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Determinants of the Intensity of Bank-Firm Relationships: Evidence from Japan

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  • Yasuharu Aoki

Abstract

Focusing on the Japanese setting, this study investigates the standard firm characteristics that affect the intensity of bank-firm relationships (IBR) and how these characteristics relate to the decline in IBR. The regression results show that firm size, credit quality, investment opportunities, and ownership concentration are negatively associated with IBR, while firm age, pledgeability, and managerial ownership are positively associated. This study also finds that (1) an increase in credit quality, (2) a decrease in the positive impact of managerial ownership, and (3) an increase in the negative impact of ownership concentration cause the decline in IBR. (JEL G21, G32, L14)

Suggested Citation

  • Yasuharu Aoki, 2025. "Determinants of the Intensity of Bank-Firm Relationships: Evidence from Japan," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 14(2), pages 530-563.
    • Handle: RePEc:oup:rcorpf:v:14:y:2025:i:2:p:530-563.
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    File URL: http://hdl.handle.net/10.1093/rcfs/cfad017
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    More about this item

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation

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