SHAREHOLDING IN THE KEIRETSU, JAPAN FINANCIAL GROUPS

• 成果类型: Article
• 署名作者: FLATH, D
• 署名单位: North Carolina State University
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.2307/2109430
• 发表日期: 1993-05
• 页码: 249-257
• 关键词: investment

摘要

Largest debtholders in keiretsu member companies hold more stock if the companies have high debt to equity ratios or have weaker collateral, greater prospects of growth, or unique aspects. All are factors associated with the agency problems of debt that stockholding by a debtholder can help to resolve. The stockholding also induces greater borrowing by these same companies, ceteris paribus.