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Growth opportunities, capital structure and dividend policies in Japan
This paper, using 5308 observations of listed Japanese firms between the years 1988– 1992, provides additional evidence on contracting theory arguments for the relation between growth opportunities, capital structure and dividend policies. To avoid the problems of using cross-sectional proxies for time-sequenced variables, this study uses 1 pooled Ž . cross-sectional time-series analysis and 2 time-series analysis with a one-year lag for the Ž . dependent variables. Results show significant negative relations between growth opportunities and levels of both debt financing and dividend yields after controlling for firm size, profitability, firm keiretsu affiliations and industry regulation. The results are consistent with contracting cost arguments for corporate finance and dividend policies and confirm the importance of growth opportunities in corporate finance theory.
History
Journal
Journal of corporate financeVolume
5Issue
2Pagination
141 - 168Publisher
ElsevierLocation
Amsterdam, The NetherlandsPublisher DOI
ISSN
0929-1199Language
engPublication classification
C Journal article; C1.1 Refereed article in a scholarly journalCopyright notice
1999, Elsevier Science B.V.Usage metrics
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