Corporate Governance and Costs of Public Debt Financing : Evidence from Japan

Tanaka, Takanori

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論文情報

タイトル	Corporate Governance and Costs of Public Debt Financing : Evidence from Japan
著者	Tanaka, Takanori Tanaka, Takanori
キーワード等	Yield spreads
	Ownership structure
	Corporate governance
抄録	This paper explores the relation between corporate governance mechanisms in Japan and thecosts of public debt financing. Using a sample of Japanese corporate bond issues during theperiod 2005-2008, we find that CEO ownership is associated with higher yield spreads aftercontrolling for firm- and bond-specific characteristics. Founding family ownership is alsopositively related to yield spreads. In contrast, firms with large corporate shareholders enjoylower yield spreads. These results are robust to various alternative specifications. Overall, ourresults indicate that corporate governance mechanisms in Japan are important factors affectingthe costs of public debt financing.
公開者	Graduate School of Economics and Osaka School of International Public Policy (OSIPP) Osaka University
掲載誌名	Discussion Papers In Economics And Business
巻	11-35
刊行年月	2011-12
URL	http://hdl.handle.net/11094/13262
関連情報 (references)	http://www2.econ.osaka-u.ac.jp/library/global/dp/1135.pdf
言語	英語

著者版フラグ	none
NII資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
dcmi資源タイプ	text
DCTERMS.bibliographicCitation	Discussion Papers In Economics And Business.11-35
DC.title	Corporate Governance and Costs of Public Debt Financing : Evidence from Japan
DC.creator	Tanaka, Takanori
DC.publisher	Graduate School of Economics and Osaka School of International Public Policy (OSIPP) Osaka University
DC.language" scheme="DCTERMS.RFC1766	英語
DCTERMS.issued" scheme="DCTERMS.W3CDTF	2011-12
DC.identifier" scheme="DCTERMS.URI	http://hdl.handle.net/11094/13262
DC.subject	Yield spreads
	Ownership structure
	Corporate governance
DCTERMS.abstract	This paper explores the relation between corporate governance mechanisms in Japan and thecosts of public debt financing. Using a sample of Japanese corporate bond issues during theperiod 2005-2008, we find that CEO ownership is associated with higher yield spreads aftercontrolling for firm- and bond-specific characteristics. Founding family ownership is alsopositively related to yield spreads. In contrast, firms with large corporate shareholders enjoylower yield spreads. These results are robust to various alternative specifications. Overall, ourresults indicate that corporate governance mechanisms in Japan are important factors affectingthe costs of public debt financing.
citation_title	Corporate Governance and Costs of Public Debt Financing : Evidence from Japan
citation_author	Tanaka, Takanori
citation_publisher	Graduate School of Economics and Osaka School of International Public Policy (OSIPP) Osaka University
citation_language	英語
citation_date	2011-12
citation_journal_title	Discussion Papers In Economics And Business
citation_volume	11-35
citation_public_url	http://hdl.handle.net/11094/13262
citation_keywords	Yield spreads
	Ownership structure
	Corporate governance

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