早稲田大学大学院 商学研究科 非常勤講師

  • 2010.4 - 2016.3

    東京理科大学経営学部准教授

  • 2012.4 - 2013.3

    早稲田大学大学院 商学研究科 非常勤講師

  • 2010.4 - 2011.3

    名古屋市立大学大学院 経済学研究科 非常勤講師

  • 2007.4 - 2010.3

    名古屋市立大学大学院経済学研究科准教授

  • 1990.4 - 2007.3

    日興証券系のシンクタンク（日興リサーチセンター）勤務。証券調査部研究員、投資調査部研究員、投資戦略部研究員、年金研究所主任研究員、社会システム研究所CSR調査室長を歴任。

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Professional Memberships

  • 日本証券アナリスト協会検定会員

  • 日本ファイナンス学会会員

  • 日本金融学会会員

  • 日本経営財務研究学会会員

Research Interests

  • Corporate Finance，Corporate Social Responsibility

Research Areas

  • Humanities & Social Sciences / Business administration  / 経営学

Papers

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Books

  • 日本のコーポレートファイナンス：サーベイデータによる分析

    花枝 英樹, 芹田敏夫, 胥鵬, 佐々木隆文, 鈴木健嗣, 佐々木寿記（7章（共著）、10章（共著））

    白桃書房  2020.11 

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    Language：Japanese   Book type：Scholarly book

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  • 資本調達・ペイアウト政策

    花枝英樹, 榊原茂樹編著（ Role： Joint author3章（共著）、6章（単著）、8章（単著））

    中央経済社  2009 

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    Responsible for pages：55-82,137-164,193-224   Language：Japanese   Book type：Scholarly book

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  • 経営財務

    柴川林也編著（ Role： Joint author2章（共著）、6章（共著））

    八千代出版  2000 

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    Responsible for pages：29-58,159-180   Language：Japanese   Book type：Scholarly book

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MISC

Presentations

  • Industrial Diversification, International Diversification and the Corporate Propensity to Save

    佐々木隆文, 中嶋幹

    日本経営財務研究学会第39回全国大会  2015.10 

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    Language：Japanese   Presentation type：Oral presentation (general)  

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  • Business Group Affiliation, Corporate Diversification, and Cash Holdings

    Kan Nakajima, Takafumi Sasaki

    Paris Financial Management Conference  2014.12 

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    Language：English   Presentation type：Oral presentation (general)  

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  • Why are Japanese Firms Still Increasing Cash Holdings?

    Kan Nakajima, Takafumi Sasaki

    Asian Finance Association Annual Conference  2014.6 

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    Language：English   Presentation type：Oral presentation (general)  

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  • Why are Japanese Firms Still Increasing Cash Holdings?

    Kan Nakajima, Takafumi Sasaki

    FMA Asian Conference  2014.5 

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    Language：English   Presentation type：Oral presentation (general)  

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  • Unrecognized Pension Deficits and Corporate Investment Behavior

    Asian -Pacific Conference on International Accounting Issues  2013.11 

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    Language：English   Presentation type：Oral presentation (general)  

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Research Projects

  • Corporate pensions in the era of declining birthrate and increasing elderly population

    Grant number：17K03898  2017.4 - 2021.3

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research  Grant-in-Aid for Scientific Research (C) 

    Sasaki Takafumi

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    Grant amount： \4290000 （ Direct Cost: \3300000 、 Indirect Cost： \990000 ）

    This paper empirically investigates how pension liabilities affect the cost of equity. The impact of this internal borrowing on the cost of equity might be smaller than that of regular debt because employees may prefer to share risk with shareholders and avoid financial distress to protect the value of their human capital. Combined with the fact that that managers have wider discretions over internal liabilities, such risk-sharing aspect of internal liabilities can mitigate the increases in the cost of equity associated with financial leverage. We verify this hypothesis by using the sample of Japanese firms in which firms effectively borrow substantial money from their employees in the form of lump-sum severance payments and underfunded pension plans. We find that the impact of internal borrowing on the cost of equity is substantially smaller than that of regular debt and especially so among firms with long-term employment.

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  • Empirical analyses of corporate finance policies based on financial flexibility

    Grant number：16H03659  2016.4 - 2020.3

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research  Grant-in-Aid for Scientific Research (B)  Chuo University

    Hanaeda Hideki

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    Grant amount： \15730000 （ Direct Cost: \12100000 、 Indirect Cost： \3630000 ）

    By using survey data collected from listed Japanese firms, we have done empirical research on main corporate financial policies, that is, (1) financial structure and financing, (2) cash holdings and liquidity management, and (3) payout policy, focusing on financial flexibility. Main result of our research is that many Japanese firms make many kind of financial decisions considering seriously their financial flexibility. We have published four papaers on professional journals. Also, we are planning to publish one book based on our researches in this year.

