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

Shin'Ichi Hirota*

*この研究の対応する著者

研究成果: Article査読

27 被引用数 (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.

本文言語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
3
DOI
出版ステータスPublished - 1999 9月

ASJC Scopus subject areas

  • 財務
  • 経済学、計量経済学
  • 政治学と国際関係論

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