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Bank Health and Investment : An Analysis of Unlisted Companies in Japan
http://hdl.handle.net/2261/2605
http://hdl.handle.net/2261/26051a92a7ed-468e-4b2c-93e8-aa32781f482f
| Item type | テクニカルレポート / Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2013-06-03 | |||||
| タイトル | ||||||
| タイトル | Bank Health and Investment : An Analysis of Unlisted Companies in Japan | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Tobin's Q | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Bank firm relationship | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Hold up problem | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Unlisted firms | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL Classification Numbers: E22, G21, G31, G32 | |||||
| 資源タイプ | ||||||
| 資源 | http://purl.org/coar/resource_type/c_18gh | |||||
| タイプ | technical report | |||||
| アクセス権 | ||||||
| アクセス権 | metadata only access | |||||
| アクセス権URI | http://purl.org/coar/access_right/c_14cb | |||||
| 著者 |
Fukuda, Shin-ichi
× Fukuda, Shin-ichi× Kasuya, Munehisa× Nakajima, Jouchi |
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| 著者所属 | ||||||
| 著者所属 | University of Japan | |||||
| 著者所属 | ||||||
| 著者所属 | Bank of Japan | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | To the extent that a borrower faces switching costs in a relationship with an individual bank, bank-specific financial health might affect a borrower's cost of funds. The costs would be particularly large for firms that have a close relationship with limited number of banks. The purpose of this paper is to investigate whether weakened financial conditions of banks reduced investment of small and medium firms in Japan. Estimating Tobin's Q investment functions, we examine the determinants of investment for unlisted Japanese companies in the late 1990s and the early 2000s. We find that several measures on bank-specific financial health have significantly large impacts on borrower's investment, even when observable characteristics relating to Tobin's Q, cash-flow, and leverage are controlled for. We also find that multiple banking relationships, which tend to have a negative impact on investment in general, may be beneficial in relieving a hold up problem when deteriorated bank health does matter. | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | 本文フィルはリンク先を参照のこと | |||||
| 書誌情報 |
Discussion paper series. CIRJE-F 巻 CIRJE-F-330, 発行日 2005-03 |
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| 書誌レコードID | ||||||
| 収録物識別子タイプ | NCID | |||||
| 収録物識別子 | AA11450569 | |||||
| フォーマット | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | application/pdf | |||||
| 日本十進分類法 | ||||||
| 主題Scheme | NDC | |||||
| 主題 | 330 | |||||
| 出版者 | ||||||
| 出版者 | 日本経済国際共同センター | |||||
| 出版者別名 | ||||||
| Center for International Research on the Japanese Economy | ||||||
| 関係URI | ||||||
| 識別子タイプ | URI | |||||
| 関連識別子 | http://www.cirje.e.u-tokyo.ac.jp/research/dp/2005/2005cf330ab.html | |||||
