Capital structure revisited. Do crisis and competition matter in a Keiretsu corporate structure?

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dc.cclicenceCC-BY-NCen
dc.contributor.authorDanso, Albert
dc.contributor.authorFosu, Samuel
dc.contributor.authorOwusu-Agyei, Samuel
dc.contributor.authorNtim, Collins G.
dc.contributor.authorAdegbite, Emmanuel
dc.date.acceptance2020-06-18
dc.date.accessioned2020-07-01T09:48:46Z
dc.date.available2020-07-01T09:48:46Z
dc.date.issued2020-07-09
dc.descriptionThe file attached to this record is the author's final peer reviewed version.en
dc.descriptionopen access
dc.description.abstractWe investigate firm-level determinants of capital structure using a large sample of 4,284 Japanese firms over a nineteen-year period (i.e., over 61,000 firm-year observations), a hitherto less examined sample for this purpose. We conduct our analysis and interpret our findings predominantly within the pecking order, the trade-off and the agency theoretical frameworks. We uncover three new findings. First, our evidence indicates that insights derived from the extant literature on capital structure are cross-national and are applicable in the context of Japan, despite the unique characteristics of Japanese firms. Second, financial crisis significantly impacts the relationship between leverage and firm-level determinants, particularly accentuating the effect of asset tangibility and growth. Third, product market competition significantly impacts the observed relationship between firm-level determinants and leverage. Our results are robust, controlling for the joint effects of competition and crisis.en
dc.funderNo external funderen
dc.identifier.citationDanso, A., Fosu, S., Owusu-Agyei, S., Ntim, C.G. and Adegbite, E. (2020) Capital structure revisited. Do crisis and competition matter in a Keiretsu corporate structure? International Journal of Finance and Economics,en
dc.identifier.doihttps://doi.org/10.1002/ijfe.2055
dc.identifier.issn1099-1158
dc.identifier.urihttps://dora.dmu.ac.uk/handle/2086/19888
dc.language.isoenen
dc.peerreviewedYesen
dc.publisherWileyen
dc.researchinstituteFinance and Banking Research Group (FiBRe)en
dc.subjectCapital structureen
dc.subjectAgency theoryen
dc.subjectCompetitionen
dc.subjectFinancial crisisen
dc.subjectKeiretsuen
dc.subjectJapanen
dc.titleCapital structure revisited. Do crisis and competition matter in a Keiretsu corporate structure?en
dc.typeArticleen

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