메뉴 건너뛰기




Volumn 13, Issue 3, 1999, Pages 201-229

Are Corporate Financing Decisions Different in Japan? An Empirical Study on Capital Structure

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0037922383     PISSN: 08891583     EISSN: None     Source Type: Journal    
DOI: 10.1006/jjie.1999.0435     Document Type: Article
Times cited : (34)

References (44)
  • 1
    • 0003135050 scopus 로고
    • Toward an economic model of the Japanese firm
    • Aoki M. Toward an economic model of the Japanese firm. J. Econ. Lit. 28:1990;1-27.
    • (1990) J. Econ. Lit. , vol.28 , pp. 1-27
    • Aoki, M.1
  • 4
    • 0000621890 scopus 로고
    • Real determinants of corporate leverage
    • B. M. Friedman. Chicago: Univ. of Chicago Press
    • Auerbach A. J. Real determinants of corporate leverage. Friedman B. M. Corporate Capital Structure in the United States. 1985;301-324 Univ. of Chicago Press, Chicago.
    • (1985) Corporate Capital Structure in the United States , pp. 301-324
    • Auerbach, A.J.1
  • 5
    • 0040898637 scopus 로고    scopus 로고
    • Managerial entrenchment and capital structure decisions
    • Berger P. G., Ofek E., Yermack D. L. Managerial entrenchment and capital structure decisions. J. Finance. 52:1997;1411-1438.
    • (1997) J. Finance , vol.52 , pp. 1411-1438
    • Berger, P.G.1    Ofek, E.2    Yermack, D.L.3
  • 6
    • 84939793498 scopus 로고
    • On the existence of an optimal capital structure: Theory and evidence
    • Bradley M., Jarrell G., Kim E. H. On the existence of an optimal capital structure: Theory and evidence. J. Finance. 39:1984;857-878.
    • (1984) J. Finance , vol.39 , pp. 857-878
    • Bradley, M.1    Jarrell, G.2    Kim, E.H.3
  • 8
    • 37649023213 scopus 로고
    • Optimal capital structure under corporate and personal taxation
    • DeAngelo H., Masulis R. W. Optimal capital structure under corporate and personal taxation. J. Finan. Econ. 8:1980;3-29.
    • (1980) J. Finan. Econ. , vol.8 , pp. 3-29
    • Deangelo, H.1    Masulis, R.W.2
  • 9
    • 0040360082 scopus 로고
    • Shareholding in the keiretsu, Japan's financial groups
    • Flath D. Shareholding in the keiretsu, Japan's financial groups. Rev. Econ. Statist. 75:1993;249-257.
    • (1993) Rev. Econ. Statist. , vol.75 , pp. 249-257
    • Flath, D.1
  • 10
    • 84977707417 scopus 로고
    • An empirical test of the impact of managerial self-interest on corporate capital structure
    • Friend I., Lang H. P. An empirical test of the impact of managerial self-interest on corporate capital structure. J. Finance. 43:1988;271-281.
    • (1988) J. Finance , vol.43 , pp. 271-281
    • Friend, I.1    Lang, H.P.2
  • 11
    • 0030242222 scopus 로고    scopus 로고
    • Main bank relationships and capital structure in Japan
    • Fukuda A., Hirota S. Main bank relationships and capital structure in Japan. J. Japan. Int. Econ. 10:1996;250-261.
    • (1996) J. Japan. Int. Econ. , vol.10 , pp. 250-261
    • Fukuda, A.1    Hirota, S.2
  • 12
    • 84977721089 scopus 로고
    • The theory of capital structure
    • Harris M., Raviv A. The theory of capital structure. J. Finance. 46:1991;297-355.
    • (1991) J. Finance , vol.46 , pp. 297-355
    • Harris, M.1    Raviv, A.2
  • 13
    • 0347582915 scopus 로고    scopus 로고
    • Kinnen no Mein Banku Kankei no Jittai to Henka [Recent changes of the main bank relationships in Japan]
    • Hirota S., Horiuchi T. Kinnen no Mein Banku Kankei no Jittai to Henka [Recent changes of the main bank relationships in Japan]. Kinyu Geizai Kenkyu. 1999.
