Does rollover risk matter to payout policies? Evidence from Japanese listed firms

Acharya, 2011, Rollover risk and market freezes, The Journal of Finance, 66, 1177, 10.1111/j.1540-6261.2011.01669.x Almeida, 2007, Financial constraints, asset tangibility, and corporate investment, The Review of Financial Studies, 20, 1429, 10.1093/rfs/hhm019 Almeida, 2012, Corporate debt maturity and the real effects of the 2007 credit crisis, Critical Finance Review, 1, 3, 10.1561/104.00000001 Almeida, 2004, The cash flow sensitivity of cash, The Journal of Finance, 59, 1777, 10.1111/j.1540-6261.2004.00679.x Barnea, 1980, A rationale for debt maturity structure and call provisions in the agency theoretic framework, The Journal of Finance, 35, 1223, 10.1111/j.1540-6261.1980.tb02205.x Bhattacharya, 1979, Imperfect information, dividend policy, and “the bird in the hand” fallacy, The Bell Journal of Economics, 10, 259, 10.2307/3003330 Bliss, 2015, Corporate payout, cash retention, and the supply of credit: Evidence from the 2008–2009 credit crisis, Journal of Financial Economics, 115, 521, 10.1016/j.jfineco.2014.10.013 Bonaimé, 2014, Financial flexibility, risk management, and payout choice, Review of Financial Studies, 27, 1074, 10.1093/rfs/hht045 Brav, 2005, Payout policy in the 21st century, Journal of Financial Economics, 77, 483, 10.1016/j.jfineco.2004.07.004 Brockman, 2010, Executive compensation and the maturity structure of corporate debt, The Journal of Finance, 65, 1123, 10.1111/j.1540-6261.2010.01563.x Chaderina, 2018 Chay, 2009, Payout policy and cash-flow uncertainty, Journal of Financial Economics, 93, 88, 10.1016/j.jfineco.2008.12.001 Chiu, 2019, Rollover risk and cost of bank debt: The role of family-control ownership, Pacific-Basin Finance Journal, 53, 362, 10.1016/j.pacfin.2018.12.003 DeAngelo, 2006, Dividend policy and the earned/contributed capital mix: A test of the life-cycle theory, Journal of Financial Economics, 81, 227, 10.1016/j.jfineco.2005.07.005 Dewenter, 1998, Dividends, asymmetric information, and agency conflicts: Evidence from a comparison of the dividend policies of Japanese and U.S. Firms, The Journal of Finance, 53, 879, 10.1111/0022-1082.00038 Diamond, 1991, Debt maturity structure and liquidity risk, The Quarterly Journal of Economics, 106, 709, 10.2307/2937924 Diamond, 1993, Seniority and maturity of debt contracts, Journal of Financial Economics, 33, 341, 10.1016/0304-405X(93)90011-Y Diamond, 2014, A theory of debt maturity: The long and short of debt overhang, The Journal of Finance, 69, 719, 10.1111/jofi.12118 Dittmar, 2007, Corporate governance and the value of cash holdings, Journal of Financial Economics, 83, 599, 10.1016/j.jfineco.2005.12.006 Easterbrook, 1984, Two agency-cost explanations of dividends, The American Economic Review, 74, 650 Fama, 2001, Disappearing dividends: Changing firm characteristics or lower propensity to pay?, Journal of Financial Economics, 60, 3, 10.1016/S0304-405X(01)00038-1 Faulkender, 2006, Does the source of capital affect capital structure?, Review of Financial Studies, 19, 45, 10.1093/rfs/hhj003 Faulkender, 2006, Corporate financial policy and the value of cash, The Journal of Finance, 61, 1957, 10.1111/j.1540-6261.2006.00894.x Fenn, 2001, Corporate payout policy and managerial stock incentives, Journal of Financial Economics, 60, 45, 10.1016/S0304-405X(01)00039-3 Frendy, 2020, The relevance of keiretsu affiliation on disclosure quality in contemporary Japanese