2026-03-06T06:16:21Z https://kanagawa-u.repo.nii.ac.jp/oai

oai:kanagawa-u.repo.nii.ac.jp:00015409 2023-06-20T04:45:55Z 308:309:310:1460

Empirical Analysis of Hold-up Problem in Debt Financing ： Evidence from Japanese Listed Firms Empirical Analysis of Hold-up Problem in Debt Financing ： Evidence from Japanese Listed Firms 岩木, 宏道 Hold-up problems Bank loans Public debt markets Investment Financing constraints Hold-up problems Bank loans Public debt markets Investment Financing constraints We investigate hold-up problems in debt financing among publicly traded firms with apparently limited information asymmetries. Based on the prediction by Rajan (1992), we examine how changes in short-term bank loan ratio affect firm investment behavior. We confirm that, while investment by bank-dependent firms reduces with increasing ratio of short-term loans, this negative effect is mitigated or offset for firms with access to the public debt market. Consistent with Rajan (1992), this finding suggests that, as many Japanese firms lack access to the public market because of the absence of public debt issuance under the BBB rating, even publicly traded firms could face potential hold-up problems in their relationships with banks. The results presented here help explain why firms without access to public debt have consistently lower investment rates than firms with such access, and suggest that the former face an underinvestment problem. 論説 JEL classification: E22; G30; G32 departmental bulletin paper 神奈川大学経済貿易研究所 Kanagawa University The Institute of Economics and Trade 2023-03-25 VoR application/pdf 経済貿易研究 : 研究所年報 49 79 100 The Studies in Economics and Trade AN00071389 0386-5193 https://kanagawa-u.repo.nii.ac.jp/record/15409/files/04 Empirical Analysis of Hold-up Problem in Debt Financing ： Evidence from Japanese Listed Firms.pdf http://hdl.handle.net/10487/00018470 https://kanagawa-u.repo.nii.ac.jp/records/15409 eng