An empirical research on the role of financial covenants
| Project/Area Number |
15K17156
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Accounting
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| Research Institution | University of Tsukuba |
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Principal Investigator |
Nakamura Ryosuke 筑波大学, ビジネスサイエンス系, 准教授 (40549713)
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| Project Period (FY) |
2015-04-01 – 2018-03-31
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| Project Status |
Completed (Fiscal Year 2017)
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| Budget Amount *help |
¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
Fiscal Year 2017: ¥520,000 (Direct Cost: ¥400,000、Indirect Cost: ¥120,000)
Fiscal Year 2016: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2015: ¥2,210,000 (Direct Cost: ¥1,700,000、Indirect Cost: ¥510,000)
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| Keywords | 財務制限条項 / 投資行動 / 負債コスト / 財務活動 / コベナンツ / 債務契約 / 不完備契約理論 / エージェンシーコスト / 投資活動 / 資本コスト |
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| Outline of Final Research Achievements |
This research deals with financial covenants in Japanese debt contracts. As a result, it reveals that when borrowers violate the covenants, lenders do not always review the contract, but place a moratorium in Japan. However, it also confirms that substantial penalties exist in the sense that implicitly restricting subsequent borrowers' actions. From this fact, this research concludes that in the technical violation direct restriction is not provided on a contract basis, but it provides creditors with effective opportunities to restrict the activities of borrowers.
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Report
(4 results)
Research Products
(21 results)
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[Book] 財務会計論究2015
Author(s)
佐々木隆志・石原裕也・溝上達也編著
Total Pages
232
Publisher
森山書店
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