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
收藏
页码：1373 / 1383
页数：11
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