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Managerial Entrenchment and Corporate Bond Financing: Evidence from Japan

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Author Info
Takanori Tanaka () (Graduate School of Economics, Osaka University)
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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Publisher 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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Related research
Keywords: Managerial entrenchment; Large corporate shareholders; Corporate bonds;

Find related papers by JEL classification:
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure

This paper has been announced in the following NEP Reports:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. 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. [Downloadable!] (restricted)
  2. Emilio Barucci & Fabrizio Mattesini, 2008. "Bank shareholding and lending: complementarity or substitution? Some evidence from a panel of large Italian firms!," CEIS Research Paper 118, Tor Vergata University, CEIS, revised 14 Jul 2008. [Downloadable!]
    Other versions:
  3. 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. [Downloadable!] (restricted)
  4. Berger, Philip G & Ofek, Eli & Yermack, David L, 1997. " Managerial Entrenchment and Capital Structure Decisions," Journal of Finance, American Finance Association, vol. 52(4), pages 1411-38, September. [Downloadable!] (restricted)
    Other versions:
  5. Walter Novaes, 2003. "Capital Structure Choice When Managers Are in Control: Entrenchment versus Efficiency," Journal of Business, University of Chicago Press, vol. 76(1), pages 49-82, January. [Downloadable!]
  6. Sanjeev Bhojraj & Partha Sengupta, 2003. "Effect of Corporate Governance on Bond Ratings and Yields: The Role of Institutional Investors and Outside Directors," Journal of Business, University of Chicago Press, vol. 76(3), pages 455-476, July. [Downloadable!]
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This page was last updated on 2009-12-1.

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