economy, Asia-Pacific Journal of Accounting & Economics, 1 Froot, 1993, Risk management: Coordinating corporate investment and financing policies, The Journal of Finance, 48, 1629, 10.1111/j.1540-6261.1993.tb05123.x Gilchrist, 1995, Evidence on the role of cash flow for investment, Journal of Monetary Economics, 36, 541, 10.1016/0304-3932(95)01223-0 Graham, 2001, The theory and practice of corporate finance: Evidence from the field, Journal of Financial Economics, 60, 187, 10.1016/S0304-405X(01)00044-7 Guay, 2000, The cash-flow permanence and information content of dividend increases versus repurchases, Journal of Financial Economics, 57, 385, 10.1016/S0304-405X(00)00062-3 Gul, 1999, Growth opportunities, capital structure and dividend policies in Japan, Journal of Corporate Finance, 5, 141, 10.1016/S0929-1199(99)00003-6 Hanaeda, 2009, Survey analysis of payout policy: Japan vs. The US, Security Analysts Journal, 47, 11 Harford, 1999, Corporate cash reserves and acquisitions, The Journal of Finance, 54, 1969, 10.1111/0022-1082.00179 Harford, 2014, Refinancing risk and cash holdings, The Journal of Finance, 69, 975, 10.1111/jofi.12133 Harvey, 2004, The effect of capital structure when expected agency costs are extreme, Journal of Financial Economics, 74, 3, 10.1016/j.jfineco.2003.07.003 Holmstrom, 1997, Financial intermediation, loanable funds, and the real sector, The Quarterly Journal of Economics, 112, 663, 10.1162/003355397555316 Holmstrom, 2000, Liquidity and risk management, Journal of Money, Credit and Banking, 32, 295, 10.2307/2601167 Hoshi, 1991, Corporate structure, liquidity, and investment: Evidence from japanese industrial groups, The Quarterly Journal of Economics, 106, 33, 10.2307/2937905 Hoshi, 1993, The choice between public and private debt: An analysis of post-deregulation corporate financing in Japan Houston, 1996, Bank information monopolies and the mix of private and public debt claims, The Journal of Finance, 51, 1863, 10.1111/j.1540-6261.1996.tb05229.x Houston, 2001, Do relationships have limits? Banking relationships, financial constraints, and investment, The Journal of Business, 74, 347, 10.1086/321930 Hu, 2020, Rollover risk and credit spreads in the financial crisis of 2008, The Journal of Finance and Data Science, 6, 1, 10.1016/j.jfds.2020.06.001 Iwaki, 2019, The effect of debt market imperfection on capital structure and investment: Evidence from the 2008 global financial crisis in Japan, The Quarterly Review of Economics and Finance, 74, 251, 10.1016/j.qref.2019.01.008 Iwaki, 2015, Bank information monopolies and corporate investment, Hitotsubashi Review of Commerce and Management, 10, 2 Jagannathan, 2000, Financial flexibility and the choice between dividends and stock repurchases, Journal of Financial Economics, 57, 355, 10.1016/S0304-405X(00)00061-1 James, 1987, Some evidence on the uniqueness of bank loans, Journal of Financial Economics, 19, 217, 10.1016/0304-405X(87)90003-1 Jensen, 1986, Agency costs of free cash flow, corporate finance, and takeovers, American Economic Review, 76, 323 John, 1985, Dividends, dilution, and taxes: A signalling equilibrium, The Journal of Finance, 40, 1053, 10.1111/j.1540-6261.1985.tb02363.x Johnson, 2003, Debt maturity and the effects of growth opportunities and liquidity risk on leverage, Review of Financial Studies, 16, 209, 10.1093/rfs/16.1.0209 Juelsrud, 2020, Dividend payouts and rollover crises, The Review of Financial Studies, 33, 4139, 10.1093/rfs/hhz130 Kashyap, 