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Managerial Entrenchment and Corporate Bond Financing: Evidence from Japan

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  • Takanori Tanaka

    ()
    (Graduate School of Economics, Osaka University)

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    Abstract

    This paper investigates whether managerial entrenchment of controlling shareholders affects corporate bond financing. Using data on Japanese manufacturing firms, we find that firms with controlling shareholders issue less straight corporate bonds than other firms. The results show that managerial entrenchment of controlling shareholders has an influential impact on corporate bond financing.

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    File URL: http://www2.econ.osaka-u.ac.jp/library/global/dp/0910.pdf
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    Bibliographic Info

    Paper provided by Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP) in its series Discussion Papers in Economics and Business with number 09-10.

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    Length: 10 pages
    Date of creation: Mar 2009
    Date of revision:
    Handle: RePEc:osk:wpaper:0910

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    Web page: http://www.econ.osaka-u.ac.jp/
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    Keywords: Managerial entrenchment; Large corporate shareholders; Corporate bonds;

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    1. Barucci, Emilio & Mattesini, Fabrizio, 2008. "Bank shareholding and lending: Complementarity or substitution? Some evidence from a panel of large Italian firms," Journal of Banking & Finance, Elsevier, vol. 32(10), pages 2237-2247, October.
    2. Sanjeev Bhojraj & Partha Sengupta, 2003. "Effect of Corporate Governance on Bond Ratings and Yields: The Role of Institutional Investors and Outside Directors," The Journal of Business, University of Chicago Press, vol. 76(3), pages 455-476, July.
    3. Kang, Jun-Koo & Liu, Wei-Lin, 2007. "Is universal banking justified? Evidence from bank underwriting of corporate bonds in Japan," Journal of Financial Economics, Elsevier, vol. 84(1), pages 142-186, April.
    4. Walter Novaes & Luigi Zingales, 1995. "Capital Structure Choice when Managers are in Control: Entrenchment versus Efficiency," NBER Working Papers 5384, National Bureau of Economic Research, Inc.
    5. Philip E. Berger & Eli Ofek & David Yermack, 1996. "Managerial Entrenchment and Capital Structure Decisions," New York University, Leonard N. Stern School Finance Department Working Paper Seires 96-14, New York University, Leonard N. Stern School of Business-.
    6. Ashbaugh-Skaife, Hollis & Collins, Daniel W. & LaFond, Ryan, 2006. "The effects of corporate governance on firms' credit ratings," Journal of Accounting and Economics, Elsevier, vol. 42(1-2), pages 203-243, October.
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