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Agency Conflicts, Financial Distress, and Syndicate Structure: Evidence from Japanese Borrowers

Authors
이상휘곽승욱D. J. Mullineaux박광우
Issue Date
Jun-2010
Publisher
Elsevier BV
Citation
Finance Research Letters, v.7, no.2, pp.119 - 126
Journal Title
Finance Research Letters
Volume
7
Number
2
Start Page
119
End Page
126
URI
https://scholarworks.sookmyung.ac.kr/handle/2020.sw.sookmyung/147919
DOI
10.1016/j.frl.2010.02.001
ISSN
1544-6123
Abstract
This paper examines how borrower firm characteristics affect syndicate size structure in the Japanese loan market for the 1999–2003 period when the banking system is undergoing a major consolidation. We find that syndicates are smaller when borrowers have higher credit risk and when borrowers present larger information asymmetries to the lending group. Interestingly, however, these results are primarily driven by keiretsu (business group) firms. This suggests that the benefits of enhanced monitoring and superior renegotiation prospects are especially useful for banks participating in syndicated loans to Keiretsu firms in Japan rather than informationally opaque, independent firms.
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