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Citations for "Corporate structure, liquidity, and investment: evidence from Japanese industrial groups"

by Takeo Hoshi & Anil K. Kashyap & David Scharfstein

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  1. Mitsuru Mizuno, 2010. "Institutional Investors, Corporate Governance And Firm Performance In Japan," Pacific Economic Review, Wiley Blackwell, vol. 15(5), pages 653-665, December.
  2. Franks, Julian & Mayer, Colin, 2001. "Ownership and Control of German Corporations," Review of Financial Studies, Society for Financial Studies, vol. 14(4), pages 943-77.
  3. Steven Kaplan & Bernadette Minton, 1993. "'Outside' Intervention in Japanese Companies: Its Determinants and Implications for Mangers," NBER Working Papers 4276, National Bureau of Economic Research, Inc.
  4. Lehmann, Erik & Neuberger, Doris, 2001. "Do lending relationships matter?: Evidence from bank survey data in Germany," Journal of Economic Behavior & Organization, Elsevier, vol. 45(4), pages 339-359, August.
  5. Steven N. Kaplan, 1992. "Top Executive Rewards and Firm Performance: A Comparison of Japan and the U.S," NBER Working Papers 4065, National Bureau of Economic Research, Inc.
  6. Levine, Ross, 2002. "Bank-Based or Market-Based Financial Systems: Which Is Better?," Journal of Financial Intermediation, Elsevier, vol. 11(4), pages 398-428, October.
  7. Jérôme Héricourt & Sandra Poncet, 2007. "FDI and credit constraints : firm level evidence in China," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00144621, HAL.
  8. repec:ebl:ecbull:v:5:y:2007:i:12:p:1-12 is not listed on IDEAS
  9. Jun-Koo Kang & Rene M. Stulz, 1997. "Is Bank-Centered Corporate Governance Worth It? A Cross-Sectional Analysis of the Performance of Japanese Firms during the Asset Price Deflation," NBER Working Papers 6238, National Bureau of Economic Research, Inc.
  10. Baum, Christopher F & Thies, Clifford F, 1999. " Q, Cash Flow and Investment: An Econometric Critique," Review of Quantitative Finance and Accounting, Springer, vol. 12(1), pages 35-47, January.
  11. Yuzo Honda & Kazuyuki Suzuki, 2006. "Is Cash Flow a Proxy for Financing Constraints in the Investment Equation? The Case of Unlisted Japanese Firms," Discussion Papers in Economics and Business 06-24, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).
  12. Francisco Gallego Y. & Norman Loayza., 2000. "Financial Structure in Chile: Macroeconomic Developments and Microeconomic Effects," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 3(2), pages 5-30, August.
  13. Obata, Seki, 2003. "Pyramid Business Groups in East Asia: Insurance or Tunneling?," CEI Working Paper Series 2002-13, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
  14. Jason Karceski & Steven Ongena & David C. Smith, 2005. "The Impact of Bank Consolidation on Commercial Borrower Welfare," Journal of Finance, American Finance Association, vol. 60(4), pages 2043-2082, 08.
  15. Giovannini, A. & Hines, J.R.J., 1990. "Capital Flight And Tax Competition: Are There Viable Solutions To Both Problems?," Papers 51, Princeton, Woodrow Wilson School - Discussion Paper.
  16. Francisco A. Gallego & F. Leonardo Hernández, 2003. "Microeconomic effects of capital controls: The chilean experience during the 1990s," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 8(3), pages 225-253.
  17. Sangeeta Pratap & Silvio Rendon, 2003. "Firm Investment in Imperfect Capital Markets: A Structural Estimation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(3), pages 513-545, July.
  18. Morck, Randall & Yeung, Bernard, 2004. "Special issues relating to corporate governance and family control," Policy Research Working Paper Series 3406, The World Bank.
