2016 Fiscal Year Final Research Report
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
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Research Institution | Rissho University |
Principal Investigator |
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Project Period (FY) |
2013-04-01 – 2017-03-31
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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 |
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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Free Research Field |
経営財務
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