@article{oai:nagasaki-u.repo.nii.ac.jp:00003704,
 author = {Shikimi, Masayo and Matsuura, Katsumi},
 issue = {1-2},
 journal = {経営と経済, Journal of Business and Economics},
 month = {Sep},
 note = {This study presents an empirical investigation whether lumpy investment behaviors by firms affect their readjustment toward target leverage ratios. Using a data sample of Japanese listed firms from 1978?2008, it is found that firm investment spikes have a larger effect on debt than equity issuances. The positive effect of investments on debt issue is greater for firms with below-target debt than for those with above-target debt. The results imply that firms with below-target debt might move toward the target whereas those with above-target debt move away from it during large investments. It is also found that financially constrained firms, with above-target debt, are more responsive to investment spikes than their financially unconstrained counterparts., 村田省三教授、バスー・ディパック教授定年退職記念号, In Honour of Prof. Shozo Murata and Prof. Dipak R. Basu, 経営と経済, 96(1-2), pp.77-106; 2016},
 pages = {77--106},
 title = {Investment Spikes and Adjustment toward Target Leverage: Evidence from Japan},
 volume = {96},
 year = {2016}
}