  19. Yoshiro Miwa, 2012. "How Strongly Do "Financing Constraints" Affect Firm Behavior?: Japanese Corporate Investment since the Mid-1980s," CIRJE F-Series CIRJE-F-862, CIRJE, Faculty of Economics, University of Tokyo.
  20. Bierlen, Ralph W. & Ahrendsen, Bruce L. & Dixon, Bruce L., 1998. "Impacts Of Financial Characteristics And The Boom-Bust Cycle On The Farm Inventory-Cash Flow Relationship," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 30(02), December.
  21. R. Glenn Hubbard, 1998. "Capital-Market Imperfections and Investment," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 193-225, March.
  22. Klaus Gugler, 2003. "Corporate governance and investment," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 10(3), pages 261-289.
  23. repec:oup:qjecon:v:115:y:2000:i:2:p:707-712 is not listed on IDEAS
  24. den Haan, Wouter J. & Ramey, Garey & Watson, Joel, 2003. "Liquidity flows and fragility of business enterprises," Journal of Monetary Economics, Elsevier, vol. 50(6), pages 1215-1241, September.
  25. Cummins, Jason G. & Hassett, Kevin A. & Hubbard, R. Glenn, 1996. "Tax reforms and investment: A cross-country comparison," Journal of Public Economics, Elsevier, vol. 62(1-2), pages 237-273, October.
  26. Takehiko Isobe & Shige Makino & Anthony Goerzen, 2006. "Japanese horizontal keiretsu and the performance implications of membership," Asia Pacific Journal of Management, Springer, vol. 23(4), pages 453-466, December.
  27. UCHINO Taisuke, 2011. "Bank Dependence and Financial Constraints on Investment: Evidence from the corporate bond market paralysis in Japan," Discussion papers 11073, Research Institute of Economy, Trade and Industry (RIETI).
  28. Allard Bruinshoofd, 2003. "Corporate Investment and Financing Constraints: Connections with Cash management," DNB Staff Reports (discontinued) 110, Netherlands Central Bank.
  29. Spatareanu, Mariana & Javorcik, Beata S., 2008. "Liquidity constraints and linkages with multinationals," HWWI Research Papers 2-14, Hamburg Institute of International Economics (HWWI).
  30. SHINADA Naoki, 2012. "Firms' Cash Holdings and Performance: Evidence from Japanese corporate finance," Discussion papers 12031, Research Institute of Economy, Trade and Industry (RIETI).
  31. Hanan Morsy & Maria Pia Iannariello & Akiko Terada-Hagiwara, 2007. "Role of Debt Maturity Structureon Firm Fixed Assets During Sudden Stop Episodes: Evidence From Thailand," IMF Working Papers 07/11, International Monetary Fund.
  32. Rajan, Raghuram G & Zingales, Luigi, 2003. "Banks and Markets: the Changing Character of European Finance," CEPR Discussion Papers 3865, C.E.P.R. Discussion Papers.
  33. Anil K Kashyap & Owen A. Lamont & Jeremy C. Stein, 1992. "Credit Conditions and the Cyclical Behavior of Inventories: A Case Studyof the 1981-82 Recession," NBER Working Papers 4211, National Bureau of Economic Research, Inc.
  34. Hanazaki, Masaharu & Horiuchi, Akiyoshi, 2003. "Have Banks Contributed to Efficient Management in Japan's Manufacturing?," CEI Working Paper Series 2003-22, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
  35. Danijela Miloš Sprcic, 2007. "The Derivatives as Financial Risk Management Instruments: The Case of Croatian and Slovenian Non-financial Companies," Financial Theory and Practice, Institute of Public Finance, vol. 31(4), pages 395-420.
  36. Naohito Abe & Taehun Jung, 2004. "Cross-Shareholdings, Outside Directors, and Managerial Turnover: The Case of Japan," Hi-Stat Discussion Paper Series d04-38, Institute of Economic Research, Hitotsubashi University.
