Corporate governance, relational banking and R & D: Evidence from Japanese large firms in the 1980s and 1990s

研究成果: Article査読

5 被引用数 (Scopus)

抄録

We investigate the effects of the Japanese corporate governance structure on corporate investments, especially R & D, dividing Japanese high R & D firms into two groups, i.e. young growing firms and old mature firms. The main bank relationship mitigates the asymmetric information problem for young growing firms' R & D expenditure in the 1990s. Portfolio investors strengthen the cash constraints on R & D, while stable shareholders offset the myopic pressure by portfolio investors. We also show some evidence that stable shareholders induced old mature firms to overinvest during the bubble economy period.

本文言語English
ページ(範囲)769-787
ページ数19
ジャーナルInternational Journal of Technology Management
23
7-8
DOI
出版ステータスPublished - 2002

ASJC Scopus subject areas

  • Industrial relations
  • Engineering(all)
  • Computer Science Applications
  • Strategy and Management
  • Law

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