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Empirical Analysis of Hold-up Problem in Debt Financing ： Evidence from Japanese Listed Firms
http://hdl.handle.net/10487/00018470
http://hdl.handle.net/10487/000184708c0bd09b-4709-434a-92bd-42d51d3c844b
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
04 Empirical Analysis of Hold-up Problem in Debt Financing ： Evidence from Japanese Listed Firms (8.1 MB)
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| Item type | 紀要論文 / Departmental Bulletin Paper(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2023-04-03 | |||||
| タイトル | ||||||
| タイトル | Empirical Analysis of Hold-up Problem in Debt Financing ： Evidence from Japanese Listed Firms | |||||
| 言語 | ja | |||||
| タイトル | ||||||
| タイトル | Empirical Analysis of Hold-up Problem in Debt Financing ： Evidence from Japanese Listed Firms | |||||
| 言語 | en | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Hold-up problems | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Bank loans | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Public debt markets | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Investment | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Financing constraints | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Hold-up problems | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Bank loans | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Public debt markets | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Investment | |||||
| キーワード | ||||||
| 言語 | en | |||||
| 主題Scheme | Other | |||||
| 主題 | Financing constraints | |||||
| 資源タイプ | ||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_6501 | |||||
| 資源タイプ | departmental bulletin paper | |||||
| 著者 |
岩木, 宏道
× 岩木, 宏道 |
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| 著者別名 | ||||||
| 識別子Scheme | WEKO | |||||
| 識別子 | 37661 | |||||
| 識別子Scheme | ローカル著者ID | |||||
| 識別子 | 37661 | |||||
| 姓名 | Iwaki, Hiromichi | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | 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. | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | 論説 | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | JEL classification: E22; G30; G32 | |||||
| 書誌情報 |
ja : 経済貿易研究 : 研究所年報 en : The Studies in Economics and Trade 号 49, p. 79-100, 発行日 2023-03-25 |
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| ISSN | ||||||
| 収録物識別子タイプ | ISSN | |||||
| 収録物識別子 | 0386-5193 | |||||
| 書誌レコードID | ||||||
| 収録物識別子タイプ | NCID | |||||
| 収録物識別子 | AN00071389 | |||||
| 著者版フラグ | ||||||
| 出版タイプ | VoR | |||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||
| 出版者 | ||||||
| 出版者 | 神奈川大学経済貿易研究所 | |||||
| 出版者 | ||||||
| 出版者 | Kanagawa University The Institute of Economics and Trade | |||||
