Arbeitspapier
Financial distress and corporate investment: The Japanese case in the 90s
We examine quantitatively the extent to which financial distress in the 90s affected Japanese corporate investment. Based on the firm-level data that includes small, unlisted firms, we estimate investment function to measure the impact of financial distress on investment. We find that the firm's ratio of debt to total asset exerts a significantly negative effect on investment of small firms. We also find that lending attitude of financial institutions did affect investment behavior irrespective of firm size. The impact of lending attitude on investment is notably large for 1998 labeled 'credit crunch.'
- Language
-
Englisch
- Bibliographic citation
-
Series: ISER Discussion Paper ; No. 584
- Classification
-
Wirtschaft
Investment; Capital; Intangible Capital; Capacity
Financial Markets and the Macroeconomy
Money Supply; Credit; Money Multipliers
- Subject
-
Financial distress
Debt hangover
Investment
External finance premium Lending channel
Investition
KMU
Kapitalstruktur
Japan
Finanzkrise
- Event
-
Geistige Schöpfung
- (who)
-
Ogawa, Kazuo
- Event
-
Veröffentlichung
- (who)
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Osaka University, Institute of Social and Economic Research (ISER)
- (where)
-
Osaka
- (when)
-
2003
- Handle
- Last update
-
10.03.2025, 11:46 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Ogawa, Kazuo
- Osaka University, Institute of Social and Economic Research (ISER)
Time of origin
- 2003
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