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2 Brick, Frierman, and Kim 1998 Choate 1997Fischer, Heinkel, and Zechner 1989 Gilson 1997 Mauer and Triantis 1994 Hansen and Crutchley 1990 Rajan and Zingales 1995 Titman and Wessels 1988 Wedig, Sloan, Hassan and Morrisey

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22 Brick, Ivan E., Michael Frierman, and Yu Kyung Kim, (1998) Asymmetric Information concerning the Variance of Cash Flows: The Capital Structure Choice, International Economic Review, Vol. 39, No. 3, pp Choate, G. Marc, (1997) The Governance Problem, Asset Specificity and Corporate Financing Decisions, Journal of Economic Behavior and Organization, Vol. 33, No. 1, pp Fischer, Edwin O., Robert Heinkel, and Josef Zechner, (1989) Dynamic Capital Structure Choice: Theory and Tests, Journal of Finance, Vol. 44, No. 1, pp Hansen, Robert S., and Claire Crutchley, (1990) Corporate Earnings and Financings: An Empirical Analysis, Journal of Business, Vol. 63, No. 3, pp Mauer, David C., and Alexander J. Triantis, (1994) Interactions of Corporate Financing and Investment Decisions: A Dynamic Framework, Journal of Finance, Vol. 49, No. 4, pp Rajan, Raghuram G., and Luigi Zingales, (1995) What Do We Know about Capital Structure? Some Evidence from International Data, Journal of Finance, Vol. 50, No. 5, pp Titman, Sheridan, and Roberto Wessels, (1988) The Determinants of Capital Structure Choice, Journal of Finance, Vol. 43, No. 1, pp Wedig, Gerard, Frank A. Sloan, Mahmud Hassan, and Michael A.Morrisey, (1988) Capital Structure, Ownership, and Capital Payment Policy: The Case of Hospitals, Journal of Finance, Vol. 43, No. 1, pp pp pp pp

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24 The Doshisha University Economic Review Vol.56 No.3 Abstract Takeo NAKAO, The Empirical Analysis of the Debt Adjustment Behavior of the Firms in Japanese Industry: The Regression Analysis using the Adjustment Speed obtained from the Error Correction Model In this paper the debt adjustment behavior of the firms in Japanese industry is analyzed using data obtained from each firm's financial report. Firstly, we estimate the error correction model of debt for firms whose data have unit roots and are cointegrated. Secondly, we perform the multiple regression analysis to determine the factors that affect the speed of adjustment in debt obtained from the error correction model. Our result shows that the total assets, market share, and the rate of growth of the firm affected the firm's speed of adjustment in debt.

戦間期日本企業の資金調達、資本コスト、資本構成:最適資本構成理論からみた1930年代における企業財務

戦間期日本企業の資金調達、資本コスト、資本構成:最適資本構成理論からみた1930年代における企業財務 1930 Modigliani and Miller [1958] 170 1930 2008 7 16 I E-mail: takashi.nanjou@boj.or.jp E-mail: cc00881@srv.cc.hit-u.ac.jp //2009.7 81 1. 1 2 M&A 3 4 1965 1969 1995 1995 1993 1 2008 2008 1985 2006 10 ROA

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