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タカミ シゲオ
SHIGEO TAKAMI
高見 茂雄 所属 経営学部 経営学科 職種 教授 |
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| 言語種別 | 英語 |
| 発行・発表の年月 | 2016/06 |
| 形態種別 | 学術雑誌 |
| 査読 | 査読あり |
| 標題 | Factors inhibiting Japanese firms from zero leverage: financial constraints and bank relationships |
| 執筆形態 | 単著 |
| 掲載誌名 | Asia-Pacific Journal of Accounting and Economics |
| 出版社・発行元 | Fransic and Taylor |
| 巻・号・頁 | 23(2),pp.161-176 |
| 総ページ数 | null |
| 概要 | The objective of our paper is to clarify the factors that inhibit Japanese firms from being unlevered, focusing on the interactions between financial constraints and bank relationships. Through analysis of variance, logistic regressions, and sensitivity analyses,we conclude that financial constraints and bank shareholdings, which inhibit firms from being unlevered, are more powerful than the presence of foreign investors that encourage unleverage. Based on our panel data on 822 Japanese public
firms, we find that among developed countries, Japan has the fewest unlevered firms, with less than 5%. Additionally, we observe reciprocal cross stock holdings between unlevered firms and their banks. |
| DOI | 10.1080/16081625.2015.1012089 |