    • (1999) Kinyu Geizai Kenkyu
    • Hirota, S.1    Horiuchi, T.2
  • 14
    • 84974449509 scopus 로고
    • Some aspects of Japanese corporate finance
    • Hodder J. E., Tschoegl A. E. Some aspects of Japanese corporate finance. J. Finan. Quant. Anal. 20:1985;173-191.
    • (1985) J. Finan. Quant. Anal. , vol.20 , pp. 173-191
    • Hodder, J.E.1    Tschoegl, A.E.2
  • 15
    • 0002432433 scopus 로고
    • The role of banks in reducing the costs of financial distress in Japan
    • Hoshi T., Kashyap A., Scharfstein D. The role of banks in reducing the costs of financial distress in Japan. J. Finan. Econ. 27:1990;67-88.
    • (1990) J. Finan. Econ. , vol.27 , pp. 67-88
    • Hoshi, T.1    Kashyap, A.2    Scharfstein, D.3
  • 16
    • 0002308919 scopus 로고
    • Corporate structure, liquidity, and investment: Evidence from Japanese industrial groups
    • Hoshi T., Kashyap A., Scharfstein D. Corporate structure, liquidity, and investment: Evidence from Japanese industrial groups. Quart. J. Econ. 106:1991;33-60.
    • (1991) Quart. J. Econ. , vol.106 , pp. 33-60
    • Hoshi, T.1    Kashyap, A.2    Scharfstein, D.3
  • 17
    • 0347582914 scopus 로고
    • Kigyo no Shihon Kosei to Mein Bankyu [Corporate capital structure and the main bank in Japan]
    • A. Horiuchi, & N. Yoshino. Tokyo: Univ. of Tokyo Press
    • Ikeo K., Hirota S. Kigyo no Shihon Kosei to Mein Bankyu [Corporate capital structure and the main bank in Japan]. Horiuchi A., Yoshino N. Gendai Nihon no Kinyu Bunseki [Structural Analyses of the Japanese Financial System]. 1992;39-71 Univ. of Tokyo Press, Tokyo.
    • (1992) Gendai Nihon No Kinyu Bunseki [Structural Analyses of the Japanese Financial System] , pp. 39-71
    • Ikeo, K.1    Hirota, S.2
  • 18
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance and takeovers
    • Jensen M. C. Agency costs of free cash flow, corporate finance and takeovers. Amer. Econ. Rev. 76:1986;323-329.
    • (1986) Amer. Econ. Rev. , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 19
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs, and ownership structure
    • Jensen M. C., Meckling W. Theory of the firm: Managerial behavior, agency costs, and ownership structure. J. Finan. Econ. 3:1976;305-360.
    • (1976) J. Finan. Econ. , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.2
  • 20
    • 58149363437 scopus 로고
    • Firm performance, corporate governance, and top executive turnover in Japan
    • Kang J.-K., Shivdasani A. Firm performance, corporate governance, and top executive turnover in Japan. J. Finan. Econ. 38:1995;29-58.
    • (1995) J. Finan. Econ. , vol.38 , pp. 29-58
    • Kang, J.-K.1    Shivdasani, A.2
  • 21
    • 0347981294 scopus 로고    scopus 로고
    • How different is Japanese corporate finance? An investigation of the information content of new security issues
    • Kang J.-K., Stulz R. M. How different is Japanese corporate finance? An investigation of the information content of new security issues. Rev. Finan. Stud. 9:1996;109-139.
    • (1996) Rev. Finan. Stud. , vol.9 , pp. 109-139
    • Kang, J.-K.1    Stulz, R.M.2
  • 22
    • 0002089147 scopus 로고
    • Capital and ownership structure: A comparison of United States and Japanese manufacturing corporations
    • Kester W. C. Capital and ownership structure: A comparison of United States and Japanese manufacturing corporations. Finan. Management. 15:1986;5-16.
    • (1986) Finan. Management , vol.15 , pp. 5-16
    • Kester, W.C.1
  • 24
    • 76649090844 scopus 로고
    • Do taxes affect corporate financing decisions?
    • MacKie-Mason J. K. Do taxes affect corporate financing decisions? J. Finance. 45:1990;1471-1493.