  37. Kaplan, Steven N, 1994. "Top Executives, Turnover, and Firm Performance in Germany," Journal of Law, Economics and Organization, Oxford University Press, vol. 10(1), pages 142-59, April.
  38. Alejandro Diaz-Bautista & Julio R. Escandon, 2003. "A Simple Dynamic Model of Credit and Aggregate Demand," Macroeconomics 0308001, EconWPA.
  39. Randall S. Kroszner & Philip E. Strahan, 2001. "Throwing Good Money After Bad? Board Connections and Conflicts in Bank Lending," NBER Working Papers 8694, National Bureau of Economic Research, Inc.
  40. Kyoji Fukao & Kiyohiko G. Nishimura & Qing-Yuan Sui & Masayo Tomiyama, 2004. "Japanese Banks' Monitoring Activities and the Performance of Borrower Firms: 1981-1996," Hi-Stat Discussion Paper Series d04-42, Institute of Economic Research, Hitotsubashi University.
  41. María J. Nieto & Gregorio Serna, 2002. "On The Relationship Between A Banks Equity Holdings And Bank Performance," Business Economics Working Papers wb026322, Universidad Carlos III, Departamento de Economía de la Empresa.
  42. Mieno, Fumiharu, 2004. "Fund Mobilisation and Investment Behavior in Thai Manufacturing Firms in the Early 1990s," CEI Working Paper Series 2004-14, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
  43. Moerke, Andreas, 1997. "Does governance matter? Performance and corporate governance structures of Japanese keiretsu groups," Discussion Papers, Research Unit: Market Dynamics FS IV 97-43, Social Science Research Center Berlin (WZB).
  44. Kenneth A. Kim & John R. Nofsinger, 2005. "Institutional Herding, Business Groups, and Economic Regimes: Evidence from Japan," The Journal of Business, University of Chicago Press, vol. 78(1), pages 213-242, January.
  45. Lubomir Dmitrov, 1999. "Budget Constraints of Bulgarian Enterprises, 1996-97," CERT Discussion Papers 9905, Centre for Economic Reform and Transformation, Heriot Watt University.
  46. Hanazaki, Masaharu & Horiuchi, Akiyoshi, 2001. "Can the Financial Restraint Hypothesis Explain Japan's Postwar Experience?," CEI Working Paper Series 2001-12, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
  47. Ashish Arora & Lee G. Branstetter & Matej Drev, 2011. "Going Soft: How the Rise of Software Based Innovation Led to the Decline of Japan's IT Industry and the Resurgence of Silicon Valley," Global COE Hi-Stat Discussion Paper Series gd11-199, Institute of Economic Research, Hitotsubashi University.
  48. Larry Lang & Eli Ofek & Rene M. Stulz, 1995. "Leverage, Investment, and Firm Growth," NBER Working Papers 5165, National Bureau of Economic Research, Inc.
  49. Ahrendsen, Bruce L. & Bierlen, Ralph W. & Langemeier, Larry N. & Dixon, Bruce L., 1999. "Land Leasing And Debt On Farms: Substitutes Or Complements?," 1999 Annual meeting, August 8-11, Nashville, TN 21671, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  50. Vinicius Carrasco & João Manoel Pinho de Mello, 2006. "A relational theory of relationship lending under contractual incompleteness," Textos para discussão 520, Department of Economics PUC-Rio (Brazil), revised Jan 2000.
  51. Efraim Benmelech & Nittai K. Bergman & Amit Seru, 2011. "Financing Labor," NBER Working Papers 17144, National Bureau of Economic Research, Inc.
  52. Kenji Ketsuna & Janet Kiholm Smith & Richard L. Smith, 2003. "Banking Relationships and Access to Equity Capital Markets: Evidence from Japan’s Main Bank System," Claremont Colleges Working Papers 2003-09, Claremont Colleges.
  53. Bernanke, Ben & Gertler, Mark & Gilchrist, Simon, 1994. "The Financial Accelerator and the Flight to Quality," Working Papers 94-24, C.V. Starr Center for Applied Economics, New York University.
