Determinants of the Intensity of Bank-Firm Relationships: Evidence from Japan

Yasuharu Aoki

The Review of Corporate Finance Studies, 2025, vol. 14, issue 2, 530-563

Abstract: Focusing on the Japanese setting, this study investigates the standard firm characteristics that affect the intensity of bank-firm relationships (IBR) and how these characteristics relate to the decline in IBR. The regression results show that firm size, credit quality, investment opportunities, and ownership concentration are negatively associated with IBR, while firm age, pledgeability, and managerial ownership are positively associated. This study also finds that (1) an increase in credit quality, (2) a decrease in the positive impact of managerial ownership, and (3) an increase in the negative impact of ownership concentration cause the decline in IBR. (JEL G21, G32, L14)

Date: 2025
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