Corporate Debt Mix and Long-term Firm Growth in Japan

被引:0
|
作者
Ahn, Yongkil [1 ]
Shinozawa, Yoshikatsu [2 ]
Yamada, Kazuo [3 ]
机构
[1] Seoul Natl Univ Sci & Technol, Dept Business Adm, Seoul, South Korea
[2] Hitotsubashi Univ, Grad Sch Business Adm, Tokyo, Japan
[3] Ritsumeikan Univ, Fac Business Adm, Iwakura, Japan
关键词
CAPITAL STRUCTURE; TRADE CREDIT; MARKET DEVELOPMENT; INVESTMENT; FINANCE;
D O I
10.1080/1540496X.2021.1961739
中图分类号
F [经济];
学科分类号
02 ;
摘要
This paper examines how firms change debt financing channels in line with the development of financial markets. In this aim, a data set of Japanese listed firms from 1965 (with more than 10% of annual GDP growth) to 2015 (almost 0% GDP growth) is used. We find a long-term change in the debt mix from internal debt financing (e.g., trade credits) to external debt financing (e.g., public bonds). Furthermore, we document that the firm growth rate is positively related to bond financing and negatively associated with trade credits. These associations are not conditional on interlocking business relationships with Keiretsu. The findings imply that the role of established firms' internal financing channels diminishes as financial markets develop along with economic growth.
引用
收藏
页码:2139 / 2152
页数:14
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