  54. Jaewoon Koo & Kyunghee Maeng, 2006. "Foreign ownership and investment: evidence from Korea," Applied Economics, Taylor & Francis Journals, vol. 38(20), pages 2405-2414.
  55. Sumit Majumdar, 2011. "Scalability versus flexibility: firm size and R&D in Indian industry," The Journal of Technology Transfer, Springer, vol. 36(1), pages 101-116, February.
  56. David C. Smith, 2003. "Loans to Japanese borrowers," International Finance Discussion Papers 769, Board of Governors of the Federal Reserve System (U.S.).
  57. Lakshmi Shyam-Sunder & Stewart C. Myers, 1994. "Testing Static Trade-off Against Pecking Order Models of Capital Structure," NBER Working Papers 4722, National Bureau of Economic Research, Inc.
  58. Robert E. Carpenter & Steven M. Fazzari & Bruce C. Petersen, 1995. "Three Financing Constraint Hypotheses and Inventory Investment: New Tests With Time and Sectoral Heterogeneity," Macroeconomics 9510001, EconWPA, revised 09 Oct 1995.
  59. Yoshiro Miwa & J. Mark Ramseyer, 2000. ""The Fable of the Keiretsu: "Keiretsu" in Keiretsu no Kenkyu"(in Japanese)," CIRJE J-Series CIRJE-J-38, CIRJE, Faculty of Economics, University of Tokyo.
  60. Eklund, Johan, 2008. "Q-theory of Investment and Earnings Retentions - Evidence from Scandinavia," Working Paper Series in Economics and Institutions of Innovation 157, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
  61. Francisco Gonzalez, 2004. "Do equity investments affect banks' profitability? Evidence from OECD countries," Applied Financial Economics, Taylor & Francis Journals, vol. 14(15), pages 1111-1124.
  62. Philip Arestis & Malcolm Sawyer, 2004. "On the Effectiveness of Monetary Policy and of Fiscal Policy," Review of Social Economy, Taylor & Francis Journals, vol. 62(4), pages 441-463.
  63. Hanazaki, Masaharu & Takeuchi, Akie, 2001. "An International Comparison of Corporate Investment Behavior: Some Implications for the Governance Structure in Japan," CEI Working Paper Series 2001-1, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
  64. Taizo Motonishi & Hiroshi Yoshikawa, 1999. "Causes of the Long Stagnation of Japan during the 1990fs: Financial or Real?," CIRJE F-Series CIRJE-F-56, CIRJE, Faculty of Economics, University of Tokyo.
  65. Ghosh, Saibal, 2010. "Affiliation and Firm Performance: Evidence from Indian Business Groups," MPRA Paper 24291, University Library of Munich, Germany.
  66. Julian Fennema, 2006. "An Alternative Estimation Framework for Firm-Level Capital Investment," CERT Discussion Papers 0602, Centre for Economic Reform and Transformation, Heriot Watt University.
  67. Randall S. Kroszner & Philip E. Strahan, 2001. "Throwing Good Money after Bad? Board Connections and Conflicts in Bank Lending," Center for Financial Institutions Working Papers 02-12, Wharton School Center for Financial Institutions, University of Pennsylvania.
  68. Blanchard, O. & Rhee, C. & Summers, L., 1990. "The Stock Market, Profit And Investment," RCER Working Papers 233, University of Rochester - Center for Economic Research (RCER).
  69. Burak Güner, A. & Malmendier, Ulrike & Tate, Geoffrey, 2008. "Financial expertise of directors," Journal of Financial Economics, Elsevier, vol. 88(2), pages 323-354, May.
  70. Fumio Hayashi, 1997. "The Main Bank System and Corporate Investment: An Empirical Reassessment," NBER Working Papers 6172, National Bureau of Economic Research, Inc.
