4-3 - Keiretsu Style Main Bank Relationships, R&D...

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Keiretsu Style Main Bank Relationships, R&D Investment, Leverage, and Firm Value: Evidence from Japanese Listed Companies Hai-Chin Yu 1 Department of International Business, Chung Yuan University, Chung-Li, 32023, Taiwan [email protected] [email protected] Tel: 886-3-265-5209 Fax: 886-3- 265-5299 Chih-Sean Chen Institute of Management Chung Yuan University, Chung-Li, 32023, Taiwan Der-Tzon Hsieh Dep. of Economics National Taiwan University Taipei. Taiwan. 100 1 Hai-Chin YU is the contact author.
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Abstract Using quantile regression, our results provide explanations for the inconsistent findings in the extant literature while using conventional OLS. Our results document that a firm’s value from R&D investments, leverage and main bank relationship depend on its quantile effects of Tobin’s Q. While the direct effects of these factors are insignificant using conventional OLS regression, these effects do show significant effects in quantile regression. Firms’ advantages with high R&D investment over low
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This note was uploaded on 07/26/2011 for the course ECON 101 taught by Professor Markspenser during the Spring '11 term at Webster FL.

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4-3 - Keiretsu Style Main Bank Relationships, R&D...

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