Financial structure in Japanese and American firms: an indirect test of agency relationships

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University of Arkansas, Fayetteville, 1986 - Business & Economics - 322 pages

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accelerated depreciation accounting difference adjustment agency costs agency problem agency relationships agency structures agency theory agency variables agency-debt costs agency-debt proxy agency-debt relationship agency-debt variable agency-equity costs agency-equity proxy agency-equity relationship agency-equity variable agent alternate hypothesis American and Japanese American firms analysis arbitrage Arthur Andersen assumptions bankruptcy costs bankruptcy risk proxy bankruptcy risk variable book value business risk call option capital structure CEBIT Chaplinsky CJune closely-held coefficient of variation coefficients collinearity commercial banks companies Compustat Coopers & Lybrand Corporate Debt Corporation Finance corporations correlation cost method cost of capital cost of equity costs of debt countries debt and equity debt ratios debtholders depreciation Doctor of Philosophy Drury College EBIT economy of Japan empirical equity method error term ex-ante expected F statistic F test Fama FINANCIAL ECONOMICS financial leases financial leverage financial structure firm's firms in Japan Fortune 500 Growth Rate homoscedasticity However included income statement increase independent variables industry instrumental variable estimation inversely related investment Japan is equal Japanese and American Japanese economy Japanese firms Jensen JOURNAL OF FINANCE KURTOSIS least squares less negative linear long-term assets managers marginal utility measured Meckling Modigliani-Miller Theorem multicollinearity Multiple regression normally distributed null hypothesis operating leverage optimal capital structure option parameter estimate Pearson correlation coefficients Price Waterhouse profitability proxy variables QUANTILES RANK CORRELATION ratios for firms reduced regression analysis Regression Model relationship of agency relationship of bankruptcy Remmers residual residual claimants retained earnings risk averse risk neutral sample Senbet short-term debt significant significantly different squared errors standard deviations statistical Statistical Assumptions statistical test stockholders structure determination sum of squared tax shield test of agency theoretical total assets total debt Total Financing FIGURE unconsolidated subsidiaries University of Arkansas University of Houston variance widely-held firm World War II

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