  71. Kpodar, Kangni & Singh, Raju Jan, 2011. "Does financial structure matter for poverty ? evidence from developing countries," Policy Research Working Paper Series 5915, The World Bank.
  72. Barran, Fernando & Peeters, Marga, 1998. "Internal finance and corporate investment: Belgian evidence with panel data," Economic Modelling, Elsevier, vol. 15(1), pages 67-89, January.
  73. Fabio Schiantarelli & Alessandro Sembenelli, 2000. "Form of Ownership and Financial Constraints:Panel Data Evidence From Flow of Funds and Investment Equations," Empirica, Springer, vol. 27(2), pages 175-192, June.
  74. Hyytinen, Ari & Pajarinen, Mika, 2003. "External Finance, Firm Growth and the Benefits of Information Disclosure: Evidence from Finland (Revised)," Discussion Papers 805, The Research Institute of the Finnish Economy.
  75. Leonardo Becchetti & Annalisa Castelli & Iftekhar Hasan, 2010. "Investment–cash flow sensitivities, credit rationing and financing constraints in small and medium-sized firms," Small Business Economics, Springer, vol. 35(4), pages 467-497, November.
  76. repec:oup:qjecon:v:108:y:1993:i:1:p:115-36 is not listed on IDEAS
  77. Shin-ichi Fukuda & Munehisa Kasuya & Jouchi Nakajima, 2005. "Deteriorating Bank Health and Lending in Japan: Evidence from Unlisted Companies Undergoing Financial Distress (Subsequently published in "Journal of the Asia Pacific Economy" Vo.11, No.4, D," CARF F-Series CARF-F-042, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
  78. Ramon Moreno, 1992. "Japan's recessions," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue mar6.
  79. Steven N. Kaplan & Luigi Zingales, 1995. "Do Financing Constraints Explain Why Investment is Correlated with Cash Flow?," NBER Working Papers 5267, National Bureau of Economic Research, Inc.
  80. Rick H. Mull, 1994. "Venture Capital, Private Firms, and the Capital Acquisition Process," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 3(3), pages 229-248 , Fall.
  81. Robert E. Carpenter, 1994. "Finance Constraints or Free Cash Flow? The Impact of Asymmetric Information on Investment," Finance 9401001, EconWPA.
  82. Andreas Behr, 2005. "Investment, Q und Liquidity, Evidence for Germany Using Firm Level Balance Sheet Data," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 225(1), pages 2-21, January.
  83. Jason G. Cummins & Trevor S. Harris & Kevin A. Hassett, 1994. "Accounting Standards, Information Flow, and Firm Investment Behavior," NBER Working Papers 4685, National Bureau of Economic Research, Inc.
  84. Bergström, Pål & Lindberg, Sara, 1998. "Firms' Financial Policy and Labour Demand: Theory and Evidence," Working Paper Series 1998:18, Uppsala University, Department of Economics.
  85. Hesna Genay, 1998. "Assessing the condition of Japanese banks: how informative are accounting earnings?," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q IV, pages 12-34.
  86. Abe, Naohito & Chung, Yessica C.Y., 2009. "Voluntary Information Disclosure and Corporate Governance : The Empirical Evidence on Earnings Forecasts," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 50(2), pages 59-74, December.
  87. Sun Bae Kim, 1991. "The use of equity positions by banks: the Japanese evidence," Economic Review, Federal Reserve Bank of San Francisco, issue Fall, pages 41-55.
  88. Coad, Alex, 2010. "Neoclassical vs evolutionary theories of financial constraints: Critique and prospectus," Structural Change and Economic Dynamics, Elsevier, vol. 21(3), pages 206-218, August.
  89. Dilip M. Nachane & Prasad P. Ranade, 2005. ""Relationship Banking" And The Credit Market In India : An Empirical Analysis," Macroeconomics Working Papers 22371, East Asian Bureau of Economic Research.
