Business, Management and Accounting
8 years ago

Japanese firms making strides in reducing excess leverage, impacting global markets.

RePEc: Research Papers in Economics
Dynamic Capital Structure of Japanese Firms: How Far Has the Reduction of Excess Leverage Progressed in Japan?
Shinichi Nishioka, Naohiko Baba

Paper Summary

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The article examines how Japanese companies have been reducing their debt levels since the 1990s. They found that profitable companies tend to rely less on debt, and firms with more overseas investors adjust their debt levels faster. Highly-rated companies have made significant progress in reducing excess debt, while others still have a long way to go.