Japanese corporate leverage during the Lost Decades

Pacific-Basin Finance Journal - Tập 46 - Trang 94-108 - 2017
Joye Khoo1, Robert B. Durand1
1Department of Finance and Banking, Curtin University, Kent Street, Bentley, Western Australia

Tài liệu tham khảo

Almazan, 2009, Firms' stakeholders and the costs of transparency, J. Econ. Manag. Strateg., 18, 871, 10.1111/j.1530-9134.2009.00232.x Baker, 2002, Market timing and capital structure, J. Financ., 57, 1, 10.1111/1540-6261.00414 Bessler, 2013, The international zero-leverage phenomenon, J. Corp. Finan., 23, 196, 10.1016/j.jcorpfin.2013.08.004 Bradley, 1984, On the existence of an optimal capital structure: theory and evidence, J. Financ., 39, 857, 10.1111/j.1540-6261.1984.tb03680.x Chen, 2010, Are member firms of corporate groups less risky?, Financ. Manag., 39, 59, 10.1111/j.1755-053X.2009.01066.x Choi, 2014, The value of multinationality and business group for Japanese firms, J. Corp. Finan., 29, 88, 10.1016/j.jcorpfin.2014.08.002 Devos, 2012, Why are firms unlevered?, J. Corp. Finan., 18, 664, 10.1016/j.jcorpfin.2012.03.003 D'Mello, 2014, Are the benefits of debt declining? The decreasing propensity of firms to be adequately levered, J. Corp. Finan., 29, 327, 10.1016/j.jcorpfin.2014.09.008 Fama, 2002, Testing trade-off and pecking order predictions about dividends and debt, Rev. Financ. Stud., 15, 1, 10.1093/rfs/15.1.1 Frank, 2009, Capital structure decisions: which factors are reliably important?, Financ. Manag., 38, 1, 10.1111/j.1755-053X.2009.01026.x Franks, 2014, The ownership of Japanese corporations in the 20th century, Rev. Financ. Stud., 27, 2580, 10.1093/rfs/hhu018 Gan, 2007, The real effects of asset market bubbles: loan- and firm-level evidence of a lending channel, Rev. Financ. Stud., 20, 1941, 10.1093/rfs/hhm045 Greene, 2004, The behaviour of the maximum likelihood estimator of limited dependent variable models in the presence of fixed effects, Econom. J., 7, 98, 10.1111/j.1368-423X.2004.00123.x Guney, 2007, International evidence on the non-linear impact of leverage on corporate cash holdings, J. Multinatl. Financ. Manag., 17, 45, 10.1016/j.mulfin.2006.03.003 Hosono, 2003, Growth opportunities, collateral and debt structure: the case of the Japanese machine manufacturing firms, Jpn. World Econ., 15, 275, 10.1016/S0922-1425(02)00027-0 Hovakimian, 2006, Are observed capital structures determined by equity market timing?, J. Financ. Quant. Anal., 41, 221, 10.1017/S0022109000002489 Hovakimian, 2011, In search of conclusive evidence: how to test for adjustment to target capital structure, J. Corp. Finan., 17, 33, 10.1016/j.jcorpfin.2010.07.004 Hovakimian, 2001, The debt-equity choice, J. Financ. Quant. Anal., 36, 1, 10.2307/2676195 Hovakimian, 2004, Determinants of target capital structure: the case of dual debt and equity issues, J. Financ. Econ., 71, 517, 10.1016/S0304-405X(03)00181-8 Ivashina, 2010, Bank lending during the financial crisis of 2008, J. Financ. Econ., 97, 319, 10.1016/j.jfineco.2009.12.001 John, 1993, Accounting measures of corporate liquidity, leverage, and costs of financial distress, Financ. Manag., 22, 91, 10.2307/3665930 Kang, 2000, Do banking shocks affect borrowing firm performance? An analysis of the Japanese experience, J. Bus., 73, 1, 10.1086/209630 Kayhan, 2007, Firms' histories and their capital structures, J. Financ. Econ., 83, 1, 10.1016/j.jfineco.2005.10.007 Khuu, 2016, Melancholia and Japanese stock returns – 2003 to 2012, Pac. Basin Financ. J., 40, 424, 10.1016/j.pacfin.2016.05.011 Koh, 2015, Financial distress: lifecycle and corporate restructuring, J. Corp. Finan., 33, 19, 10.1016/j.jcorpfin.2015.04.004 Korajczyk, 2003, Capital structure choice: macroeconomic conditions and financial constraints, J. Financ. Econ., 68, 75, 10.1016/S0304-405X(02)00249-0 Lemmon, 2008, Back to the beginning: persistence and the cross-section of corporate capital structure, J. Financ., 63, 1575, 10.1111/j.1540-6261.2008.01369.x Mahajan, 2008, Equity market timing and capital structure: international evidence, J. Bank. Financ., 32, 754, 10.1016/j.jbankfin.2007.05.007 Myers, 1984, Corporate financing and investment decisions when firms have information that investors do not have, J. Financ. Econ., 13, 187, 10.1016/0304-405X(84)90023-0 Nakashima, 2016 Opler, 1999, The determinants and implications of corporate cash holdings, J. Financ. Econ., 52, 3, 10.1016/S0304-405X(99)00003-3 Pagano, 1998, Why do companies go public? An empirical analysis, J. Financ., 53, 27, 10.1111/0022-1082.25448 Rajan, 1995, What do we know about capital structure? Some evidence from international data, J. Financ., 50, 1421, 10.1111/j.1540-6261.1995.tb05184.x Strebulaev, 2013, The mystery of zero-leverage firms, J. Financ. Econ., 109, 1, 10.1016/j.jfineco.2013.02.001 Takahashi, 2015, Dynamics of bank relationships in entrepreneurial finance, J. Corp. Finan., 34, 23, 10.1016/j.jcorpfin.2015.07.006 Titman, 1988, The determinants of capital structure choice, J. Financ., 43, 1, 10.1111/j.1540-6261.1988.tb02585.x Ueda, 2012, Deleveraging and monetary policy: Japan since the 1990s and the United States since 2007, J. Econ. Perspect., 26, 177, 10.1257/jep.26.3.177 Watanabe, 2007, Prudential regulation and the “credit crunch”: evidence from Japan, J. Money Credit Bank., 39, 639, 10.1111/j.0022-2879.2007.00039.x Woo, 2003, In search of "capital crunch": supply factors behind the credit slowdown in Japan, J. Money Credit Bank., 35, 1019, 10.1353/mcb.2003.0050 Wu, 2012, Firm growth type and capital structure persistence, J. Bank. Financ., 36, 3427, 10.1016/j.jbankfin.2012.08.008 Wu, 2005, Equity financing in a Myers-Majluf framework with private benefits of control, J. Corp. Finan., 11, 915, 10.1016/j.jcorpfin.2004.04.001 Wu, 2005, The value information of financing decisions and corporate governance during and after the Japanese deregulation, J. Bus., 78, 243, 10.1086/426525 Wu, 2009, Does competition from new equity mitigate bank rent extraction? Insights from Japanese data, J. Bank. Financ., 33, 1884, 10.1016/j.jbankfin.2009.04.011