haku: @indexterm INSTITUTIONAL INVESTORS / yhteensä: 153
viite: 95 / 153
| Tekijä: | Prowse, S. D. |
| Otsikko: | Institutional investment patterns and corporate financial behavior in the United States and Japan |
| Lehti: | Journal of Financial Economics
1990 : SEP, VOL. 27:1, p. 43-66 |
| Asiasana: | INSTITUTIONAL INVESTORS CORPORATE FINANCE JAPAN USA |
| Kieli: | eng |
| Tiivistelmä: | The agency problem between shareholders and debtholders of Japanese and USA firms is examined. Whereas USA institutional investors are restricted from doing so, Japanese financial institutions take large equity positions in firms to which they lend. Debt ratios of USA firms are negatively related to the firm's potential to engage in risky investments, while Japanese debt ratios show no such relation. The evidence is consistent with the notion that the agency problem is mitigated to a greater degree in Japan than in the USA. |
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