@article{oai:nagoya.repo.nii.ac.jp:00031018,
 author = {GUO, Qunjing},
 issue = {2-3},
 journal = {経済科学},
 month = {Dec},
 note = {We compare cash policies of bank-dependent Japanese firms and their counterparts. Although the sample mean of cash saved by bank-dependent firms is slightly greater than that of their counterparts, we provide new evidence that bank-dependent firms have less excess cash than their counterparts because the former are relatively concerned with agency motive while the latter are relatively concerned with precautionary motive. The results are robust to whether firms are listed or non-listed. The sample mean of excess cash of the matched bank-dependent firms is lower than that of their counterparts by 0.2% point.},
 pages = {11--24},
 title = {Cash Policy of Bank-Dependent Corporations},
 volume = {68},
 year = {2020}
}