Corporate governance, relational banking and R&D: evidence from Japanese large firms in the 1980s and 1990s

Miyajima H.; Arikawa Y.; Kato A.

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Corporate governance, relational banking and R&D: evidence from Japanese large firms in the 1980s and 1990s

机译：公司治理，关系银行和研发：1980年代和1990年代日本大公司的证据

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We investigate the effects of the Japanese corporate governance structure on corporate investments, especially R&D, dividing Japanese high R&D firms into two groups, i.e, young growing firms and old mature firms. The main bank relationship mitigates the asymmetric information problem for young growing firms' R&D expenditure in the 1990s, Portfolio investors strengthen the cash constraints on R&D, while stable shareholders offset the myopic pressure by portfolio investors. We also show some evidence that stable shareholders induced old mature firms to overinvest during the bubble economy period. [References: 26]

机译：我们研究了日本公司治理结构对公司投资（特别是研发）的影响，将日本的高级研发公司分为两组，即年轻的成长型公司和老的成熟型公司。主要的银行关系缓解了1990年代年轻成长型公司的R＆D支出中的信息不对称问题，投资组合投资者加强了对研发的现金约束，而稳定的股东抵消了投资组合投资者的近视压力。我们还显示了一些证据，表明在泡沫经济时期，稳定的股东促使老的成熟公司过度投资。 [参考：26]

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《International Journal of Technology Management: The Journal of the Technology Management of Technology, Engineering Management, Technology Policy and Strategy》 |2002年第8期|共19页
作者
Miyajima H.; Arikawa Y.; Kato A.;
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正文语种 eng
中图分类工业企业组织与管理;
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1. Corporate governance, relational banking and R&D: evidence from Japanese large firms in the 1980s and 1990s [J] . Miyajima H., Arikawa Y., Kato A. International Journal of Technology Management: The Journal of the Technology Management of Technology, Engineering Management, Technology Policy and Strategy . 2002,第7a8期

机译：公司治理，关系银行和研发：1980年代和1990年代日本大公司的证据
2. Evolving corporate governance and firms performance: evidence from Japanese firms [J] . Ullah Wali Economics of governance . 2017,第1期

机译：不断发展的公司治理和公司绩效：来自日本公司的证据
3. R&D, foreign ownership, and corporate groups: Evidence from Japanese firms [J] . Hyeog Ug Kwon, Jungsoo Park Research policy . 2018,第2期

机译：研发，外资所有权和企业集团：来自日本企业的证据
4. RESEARCH AND DEVELOPMENT, FIRM SIZE AND CORPORATE SOCIAL RESPONSIBILITY-EVIDENCE FROM US-BASED and JAPAN-BASED FIRMS [C] . Yu-Shu Peng, Gantuul Tumurbat Annual Meeting of the Western Decision Sciences Institute . 2014

机译：研究与开发，公司规模和企业社会责任 - 来自美国和日本企业的证据
5. Corporate fund raising and capital structure in Japan during the 1980s and 1990s. [D] . Paker, Bulent S. 2000

机译：日本在1980年代和1990年代的公司集资和资本结构。
6. A novel investigation of the influence of corporate governance on firms’ credit ratings [O] . Abdullah A. K. Alkhawaldeh, Jamil J. Jaber, Dalila Boughaci, 2021

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7. Changing Banking Relationships and Client Firm Performance: Evidence for Japan from the 1990s [O] . Tsuruta Daisuke 2012

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Corporate governance, relational banking and R&D: evidence from Japanese large firms in the 1980s and 1990s

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