haku: @author Hirota, S. / yhteensä: 2
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| Tekijä: | Fukuda, A. Hirota, S. |
| Otsikko: | Main bank relationships and capital structure in Japan |
| Lehti: | Journal of the Japanese and International Economies
1996 : SEP, VOL. 10:3, p. 250-261 |
| Asiasana: | BANKS CORPORATE FINANCE CAPITAL STRUCTURE OF COMPANIES JAPAN |
| Kieli: | eng |
| Tiivistelmä: | In this paper, the authors argue that the main bank in Japan acts as a quasi-inside monitor of the firm, delegated by other leaders, and that main bank relationships increase the debt capacity of the firm by reducing the agency cost of debt. On the other hand, firms with high debt ratios will strenghten main bank relationships due to the agency problems associated with high leverage. Thus, the debt ratio and main bank relationships are simultaneously determined and have positive effects on each other. The empirical results obtained support these hypotheses. |
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