テクニカルレポート Relationships matter: The impact of bank-firm relationships on mergers and acquisitions in Japan

FRENCH, Joseph  ,  YAN, Juxin  ,  YASUDA, Yukihiro

2016-06-14 , Hitotsubashi University Center for Financial Research
内容記述
First Draft: March 10 This Version: June 14
We dissect the influence of bank-firm relationships on mergers and acquisitions in Japan. Using a comprehensive data set spanning fifteen years, we show that stronger bank-firm relationships generally increase the likelihood and size of M&A. Contrary to conventional wisdom of the adverse effects of bank-firm relationships in Japan, such as ‘zombie lending', our results indicate that Japanese banks facilitate restructuring in the 2000's. However, in cases where a bank plays a dual role as a lender and shareholder to a firm, the likelihood and size of M&A declines. This result stems from a bank's desire to maintain existing corporate governance mechanisms and control rights.
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http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/27960/1/070hcfrWP_1_015.pdf

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