Empirical Studies on Corporate Financing in Japan

2010 Fiscal Year Final Research Report

• Project/Area Number: 20530268
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Single-year Grants
• Section: 一般
• Research Field: Public finance/Monetary economics
• Research Institution: Hitotsubashi University
• Principal Investigator: UESUGI Iichiro Hitotsubashi University, 経済研究所, 准教授 (40371182)
• Project Period (FY): 2008 – 2010
• Keywords: 金融論 / 中小企業 / 企業間信用 / 信用保証

Research Abstract

I implemented a series of empirical studies on small and medium enterprises (SMEs) financing in Japan using unique sets of firm-level data. Three articles were published in renowned academic journals and one book (in Japanese) which I served as a co-editor and as one of the contributors was published and received a prize for the best academic publication on SMEs in the year 2009. The topics covered in the research include the determinants of collateral and personal guarantees, the effectiveness of public credit guarantees during the financial turmoil in the late 90s and yearly 2000s, and an evaluation of the efficiency of corporate financing during the "lost decade" in Japan.

Research Products

• [Journal Article] The Effectiveness of Public Credit Guarantees in the Japanese Loan Market (2010)
  • Author(s): Iichiro Uesugi, Koji Sakai, Guy M.Yamashiro
  • Journal Title: Journal of the Japanese and International Economies Vol.24(4) Pages: 457-480
  • Peer Reviewed
• [Journal Article] Firm Age and Evolution of Borrowing Costs : Evidence from Japanese Small Firms (2010)
  • Author(s): Koji Sakai, Iichiro Uesugi, Tsutomu Watanabe
  • Journal Title: Journal of Banking and Finance Vol.34(8) Pages: 1970-1981
  • Peer Reviewed
• [Journal Article] Role of Collateral and Personal Guarantees in Relationship Lending : Evidence from Japan's SME Loan Market (2009)
  • Author(s): Arito Ono, Iichiro Uesugi
  • Journal Title: Journal of Money, Credit, and Banking Vol.41(5) Pages: 935-960
  • Peer Reviewed
• [Presentation] 第12回マクロコンファレンス (2010)
  • Author(s): 植杉威一郎
  • Organizer: Are Lending Relationships Beneficial or Harmful for Public Credit Guarantees? Evidence from Japan's Emergency Credit Guarantee Program
  • Place of Presentation: 東京・一橋大学大学院国際企業戦略研究科
  • Year and Date: 2010-12-19
• [Presentation] 日本経済学会秋季大会 (2009)
  • Author(s): 植杉威一郎
  • Organizer: Top Executive Turnover in Japanese Non-listed Firms : Causes and Consequences
  • Place of Presentation: 東京・専修大学
  • Year and Date: 2009-10-10
• [Presentation] 日本金融学会秋季大会 (2008)
  • Author(s): 植杉威一郎
  • Organizer: The Effects of Collateral on SME Performance in Japan
  • Place of Presentation: 広島・広島大学
  • Year and Date: 2008-10-13
• [Book] 日本経済新聞出版社 (2008)
  • Author(s): 渡辺努、植杉威一郎
  • Total Pages: 247
  • Publisher: 編著『検証中小企業金融』
• [Remarks] 植杉威一郎、渡部和孝,「中小企業金融の特徴と問題点」経済教室日本経済新聞2010ネ年9月14日
• [Remarks] 植杉威一郎、平田英明,「金融危機下における中小企業金融」月刊金融ジャーナル2009年11月号
• [Remarks] 植杉威一郎,「浸透しないリレーションシップバンキング」エコノミスト2008年6月24日号