Research Project
Grant-in-Aid for Young Scientists (Start-up)
This research project investigates the relationship between corporate governance system and internal capital markets efficiency, focusing on the role of debt. Our regression results on Japanese firms indicate that higher levels of debt are associated with a decrease in the efficiency of the internal capital markets. This result implies that the beneficial effect of debt on the choice of investment level might be canceled out by this harmful effect for diversified firms. Our research also shows that managerial compensation associated with efficient governance system has a positive correlation with ex post firm performance.
All 2010 Other
All Journal Article (2 results)
証券アナリストジャーナル 2010年6月号
Pages: 34-43
証券アナリストジャーナル 2010年6月号(掲載予定)