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

研究成果: Article

22 引用 (Scopus)

抄録

This paper investigates empirically how Japanese firms determine capital structure. I show that a firm's capital structure in Japan can be explained, to some extent, by real factors derived from theories of the capital structure. I also find remarkable results showing that the capital structure of Japanese firms is substantially affected by the institutional and regulatory characteristics of Japanese capital markets. Therefore, I conclude that both real and institutional factors are important determinants of corporate financing decisions in Japan. This result indicates that it is necessary to consider both theories and institutional features in each country to fully understand a firm's capital structure choice. J. Japan. Int. Econ., September 1999, 13(3), pp. 201-229. School of Commerce, Waseda University, 1-6-1, Nishiwaseda, Shinjuku-ku, Tokyo, 169-8050, Japan. Copyright 1999 Academic Press. Journal of Economic Literature Classification Numbers: G15, G32, G38.

元の言語English
ページ(範囲)201-229
ページ数29
ジャーナルJournal of the Japanese and International Economies
13
発行部数3
DOI
出版物ステータスPublished - 1999 9

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Japan
firm
institutional factors
capital market
commerce
Financing decisions
Empirical study
Capital structure
determinants
school
economics
Japanese firms

ASJC Scopus subject areas

  • Economics and Econometrics
  • Finance

これを引用

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