「Have Bank–Firm Relationships in Japan Changed? Evidence from the Past Half Century」
| 日時 | 2025年10月6日（月）13:10～14:50 |
|---|---|
| 開催方法 | ①対面 ＊11号館8階814教室にお越しください。 ②Zoom＊お申込み完了の自動返信メールにて、参加用URLをお知らせいたします。 |
| 対象 | 学生・教職員・一般 |
| 講演者 | 鶴田 大輔 氏 （日本大学 経済学部 教授） |
| 要旨 | This paper examines how Japan’s bank–firm relationships have changed over the past half century – a period characterized by financial liberalization and globalization, increased corporate internal funds, and corporate governance reforms. Using data on Japanese firms and banks from 1974 to 2023, we find that bank borrowing is negatively associated with firms’ cash flow and positively associated with their leverage throughout the sample period. These results suggest that Japanese banks have continued to provide credit to firms during times of liquidity shortage or difficulty accessing external finance. Furthermore, we find that the main bank has consistently played the central role in supplying credit during such periods. Overall, our results indicate that Japanese banks—particularly the main bank—have functioned as implicit providers of credit insurance through long-term relationships, and that this role of banks has remained largely stable over the past fifty years. |
| 世話人 | 宮島 英昭 （早稲田大学商学学術院 教授） |
| 参加申し込み方法 | 参加はこちらからお申込みください。※10月2日（木）17:00締切 |
| その他 | 早稲田大学商学部・産業経営研究所・谷川寧彦分科会 |
