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Japanese Banks' Monitoring Activities and the Performance of Borrower Firms: 1981-1996

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Author Info
Kyoji Fukao
Kiyohiko G. Nishimura
Qing-Yuan Sui
Masayo Tomiyama

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Abstract

Using micro data of Japanese banks and borrower firms, we construct an index measure that quantitatively describes the monitoring activities of Japanese banks. We examine the effects of bank monitoring on the profitability of borrower firms. We find significant positive effects in the periods 1986-1991 and 1992-1996, although there is no significant effect in the 1981-1985 period . We also examine how banks' monitoring affects borrowers. The results show that the positive effects of banks' monitoring on borrowers' profitability are mostly caused by screening effects, not performance-improving effects.

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Paper provided by Institute of Economic Research, Hitotsubashi University in its series Hi-Stat Discussion Paper Series with number d04-42.

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Date of creation: Oct 2004
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Handle: RePEc:hst:hstdps:d04-42

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