| Budget Amount *help |
¥4,680,000 (Direct Cost: ¥3,600,000、Indirect Cost: ¥1,080,000)
Fiscal Year 2017: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2016: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2015: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
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| Outline of Final Research Achievements |
We analyze corporate financing in Japanese firms. Firstly, we show the empirical evidence that debt ratio and the cash holding ratio of Japanese firms are dependent not only on their characteristics but also on the average debts ratio and the average cash holding ratio of peer firms in the same industry. In particular, we show that the peer effect in our analysis is Explained by the information-based theory as well as the rivalry-based theory.
Secondly, we examine whether debt ratios of Japanese firms has been stable over the twenty years from the beginning of 1980s and show that the empirical evidence that the debt ratios of firms with high (low) debt ratios in the past have ever remained to be high (low) even after factors suggested by the trade-off theory are controlled. We can show the evidence that there is little difference between listed firms and unlisted firms regarding the stability of debt ratios.
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