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

Tanaka, Takanori

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タイトル	Corporate Governance and Costs of Public Debt Financing : Evidence from Japan
著者	NRID 1000050587285 1000050587285 著者名 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.
出版者	Graduate School of Economics and Osaka School of International Public Policy (OSIPP) Osaka University
収録物名	Discussion Papers In Economics And Business
巻	11-35
刊行年月	2011-12
言語	英語
ハンドルURL	https://hdl.handle.net/11094/13262
関連情報 (references)	URI http://www2.econ.osaka-u.ac.jp/library/global/dp/1135.pdf
アクセス権	metadata only access
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP
カテゴリ	Discussion Papers In Economics And Business

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
DC.type' scheme='DCTERMS.DCMIType	text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2011-12
DC.relation' scheme='DCTERMS.URI	http://www2.econ.osaka-u.ac.jp/library/global/dp/1135.pdf
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	https://hdl.handle.net/11094/13262
citation_abstract_html_url	http://www2.econ.osaka-u.ac.jp/library/global/dp/1135.pdf

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