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Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups
Abstract
This paper presents evidence suggesting that information and incentive problems in the capital market affect investment. We come to this conclusion by examining two sets of Japanese firms. The first set has close financial ties to large Japanese banks that serve as their primary source of external finance and are likely to be well informed about the firm. The second set of firms has weaker links to a main bank and presumably faces greater problems raising capital. Investment is more sensitive to liquidity for the second set of firms than for the first set. The analysis also highlights the role of financial intermediaries in the investment process.
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Citations
Cited by
A Survey of Corporate Governance
Shleifer, A., & Vishny, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb04820.x · Cited by 16,243
What Do We Know about Capital Structure? Some Evidence from International Data
RAJAN, R. G., & ZINGALES, L. (1995) · The Journal of Finance · doi:10.1111/j.1540-6261.1995.tb05184.x · Cited by 6,538
Investor protection and corporate governance
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00065-9 · Cited by 6,848
“It delivered capital to firms facing liquidity shortfalls, thereby avoiding costly financial distress (Hoshi, Kashyap, and Scharfstein 1991).”
BackgroundThe separation of ownership and control in East Asian Corporations
Claessens, S., Djankov, S., & Lang, L. H. P. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00067-2 · Cited by 5,754
The Benefits of Lending Relationships: Evidence from Small Business Data
PETERSEN, M. A., & RAJAN, R. G. (1994) · The Journal of Finance · doi:10.1111/j.1540-6261.1994.tb04418.x · Cited by 5,440
Metadata
- Authors
- Hoshi, T., Kashyap, A., & Scharfstein, D.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1991-02-01
- Volume
- 106
- Issue
- 1
- Pages
- 33-60
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W2131921554
- Cited by
- 2,359
- References
- 0
- FWCI
- 147.62
- Type
- journal article
- Language
- en
- Open access
- closed
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- CoChat. (2026). Citation check: Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups. https://app.cochat.ai/papers/10.2307/2937905
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- Hoshi, T., Kashyap, A., & Scharfstein, D. (1991). Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups. The Quarterly Journal of Economics. https://doi.org/10.2307/2937905
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