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  • Financial Strategy of Japanese Corporations - Empirical Analysis by Survey Data

    Grant number：24330124  2012.4 - 2015.3

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research  Grant-in-Aid for Scientific Research (B)  Chuo University

    HANAEDA HIDEKI, SERITA Toshio, SYO Ho, SASAKI Takafumi, SUZUKI Katsushi, SASAKI Toshinori

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    Grant amount： \14430000 （ Direct Cost: \11100000 、 Indirect Cost： \3330000 ）

    This study aims to the empirical research on financial decision makings of Japanese corporations. In this study, we did two surveys conducted among Japanese CFOs(Chief Financial Officers). In first survey, we investigate management views about financial risk management. In second survey, we investigate management views about cashholdings and liquidity manegement, capital structure and debt financing and equity financing.

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  • An Empirical Analysis of the Financing of Eco-Investment

    Grant number：22530370  2010 - 2012

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research  Grant-in-Aid for Scientific Research (C)  Tokyo University of Science

    SASAKI Takafumi

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    Grant amount： \4030000 （ Direct Cost: \3100000 、 Indirect Cost： \930000 ）

    This project empirically investigates the effect of CSR on corporate investment, capital structure, and the cost of capital, using a sample of publicly traded Japanese firms. I find that firms that engage in CSR activity choose lower debt-equity ratio to avoid financial distress costs associated with stakeholders.

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  • Corporate Governance in Japan: Revisit

    Grant number：22330089  2010 - 2012

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research  Grant-in-Aid for Scientific Research (B)  Hosei University

    XU Peng, ARIKAWA Yasuhiro, UCHIDA Konari, SASAKI Takafumi, TAKEDA Kouichi, TAKEGUCHI Keisuke, TAKECHI Kazutaka, TANAKA Wataru, MATSUI Kenji, MIYAZAKI Kenji, MORITA Hatsuru, TAMURA Akiko, OHNO Sanae

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    Grant amount： \17680000 （ Direct Cost: \13600000 、 Indirect Cost： \4080000 ）

    Focusing on the vulnerability during the financial crisis, in this project, we investigate the relationship between corporate governance and firm performance from perspectives of board independence, stock option grants, shareholder meetings, management accounting and asset pricing,. We have presented numerous papers in conferences. And several articles are published in journals as well as in books.

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  • Financial Strategy of Japanese Corporations under Global Competition - Empirical Analysis by Survey Data on Payout Policy

    Grant number：20330080  2008 - 2010

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research  Grant-in-Aid for Scientific Research (B)  Hitotsubashi University

    HANAEDA Hideki, SERITA Toshio, SYO Ho, SUDA Kazuyuki, MIYAKAWA Tadao, ISAGAWA Nobuyuki, SEZUKI Katushi, SASAKI Takafumi, KIMURA Yukio, HIROTA Masato

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    Grant amount： \14820000 （ Direct Cost: \11400000 、 Indirect Cost： \3420000 ）

    This study aims to the empirical research on payout policy and related financial decision makings of Japanese corporations. In this study, we did two surveys conducted among Japanese CFOs. In first survey, we investigate institutional investor's views about the payout policy and stock splits. In second survey, we investigate management views about the M&A policy.

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  • An Empirical Analysis on the Efficiency of Internal Capital Markets among Japanese Firms

    Grant number：20830071  2008 - 2009

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research  Grant-in-Aid for Young Scientists (Start-up)  Nagoya City University

    SASAKI Takafumi

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    Grant amount： \3328000 （ Direct Cost: \2560000 、 Indirect Cost： \768000 ）

    This research project investigates the relationship between corporate governance system and internal capital markets efficiency, focusing on the role of debt. Our regression results on Japanese firms indicate that higher levels of debt are associated with a decrease in the efficiency of the internal capital markets. This result implies that the beneficial effect of debt on the choice of investment level might be canceled out by this harmful effect for diversified firms. Our research also shows that managerial compensation associated with efficient governance system has a positive correlation with ex post firm performance.

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Committee Memberships

  • 2019.10 - Now

    日本経営財務研究学会   評議員  

  • 2002 - Now

    日本証券アナリスト協会   「証券アナリストジャーナル」編集委員  

  • 2021.1 - 2022.12

    日本経営財務研究学会   学会誌（経営財務研究）編集委員長  

  • 2019.1 - 2020.12

    日本経営財務研究学会   学会誌（経営財務研究）編集委員