Do Banking Shocks Affect Borrowing Firm Performance? An Analysis of the Japanese Experience
Open accessAbstract
From 1990 to 1993, the typical firm on the Tokyo Stock Exchange lost more than half its value and banks experienced severe adverse shocks. We show that firms whose debt had a higher fraction of bank loans in 1989 performed worse from 1990 to 1993. This effect is statistically as well as economically significant and holds when we control for a variety of variables that affect firm performance during this period of time. We find that firms that were more bank-dependent also invested less during this period than other firms. We also show that exogenous shocks to banks during the negotiations leading to the Basle Accord affected bank borrowers significantly.
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Japanese banks perpetrated soft budget constraints by over-lending to declining firms that required radical reorganization.
“Far from being the promoters of rational investment, Japanese banks perpetrated soft budget constraints -over-lending to declining firms that required radical reorganization (Kang and Stulz 1998).”
From Investor protection and corporate governance (2000) · cites this paper as Kang and Stulz 1998
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- Authors
- Kang, J.-K., & Stulz, R. M.
- ORCID
- Kang, Jun-Koo
- Venue
- The Journal of Business
- Publisher
- Elsevier BV
- Published
- 1998
- Volume
- 73
- Issue
- 1
- Pages
- 1-23
- ISSN
- 0021-9398 (ISSN-L)
- OpenAlex
- W3122142145
- Cited by
- 392
- References
- 19
- Citations by year
- 2026: 4 · 2025: 9 · 2024: 5 · 2023: 8 · 2022: 10 · 2021: 6 · 2020: 7 · 2019: 9 · 2018: 10 · 2017: 16 · 2016: 11 · 2015: 10 · 2014: 10 · 2013: 11 · 2012: 13
- FWCI
- 47.65
- Type
- journal article
- Language
- en
- Open access
- green
- doi.org
- Locations
- The Journal of Business (publishedVersion)
- SSRN Electronic Journal (acceptedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Banking stability, regulation, efficiency
- Social Sciences › Business, Management and Accounting › Accounting › Corporate Finance and Governance
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
- Keywords
- bank lending, firm performance, corporate investment, Japanese banking crisis, Basel Accord, bank-borrower relationships, debt financing, Tokyo Stock Exchange, 1990s Japanese economy
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
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