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dc.contributor.authorDanso, Albert
dc.contributor.authorFosu, Samuel
dc.contributor.authorOwusu-Agyei, Samuel
dc.contributor.authorNtim, Collins G.
dc.contributor.authorAdegbite, Emmanuel
dc.date.accessioned2020-07-01T09:48:46Z
dc.date.available2020-07-01T09:48:46Z
dc.date.issued2020-07-09
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.issn1099-1158
dc.identifier.urihttps://dora.dmu.ac.uk/handle/2086/19888
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.language.isoenen
dc.publisherWileyen
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
dc.identifier.doihttps://doi.org/10.1002/ijfe.2055
dc.peerreviewedYesen
dc.funderNo external funderen
dc.cclicenceCC-BY-NCen
dc.date.acceptance2020-06-18
dc.researchinstituteFinance and Banking Research Group (FiBRe)en


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