Deregulation, disintermediation, and agency costs of debt: evidence from Japan

• 成果类型: Article
• 署名作者: Anderson, CW; Makhija, AK
• 署名单位: University of Missouri System; University of Missouri Columbia; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University System of Ohio; Ohio State University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(98)00054-3
• 发表日期: 1999
• 页码: 309-339
• 关键词: capital structure; Japanese corporate finance; AGENCY COSTS; bond financing

摘要

Many Japanese firms reduced dependence on banks following financial deregulation in the 1980s, The financial architecture of Japanese firms after liberalization provides an opportunity to investigate the choice of financing with public bonds versus monitored bank loans. Examination of accounting and stock price data for a sample of Japanese firms in the late 1980s suggests that debt structure is related to variables that serve as proxies for agency costs of debt. In particular, we find that the proportion of bond debt is inversely related to growth opportunities, while the proportion of bank debt is positively related to growth opportunities. (C) 1999 Elsevier Science S.A. All rights reserved.