{"id":5430,"date":"2025-09-11T14:12:39","date_gmt":"2025-09-11T05:12:39","guid":{"rendered":"https:\/\/www.waseda.jp\/fcom\/riba\/?p=5430"},"modified":"2025-10-03T09:43:12","modified_gmt":"2025-10-03T00:43:12","slug":"2025%e5%b9%b410%e6%9c%886%e6%97%a5%e6%9c%88-%e3%81%ab%e7%94%a3%e7%a0%94%e8%ac%9b%e6%bc%94%e4%bc%9a%e3%80%8cwaseda-organizational-and-financial-economics-seminar-have-bank-firm-relationship","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/fcom\/riba\/news\/5430","title":{"rendered":"2025\u5e7410\u67086\u65e5(\u6708) \u306b\u7523\u7814\u8b1b\u6f14\u4f1a\u300cWaseda Organizational and Financial Economics Seminar : Have Bank\u2013Firm Relationships in Japan Changed? Evidence from the Past Half Century\u300d\u304c\u958b\u50ac\u3055\u308c\u307e\u3059\u3002"},"content":{"rendered":"

\u300cHave Bank\u2013Firm Relationships in Japan Changed? Evidence from the Past Half Century\u300d<\/h3>\n
\n\n\n\n\n\n\n\n\n\n
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\u8981\u65e8<\/th>\nThis paper examines how Japan\u2019s bank\u2013firm 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\u2019 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\u2014particularly the main bank\u2014have 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.<\/td>\n<\/tr>\n
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 <\/p>\n","protected":false},"excerpt":{"rendered":"

\u300cHave Bank\u2013Firm Relationships in Japan Changed? Evidence from the Past Half Century\u300d \u65e5\u6642 2025\u5e7410\u67086\u65e5\uff08\u6708\uff0913:10\uff5e14: […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[24],"class_list":["post-5430","post","type-post","status-publish","format-standard","hentry","category-news","tag-events"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/5430","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/comments?post=5430"}],"version-history":[{"count":2,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/5430\/revisions"}],"predecessor-version":[{"id":5432,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/5430\/revisions\/5432"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/media?parent=5430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/categories?post=5430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/tags?post=5430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}