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Determinants of Capital Structure in Japanese Firms -Corporate Governance View-

Research Project

Project/Area Number 16603005
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeSingle-year Grants
Section一般
Research Field ガバナンス
Research InstitutionUniversity of Marketing and Distribution Sciences

Principal Investigator

KURUS Masatoshi  University of Marketing and Distribution Sciences, Faculty of Commerce, Associate Professor, 商学部, 助教授 (80268573)

Project Period (FY) 2004 – 2006
Project Status Completed (Fiscal Year 2006)
Budget Amount *help
¥1,700,000 (Direct Cost: ¥1,700,000)
Fiscal Year 2006: ¥500,000 (Direct Cost: ¥500,000)
Fiscal Year 2005: ¥600,000 (Direct Cost: ¥600,000)
Fiscal Year 2004: ¥600,000 (Direct Cost: ¥600,000)
KeywordsPecking Order Theory / Capital Structure / Risk-Averse Behaviors / Bank Loans / Collateral / Firm Age / Line of Credit / 長期借入金 / 債務保証 / 成長性 / リスク / インセンティブ / Model / 外部資金 / 内部留保 / コーポレート・ガバナンス問題 / 行動エイジェンシー理論 / 経営者の損失回避行動
Research Abstract

The aim of the first research is to examine a managerial behavior concerning a risk management with the agency theory. A critical review of prior works tells us that its theory has room to explain managerial behaviors with accounting figurers. In addition, it indicates that an agent prefers taking risk-averse behaviors. One of implications of this review is to suggest some possible hypotheses in order to account for managerial behaviors in Japanese firms.
The second research critically reviews a pecking-order theory to examine capital structure of a firm and its empirical research. The critical review tells that the pecking order theory helps explaining a unique capital structure that an established firm pursues. As a result, the theory has a wide applicability in examining a unique firm. However, the theory must be refined in order to examine a managerial motivation to finance. Incorporating of a managerial norm into the theory will enable us to re-examine the effectiveness of the theory and improve the theory.
The purpose of the third research is to examine the relationships among bank loans, collateral, and instrument. Empirical results provide insightful relationships among bank loans, collateral, and instrument. The longer history a head-quarter has, the higher its credit. A long-term bank loan contract indicates that a firm group is putting into bigger projects operation in terms of both short and long term views. A financial institution considers the balance of retained earnings and the maturity of a client in determining collateral. However, the size of a firm is more important factor for a financial institution in requiring its client to offer collateral and promise an instrument. Finally, a financial institution is capable of discerning an appropriate asset for collateral.

Report

(4 results)
  • 2006 Annual Research Report   Final Research Report Summary
  • 2005 Annual Research Report
  • 2004 Annual Research Report
  • Research Products

    (9 results)

All 2007 2006 2005 Other

All Journal Article (9 results)

  • [Journal Article] 借入金による資金調達戦略2007

    • Author(s)
      来栖正利
    • Journal Title

      會計(森山書店) 第171第5号

      Pages: 70-84

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] Bank Loans as a Strategic Device2007

    • Author(s)
      Masatoshi Kurusu
    • Journal Title

      The Kaikei Vol.171, No.5

      Pages: 70-84

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] 資本構造の決定要因2006

    • Author(s)
      来栖正利
    • Journal Title

      経理研究(中央大学経理研究所) 第49巻

      Pages: 442-451

    • NAID

      40007171494

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] Determinants of Capital Structure2006

    • Author(s)
      Masatoshi Kurusu
    • Journal Title

      The Keirikenkyu No.49

      Pages: 442-451

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] 資本構造の決定要因2006

    • Author(s)
      来栖 正利
    • Journal Title

      経理研究(中央大学経理研究所) No.49

      Pages: 442-451

    • NAID

      40007171494

    • Related Report
      2005 Annual Research Report
  • [Journal Article] コーポレート・ガバナンス問題と行動エイジェンシー理論2005

    • Author(s)
      来栖正利
    • Journal Title

      経理研究(中央大学経理研究所) 第48巻

      Pages: 635-645

    • NAID

      40007027537

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] Applicability of Behavioral Agency Theory to Analyze Corporate Governance Issues -Another Look at Managerial Risk Behavior-2005

    • Author(s)
      Masatoshi Kurusu
    • Journal Title

      The Keirikenkyu No.48

      Pages: 635-645

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] コーポレート・ガバナンス問題と行動エイジェンシー理論2005

    • Author(s)
      来栖 正利
    • Journal Title

      経理研究(中央大学経理研究所) No.48

      Pages: 635-645

    • NAID

      40007027537

    • Related Report
      2004 Annual Research Report
  • [Journal Article] 借入金による資金調達戦略

    • Author(s)
      来栖正利
    • Journal Title

      會計 (近刊)

    • Related Report
      2006 Annual Research Report

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Published: 2004-04-01   Modified: 2016-04-21  

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