全球智库信息集成服务系统(G2TT): Is Bank-Centered Corporate Governance Worth It? A Cross-Sectional Analysis of the Performance of Japanese Firms during the Asset Price Deflation

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w6238
来源ID	Working Paper 6238
	Is Bank-Centered Corporate Governance Worth It? A Cross-Sectional Analysis of the Performance of Japanese Firms during the Asset Price Deflation
	Jun-Koo Kang; Rene M. Stulz
发表日期	1997-10-01
出版年	1997
语种	英语
摘要	This paper examines the determinants of firm stock-price performance from 1990 to 1993" in Japan. During that period of time, the typical firm on the Tokyo Stock Exchange lost more" than half its value and banks experienced severe adverse shocks. We show that firms whose debt" had a higher fraction of bank loans in 1989 performed worse from 1990 to 1993. This effect is" statistically as well as economically significant and holds when we control for a variety of" variables that affect performance during this period of time. We find that firms that were more" bank-dependent also invested less during this period than other firms. This evidence points to an" adverse effect of bank-centered corporate governance, namely that firms suffer when their banks" are experiencing difficulties.
URL	https://www.nber.org/papers/w6238
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/563748
推荐引用方式 GB/T 7714	Jun-Koo Kang,Rene M. Stulz. Is Bank-Centered Corporate Governance Worth It? A Cross-Sectional Analysis of the Performance of Japanese Firms during the Asset Price Deflation. 1997.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w6238.pdf（1406KB）	智库出版物		限制开放	CC BY-NC-SA	浏览