  90. Rodríguez Brito, Mª G., 2001. "Restricciones financieras en un contexto de asimetrías informativas: indicencias de la estructura financiera en las decisiones de inversión," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 18, pages 209-232, Agosto.
  91. Alan J. Auerbach & Kevin Hassett, 1991. "Tax Policy and Business Fixed Investment in the United States," NBER Working Papers 3619, National Bureau of Economic Research, Inc.
  92. Miarka, Tobias, 1999. "The recent economic role of bank-firm relationships in Japan," Discussion Papers, Research Unit: Market Dynamics FS IV 99-36, Social Science Research Center Berlin (WZB).
  93. Randall S. Kroszner & Philip E. Strahan, 1999. "Bankers on Boards: Monitoring, Conflicts of Interest, and Lender Liability," NBER Working Papers 7319, National Bureau of Economic Research, Inc.
  94. Werner Hölzl, 2003. "Convergence of financial systems: Towards an evolutionary perspective," Working Papers geewp31, Vienna University of Economics and Business Research Group: Growth and Employment in Europe: Sustainability and Competitiveness.
  95. Cummins, Jason & Hassett, Kevin & Oliner, Stephen, 1997. "Investment Behavior, Observable Expectations and Internal Funds," Working Papers 97-30, C.V. Starr Center for Applied Economics, New York University.
  96. Christopher F. Baum & Dorothea Schäfer & Oleksandr Talavera, 2008. "The Impact of the Financial System's Structure on Firms' Financial Constraints," Boston College Working Papers in Economics 690, Boston College Department of Economics, revised 03 Sep 2010.
  97. Steven N. Kaplan & Luigi Zingales, 2000. "Investment-Cash Flow Sensitivities are not Valid Measures of Financing Constraints," NBER Working Papers 7659, National Bureau of Economic Research, Inc.
  98. Schiantarelli, Fabio & Sembenelli, Alessandro, 1996. "Form of ownership and financial constraints : panel data evidence from leverage and investment equations," Policy Research Working Paper Series 1629, The World Bank.
  99. Becker, Bo & Sivadasan, Jagadeesh, 2006. "The effect of financial development on the investment cash flow relationship: cross-country evidence from Europe," Working Paper Series 0689, European Central Bank.
  100. G. Atzeni & C. Piga, 2003. "Credit Rationing in High-Tech firms and sample selection," Working Paper CRENoS 200304, Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia.
  101. Ghosh, Saibal, 2007. "Relationship Lending and Financing Constraints: Firm-Level Evidence for India," MPRA Paper 24253, University Library of Munich, Germany.
  102. Gonzalo Castaneda, 2002. "Internal Capital Markets and Financing Choices of Mexican Firms Before and During the Financial Paralysis of 1995-2000," Research Department Publications 3146, Inter-American Development Bank, Research Department.
  103. John R. Hall & Thomas B. King & Andrew P. Meyer & Mark D. Vaughan, 2002. "Did FDICIA enhance market discipline on community banks? a look at evidence from the jumbo-CD market," Supervisory Policy Analysis Working Papers 2002-04, Federal Reserve Bank of St. Louis.
  104. Toru Yoshikawa & Jean McGuire, 2008. "Change and continuity in Japanese corporate governance," Asia Pacific Journal of Management, Springer, vol. 25(1), pages 5-24, January.
  105. Robert E. Carpenter & Steven M. Fazzari & Bruce C. Petersen, 1994. "Inventory (Dis)Investment, Internal Finance Fluctuations, and the Business Cycle," Macroeconomics 9401001, EconWPA.
  106. Calvin Schnure, 1997. "Internal capital markets and investment: do the cash flow constraints really bind?," Finance and Economics Discussion Series 1997-39, Board of Governors of the Federal Reserve System (U.S.).
  107. Tsuruta, Daisuke, 2012. "Changing Banking Relationships and Client Firm Performance: Evidence for Japan from the 1990s," MPRA Paper 35895, University Library of Munich, Germany.
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