1993, Monetary policy and credit conditions: Evidence from the composition of external finance, American Economic Review, 83, 78 Keynes, 1936 La Porta, 2000, Agency problems and dividend policies around the world, The Journal of Finance, 55, 1, 10.1111/0022-1082.00199 Leland, 1977, Informational asymmetries, financial structure, and financial intermediation, The Journal of Finance, 32, 371, 10.2307/2326770 Leland, 1996, Optimal capital structure, endogenous bankruptcy, and the term structure of credit spreads, The Journal of Finance, 51, 987, 10.1111/j.1540-6261.1996.tb02714.x Lintner, 1956, Distribution of incomes of corporations among dividends, retained earnings, and taxes, The American Economic Review, 46, 97 Lloyd, 1985, Agency costs and dividend payout ratios, Quarterly Journal of Business and Economics, 24, 19 Miller, 1985, Dividend policy under asymmetric information, The Journal of Finance, 40, 1031, 10.1111/j.1540-6261.1985.tb02362.x Myers, 1977, Determinants of corporate borrowing, Journal of Financial Economics, 5, 147, 10.1016/0304-405X(77)90015-0 Opler, 1993, The determinants of leveraged buyout activity: Free cash flow vs. Financial distress costs, The Journal of Finance, 48, 1985, 10.1111/j.1540-6261.1993.tb05138.x Opler, 1999, The determinants and implications of corporate cash holdings, Journal of Financial Economics, 52, 3, 10.1016/S0304-405X(99)00003-3 Pinkowitz, 2001, Bank power and cash holdings: Evidence from japan, Review of Financial Studies, 14, 1059, 10.1093/rfs/14.4.1059 Prowse, 1992, The structure of corporate ownership in Japan, The Journal of Finance, 47, 1121, 10.1111/j.1540-6261.1992.tb04007.x Rajan, 1992, Insiders and outsiders: The choice between informed and arm’s-length debt, The Journal of Finance, 47, 1367, 10.1111/j.1540-6261.1992.tb04662.x Rajan, 1995, Covenants and collateral as incentives to monitor, The Journal of Finance, 50, 1113, 10.1111/j.1540-6261.1995.tb04052.x Rauh, 2010, Capital structure and debt structure, Review of Financial Studies, 23, 4242, 10.1093/rfs/hhq095 Santos, 2008, Bank loans, bonds, and information monopolies across the business cycle, The Journal of Finance, 63, 1315, 10.1111/j.1540-6261.2008.01359.x Sasaki, 2013, Relationship between payout policy and cash holdings in Japan, Security Analysts Journal, 51, 26 Sasaki, 2016, Japanese firms’ cash holdings and liquidity management: An analysis based on the survey, Gendai Finance, 37, 19 Sharpe, 1991, Credit rationing, concessionary lending, and debt maturity, Journal of Banking & Finance, 15, 581, 10.1016/0378-4266(91)90087-3 Skinner, 2008, The evolving relation between earnings, dividends, and stock repurchases, Journal of Financial Economics, 87, 582, 10.1016/j.jfineco.2007.05.003 Smith, 1992, The investment opportunity set and corporate financing, dividend, and compensation policies, Journal of Financial Economics, 32, 263, 10.1016/0304-405X(92)90029-W Sufi, 2009, Bank lines of credit in corporate finance: An empirical analysis, The Review of Financial Studies, 22, 1057, 10.1093/revfin/hhm007 Wang, 2017, Effect of rollover risk on default risk: Evidence from bank financing, International Review of Financial Analysis, 54, 130, 10.1016/j.irfa.2016.09.009 Whited, 1992, Debt, liquidity constraints, and corporate investment: Evidence from panel data, The Journal of Finance, 47, 1425, 10.1111/j.1540-6261.1992.tb04664.x Yamaguchi, 2007, Relationship between dividends and share repurchases, Security Analysts Journal, 45, 104