MARC details
| 000 -LEADER |
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| fixed length control field |
02257nam a22002537a 4500 |
| 003 - CONTROL NUMBER IDENTIFIER |
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| control field |
ZW-GwMSU |
| 005 - DATE AND TIME OF LATEST TRANSACTION |
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| control field |
20231121095955.0 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
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| fixed length control field |
231121b |||||||| |||| 00| 0 eng d |
| 040 ## - CATALOGING SOURCE |
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| Original cataloging agency |
MSU |
| Transcribing agency |
MSU |
| Description conventions |
rda |
| 100 1# - MAIN ENTRY--PERSONAL NAME |
|---|
| Personal name |
Shuto, Akinobu |
| Relator term |
author |
| 245 04 - TITLE STATEMENT |
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| Title |
The Effect of managerial ownership on the cost of debt : |
| Remainder of title |
evidence from Japan |
| Statement of responsibility, etc. |
by Akinobu Shuto and Norio Kitagawa |
| 264 ## - PRODUCTION, PUBLICATION, DISTRIBUTION, MANUFACTURE, AND COPYRIGHT NOTICE |
|---|
| Place of production, publication, distribution, manufacture |
Thousand Oaks, CA: |
| Name of producer, publisher, distributor, manufacturer |
Sage Publications; |
| Date of production, publication, distribution, manufacture, or copyright notice |
2011. |
| 336 ## - CONTENT TYPE |
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| Source |
rdacontent |
| Content type term |
text |
| Content type code |
txt |
| 337 ## - MEDIA TYPE |
|---|
| Source |
rdamedia |
| Media type term |
unmediated |
| Media type code |
n |
| 338 ## - CARRIER TYPE |
|---|
| Source |
rdacarrier |
| Carrier type term |
volume |
| Carrier type code |
nc |
| 440 ## - SERIES STATEMENT/ADDED ENTRY--TITLE |
|---|
| Title |
Journal of Accounting, Auditing and Finance |
| Volume/sequential designation |
Volume 26, number 3, |
| 520 ## - SUMMARY, ETC. |
|---|
| Summary, etc. |
This article examines the effect of managerial ownership (MO) on the cost of debt as measured by the interest rate spread on corporate bonds for Japanese firms. First, the authors find that the MO is positively associated with interest rate spread after controlling for the other Japanese ownership structure, cross-shareholdings, and the stable shareholdings by financial institutions. Second, by employing factor analysis to measure the agency cost of debt (ACD) based on financial variables, the authors also find that MO has higher correlation with interest rate spread when the ACD at the time of bond issue is already larger. The results are robust to additional analyses, including the possibility of nonlinear relationship, bond rating, endogeneity problem, and Fama and MacBeth approach. The results suggest that prospective bondholders use MO information to anticipate a firm’s future ACD and estimate it higher when the current ACD at issuing bond is already larger. The results also suggest that accounting information is useful to estimate the ACD and increase the efficiency of bond contracting. Finally, although previous studies are often prone to emphasizing the findings on the Japanese unique ownership structure, the results of this article reveal that traditional agency theory on MO apply to Japanese bond market, which is consistent with the findings of U.S. firms. |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
|---|
| Topical term or geographic name entry element |
Managerial ownership |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
|---|
| Topical term or geographic name entry element |
Agency cost of debt |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
|---|
| Topical term or geographic name entry element |
Bond yield spread |
| 700 1# - ADDED ENTRY--PERSONAL NAME |
|---|
| Personal name |
Kitagawa, Norio |
| Relator term |
co-author |
| 856 ## - ELECTRONIC LOCATION AND ACCESS |
|---|
| Uniform Resource Identifier |
https://doi.org/10.1177/0148558X114015 |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
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| Source of classification or shelving scheme |
Library of Congress Classification |
| Koha item type |
Journal Article |