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Investment Spikes and Adjustment toward Target Leverage: Evidence from Japan

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タイトル: Investment Spikes and Adjustment toward Target Leverage: Evidence from Japan
著者: Shikimi, Masayo / Matsuura, Katsumi
発行日: 2016年 9月25日
出版者: 長崎大学経済学会 / Economics Society of Nagasaki University
引用: 経営と経済, 96(1-2), pp.77-106; 2016
抄録: This study presents an empirical investigation whether lumpy investment behaviors by firms affect their readjustment toward target leverage ratios. Using a data sample of Japanese listed firms from 1978‒2008, it is found that firm investment spikes have a larger effect on debt than equity issuances. The positive effect of investments on debt issue is greater for firms with below-target debt than for those with above-target debt. The results imply that firms with below-target debt might move toward the target whereas those with above-target debt move away from it during large investments. It is also found that financially constrained firms, with above-target debt, are more responsive to investment spikes than their financially unconstrained counterparts.
記述: 村田省三教授、バスー・ディパック教授定年退職記念号 / In Honour of Prof. Shozo Murata and Prof. Dipak R. Basu
キーワード: Information asymmetry / lumpy investment / financial constraint
URI: http://hdl.handle.net/10069/36883
ISSN: 02869101
資料タイプ: Departmental Bulletin Paper
原稿種類: publisher
出現コレクション:第96巻 第1-2号

引用URI : http://hdl.handle.net/10069/36883



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