    • (1990) J. Finance , vol.45 , pp. 1471-1493
    • MacKie-Mason, J.K.1
  • 26
    • 31144442882 scopus 로고
    • Equity ownership and the two faces of debt
    • McConnell J. J., Servaes H. Equity ownership and the two faces of debt. J. Finan. Econ. 39:1995;131-157.
    • (1995) J. Finan. Econ. , vol.39 , pp. 131-157
    • McConnell, J.J.1    Servaes, H.2
  • 28
    • 0000294096 scopus 로고
    • The cost of capital, corporate finance, and the theory of investment
    • Modigliani F., Miller M. H. The cost of capital, corporate finance, and the theory of investment. Amer. Econ. Rev. 48:1958;261-297.
    • (1958) Amer. Econ. Rev. , vol.48 , pp. 261-297
    • Modigliani, F.1    Miller, M.H.2
  • 29
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • Myers S. Determinants of corporate borrowing. J. Finan. Econ. 5:1977;147-175.
    • (1977) J. Finan. Econ. , vol.5 , pp. 147-175
    • Myers, S.1
  • 31
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • Myers S., Majluf N. Corporate financing and investment decisions when firms have information that investors do not have. J. Finan. Econ. 13:1984;187-221.
    • (1984) J. Finan. Econ. , vol.13 , pp. 187-221
    • Myers, S.1    Majluf, N.2
  • 32
    • 0002520230 scopus 로고
    • The economic role of financial corporate grouping
    • M. Aoki. Amsterdam: North-Holland
    • Nakatani I. The economic role of financial corporate grouping. Aoki M. The Economic Analysis of the Japanese Firm. 1984;227-258 North-Holland, Amsterdam.
    • (1984) The Economic Analysis of the Japanese Firm , pp. 227-258
    • Nakatani, I.1
  • 35
    • 0002413769 scopus 로고
    • Institutional investment patterns and corporate financial behavior in the United States and Japan
    • Prowse S. D. Institutional investment patterns and corporate financial behavior in the United States and Japan. J. Finan. Econ. 27:1990;43-66.
    • (1990) J. Finan. Econ. , vol.27 , pp. 43-66
    • Prowse, S.D.1
  • 36
    • 84993839747 scopus 로고
    • What do we know about capital structure? Some evidence from international data
    • Rajan R. G., Zingales L. What do we know about capital structure? Some evidence from international data. J. Finance. 50:1995;1421-1458.
    • (1995) J. Finance , vol.50 , pp. 1421-1458
    • Rajan, R.G.1    Zingales, L.2
  • 37
    • 0017470663 scopus 로고
    • The determination of financial structure: The incentive signalling approach
    • Ross S. The determination of financial structure: The incentive signalling approach. Bell J. Econ. 8:1977;23-40.
    • (1977) Bell J. Econ. , vol.8 , pp. 23-40
    • Ross, S.1
  • 40
    • 0347582910 scopus 로고
    • Ekuiti Fainansu to Kabusikimochiai [Equity finance and interlocking shareholding in Japan]
    • Shibata N., Takada Y. Ekuiti Fainansu to Kabusikimochiai [Equity finance and interlocking shareholding in Japan]. Kigyo Kaikei. 42:1990;79-85.
    • (1990) Kigyo Kaikei , vol.42 , pp. 79-85
    • Shibata, N.1    Takada, Y.2
  • 42
    • 45149135691 scopus 로고
    • Managerial discretion and optimal financing policies
    • Stulz R. Managerial discretion and optimal financing policies. J. Finan. Econ. 26:1990;3-27.
    • (1990) J. Finan. Econ. , vol.26 , pp. 3-27
    • Stulz, R.1
  • 43
    • 84977737536 scopus 로고
    • The determinants of capital structure choice
    • Titman S., Wessels R. The determinants of capital structure choice. J. Finance. 43:1988;1-19.
    • (1988) J. Finance , vol.43 , pp. 1-19
    • Titman, S.1    Wessels, R.2
  • 44
    • 0000095552 scopus 로고
    • Heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity
    • White H. Heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica. 48:1980;817-838.
    • (1980) Econometrica , vol.48 , pp. 817-838
    • White, H.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.