The characteristics of zero levered firms and their changes after the failure of Lehman Brothers Securities
Project/Area Number |
25380483
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Research Category |
Grant-in-Aid for Scientific Research (C)
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Allocation Type | Multi-year Fund |
Section | 一般 |
Research Field |
Management
|
Research Institution | Rissho University |
Principal Investigator |
|
Project Period (FY) |
2013-04-01 – 2017-03-31
|
Project Status |
Completed (Fiscal Year 2016)
|
Budget Amount *help |
¥4,940,000 (Direct Cost: ¥3,800,000、Indirect Cost: ¥1,140,000)
Fiscal Year 2016: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2015: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2014: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2013: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
|
Keywords | ゼロレバレッジ / リーマンショック / 財務制約 / 財務柔軟性 / ペッキングオーダー / メインバンク制 / エージェンシーコスト / 財務制約度 / ロジット回帰 / 金融機関持株比率 / 外国人持株比率 / 継続企業の前提 / 借入余力 / 経営成果 / ゼロレバレッジ継続 / 4種ゼロレバレッジカテゴリー |
Outline of Final Research Achievements |
Despite the world-wide trends of increasing number of zero levered firms, they are exceptional phenomena in Japan, restricted in the cases of firms with their outstanding shares of owners or held by major representative public firms. For those peculiar phenomena, the most determinant factors inhibiting firms from zero-levered is the glued and everlasting relationships with main banks, where no remarkable changes in the increase of loans or drawdown of deposits were observed, even in the turbulent eras after the failure of Lehman Brother Securities. However, the relationships themselves have changed from preserving the balance of loans with main banks to broad-ranged services such as M&A advisories or business matchings.
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Report
(5 results)
Research Products
(11 results)