Do small businesses adjust their capital structure? Evidence from the global financial crisis in Japan
Do small businesses adjust their capital structure? Evidence from the global financial crisis in Japan
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DOI：
10.1111/acfi.13078
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发表时间：
2023-03
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影响因子：
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通讯作者：
Daisuke Tsuruta
中科院分区：
文献类型：
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作者：
Daisuke Tsuruta
我们调查了小企业在金融危机期间杠杆大幅增加时将其资本结构调整至目标水平的程度。我们研究了 2008 年全球金融危机期间日本的紧急信用担保 (ECG) 计划。危机期间使用心电图程序增加的杠杆增加了违约的可能性。此外，小企业将杠杆率调整至危机前的目标范围。然而，危机期间和危机之后的此类调整很弱，特别是对于 ECG 计划中的目标公司而言。
We investigate the extent to which small businesses adjust their capital structures to target levels when their leverage increases substantially during a financial crisis. We examine Japan's Emergency Credit Guarantee (ECG) program during the 2008 global financial crisis. The increased leverage from the use of the ECG program during the crisis increased the probability of default. Additionally, small businesses adjusted their leverage ratios to the target range before the crisis. However, such adjustments were weak during and after the crisis, particularly for target firms in the ECG program.