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
相关论文
共 50 条
  • [41] ECONOMIC-FLUCTUATIONS, MARKET POWER, AND RETURNS TO SCALE - EVIDENCE FROM FIRM-LEVEL DATA
    CHIRINKO, RS
    FAZZARI, SM
    [J]. JOURNAL OF APPLIED ECONOMETRICS, 1994, 9 (01) : 47 - 69
  • [42] Product market competition and corporate investment: Evidence from China
    Jiang, Fuxiu
    Kim, Kenneth A.
    Nofsinger, John R.
    Zhu, Bing
    [J]. JOURNAL OF CORPORATE FINANCE, 2015, 35 : 196 - 210
  • [43] Imports and labour market imperfections: Firm-level evidence from France
    Caselli, Mauro
    Nesta, Lionel
    Schiavo, Stefano
    [J]. EUROPEAN ECONOMIC REVIEW, 2021, 131
  • [44] Energy efficiency and exporting: Evidence from firm-level data
    Roy, Jayjit
    Yasar, Mahmut
    [J]. ENERGY ECONOMICS, 2015, 52 : 127 - 135
  • [45] Productivity dynamics of work from home: Firm-level evidence from Japan
    Morikawa, Masayuki
    [J]. JOURNAL OF EVOLUTIONARY ECONOMICS, 2024, 34 (02) : 465 - 487
  • [46] Policy and misallocation: Evidence from Chinese firm-level data
    Chen, Guowen
    Herrera, Ana Maria
    Lugauer, Steven
    [J]. EUROPEAN ECONOMIC REVIEW, 2022, 149
  • [47] Exports and productivity: A survey of the evidence from firm-level data
    Wagner, Joachim
    [J]. WORLD ECONOMY, 2007, 30 (01): : 60 - 82
  • [48] Productivity and Reallocation: Evidence from Ecuadorian Firm-Level Data
    Ho, Anson T. Y.
    Huynh, Kim P.
    Jacho-Chavez, David T.
    [J]. ECONOMIA-JOURNAL OF THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION, 2019, 20 (01): : 83 - 110
  • [49] TRADE POLICY AND MARKET POWER: FIRM-LEVEL EVIDENCE
    Asprilla, Alan
    Berman, Nicolas
    Cadot, Olivier
    Jaud, Melise
    [J]. INTERNATIONAL ECONOMIC REVIEW, 2019, 60 (04) : 1647 - 1673
  • [50] Culture and bribe giving: Evidence from firm-level data
    Changwatchai, Piyaphan
    Dheera-aumpon, Siwapong
    [J]. RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE, 2023, 64
12345