Business, Management and Accounting
4 years ago

Japanese firms with weak financial ties face investment challenges due to liquidity.

Corporate structure, liquidity, and investment: evidence from Japanese industrial groups
Takeo Hoshi, Anil Kashyap, David Scharfstein

Paper Summary

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The study shows that how companies get money can affect how much they invest. They looked at two groups of Japanese companies. One group gets money from big banks and the other group has a harder time getting money. The second group is more affected by how much money they have when deciding how much to invest. This means that where a company gets its money from can impact how much it invests in its business.