Corporate financing and product market competition: evidence from firm-level data in Japan

被引：0

作者：

Tanaka, Takanori ^{[1
]}

机构：

[1] Osaka Univ, Inst Social & Econ Res, Suita, Osaka, Japan

来源：

ECONOMICS BULLETIN | 2010年 / 30卷 / 02期

关键词：

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper investigates the link between external financing and product market competition by focusing on different maturity structures. Using firm-level data for Japanese manufacturing firms over the period 1990-1995, we find that long-term loans enable firms to compete aggressively at a level below profit maximization. By contrast, short-term loans are not related to product market competition. Our results suggest that long-term loans play an important role in investment in market share for long-term profits through lowering prices.

引用

页码：1373 / 1383

页数：11

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