By using data on Japanese firms, this study investigates empirically whether value creation for non-shareholder stakeholders can be interpreted as a means to maximize shareholder value or is in itself the ultimate goal. We examine the impact of stakeholder management on firms' dividend policies....

We investigate hold-up problems in debt financing among publicly traded firms with apparently limited information asymmetries. Based on the prediction by Rajan (1992), we examine how changes in short-term bank loan ratio affect firm investment behavior. We confirm that, while investment by...

This paper investigates how debt market frictions affect real firm behaviors such as capital structures and investments differently based on whether a firm has access to the public debt market, taking debt structure differences into account. To this aim, using the natural experimental approach...

We provide causal empirical evidence that, even among publicly traded firms that seemingly suffer less severe information asymmetries, some firms experience hold-up problems in debt financing. Based on the prediction in Rajan (1992), we examine how changes in the ratio of short-term bank loans...

We provide causal empirical evidence that, even among publicly traded firms that seemingly suffer less severe information asymmetries, some firms experience hold-up problems in debt financing. Based on the prediction in Rajan (1992), we examine how changes in the ratio of short-term bank loans...