TY - JOUR
T1 - Relationship banking and debt choice
T2 - Evidence from Japan
AU - Arikawa, Yasuhiro
AU - Miyajima, Hideaki
PY - 2005/5
Y1 - 2005/5
N2 - The purpose of this paper is to test hypotheses regarding the mix of bank borrowing and bonds that occur under relationship banking, thereby constructing a detailed data set on the debt structure of large Japanese firms from the late 1980s to the 1990s. We show that debt choice is affected by main bank relationships, in the sense that successful firms with strong bank ties are much more likely to issue public bonds than resort to bank borrowing.
AB - The purpose of this paper is to test hypotheses regarding the mix of bank borrowing and bonds that occur under relationship banking, thereby constructing a detailed data set on the debt structure of large Japanese firms from the late 1980s to the 1990s. We show that debt choice is affected by main bank relationships, in the sense that successful firms with strong bank ties are much more likely to issue public bonds than resort to bank borrowing.
KW - Debt choice
KW - Financial deregulation
KW - Relationship banking
UR - http://www.scopus.com/inward/record.url?scp=19744367582&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=19744367582&partnerID=8YFLogxK
U2 - 10.1111/j.1467-8683.2005.00435.x
DO - 10.1111/j.1467-8683.2005.00435.x
M3 - Review article
AN - SCOPUS:19744367582
VL - 13
SP - 408
EP - 418
JO - Corporate Governance: An International Review
JF - Corporate Governance: An International Review
SN - 0964-8410
IS - 3
ER -