Relationship banking and debt choice: Evidence from Japan

Yasuhiro Arikawa, Hideaki Miyajima*

*Corresponding author for this work

Research output: Contribution to journalReview articlepeer-review

17 Citations (Scopus)


The purpose of this paper is to test hypotheses regarding the mix of bank borrowing and bonds that occur under relationship banking, thereby constructing a detailed data set on the debt structure of large Japanese firms from the late 1980s to the 1990s. We show that debt choice is affected by main bank relationships, in the sense that successful firms with strong bank ties are much more likely to issue public bonds than resort to bank borrowing.

Original languageEnglish
Pages (from-to)408-418
Number of pages11
JournalCorporate Governance: An International Review
Issue number3
Publication statusPublished - 2005 May


  • Debt choice
  • Financial deregulation
  • Relationship banking

ASJC Scopus subject areas

  • Business, Management and Accounting(all)
  • Strategy and Management
  • Management of Technology and Innovation


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