Recent Evolutions of Capital Structure and its Determinants: A Comparison of Major Stock Exchanges in Japan
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The recent evolutions of corporate capital structure in Japan and its determinants are analyzed in this research, with a special emphasis on comparing ¯rms in major stock exchanges. This study specifically examines whether debt regression coefficients differ for the Tokyo, Osaka, and JASDAQ Exchanges, whether they differ for listed and delisted companies, and whether they differ in the contraction and expansion periods of the economy. The results are as follows. First, the financial ratios of each stock exchange showed converging behavior over time. Second, individual regression coefficients, such as the coefficients on profitability and non-debt tax shields, differed between listed and delisted firms. Third, the over all regression coefficients on debt ratios seemed to be differently influenced by different states of the economy.
Abstract
The recent evolutions of corporate capital structure in Japan and its determinants are analyzed in this research, with a special emphasis on comparing ¯rms in major stock exchanges. This study specifically examines whether debt regression coefficients differ for the Tokyo, Osaka, and JASDAQ Exchanges, whether they differ for listed and delisted companies, and whether they differ in the contraction and expansion periods of the economy. The results are as follows. First, the financial ratios of each stock exchange showed converging behavior over time. Second, individual regression coefficients, such as the coefficients on profitability and non-debt tax shields, differed between listed and delisted firms. Third, the over all regression coefficients on debt ratios seemed to be differently influenced by different states of the economy.
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