2024/04/03 更新

写真a

タナカ タカノリ
田中 孝憲
TANAKA,Takanori
所属
商学部 教授
職名
教授
外部リンク

学位

  • 博士 (経済学)

研究キーワード

  • コーポレートファイナンス コーポレートガバナンス 応用計量経済学

研究分野

  • 人文・社会 / 金融、ファイナンス

学歴

  • 大阪大学   経済学研究科

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  • 神戸大学   文学部

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  • 大阪大学大学院   経済学研究科 博士前期課程

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  • 大阪大学大学院   経済学研究科 博士後期課程

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経歴

  • 関西大学商学部   教授

    2018年4月 - 現在

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  • 関西大学商学部   准教授

    2016年4月 - 2018年3月

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  • 立命館大学経済学部 准教授

    2011年4月 - 2016年3月

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  • 明治学院大学経済学部 専任講師

    2010年4月 - 2011年3月

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所属学協会

  • 日本経済学会、日本ファイナンス学会、日本金融学会、日本経営財務研究学会

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論文

  • Split bond ratings: evidence from local rating agencies in Japan

    田中孝憲

    Kansai University Working Paper   2023年

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  • Bank competition and the quality of management forecasts

    田中孝憲

    Kansai University Working Paper   2022年

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  • Gender diveristy on Japanese corporate boards 査読

    Takanori Tanaka

    Journal of the Japanese and International Economies   51   19 - 31   2019年

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    記述言語:英語   掲載種別:研究論文(学術雑誌)  

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  • Foreign institutional investors and corporate debt maturity

    田中 孝憲

    Kansai University Working Paper   2018年

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  • How do managerial incentives affect the maturity structure of corporate public debt? 査読

    Takanori Tanaka

    PACIFIC-BASIN FINANCE JOURNAL   40   130 - 146   2016年12月

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    記述言語:英語   掲載種別:研究論文(学術雑誌)   出版者・発行元:ELSEVIER SCIENCE BV  

    I examine the relation between managerial ownership and the maturity structure of corporate public debt by using a sample of newly issued Japanese corporate bonds. Firms with higher managerial ownership issue shorter maturity bonds. In addition, firms with higher managerial ownership have lower credit ratings and experience higher yield spreads. Finally, firms with higher managerial ownership exhibit higher firm performance and show a preference for risk-taking activities. Overall, my findings support the view that bondholders are concerned about wealth transfers from bondholders to shareholders through risk-taking activities and require firms with higher managerial ownership to issue shorter maturity bonds. (C) 2016 Elsevier B.V. All rights reserved.

    DOI: 10.1016/j.pacfin.2016.10.002

    Web of Science

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  • Foreign investors and corporate social responsibility: evidence from the career advancement of women in Japan

    Takanori Tanaka

    APPLIED ECONOMICS   47 ( 33 )   3510 - 3524   2015年

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    記述言語:英語   掲載種別:研究論文(学術雑誌)   出版者・発行元:ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD  

    I examine whether foreign investors invest in firms that encourage the career advancement of women by using data from a sample of Japanese firms during the period 2008-2011. First, I find that corporate governance reform and work-life balance practices facilitate the promotion of women to higher positions in firms. Furthermore, I find that foreign investors hold more shares of firms that encourage the career advancement of women. Overall, these results indicate that the career advancement of women, as a part of corporate social responsible activities, benefits foreign investors.

    DOI: 10.1080/00036846.2015.1016212

    Web of Science

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  • Corporate governance and the cost of public debt financing: Evidence from Japan

    Takanori Tanaka

    JOURNAL OF THE JAPANESE AND INTERNATIONAL ECONOMIES   34   315 - 335   2014年12月

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    記述言語:英語   掲載種別:研究論文(学術雑誌)   出版者・発行元:ACADEMIC PRESS INC ELSEVIER SCIENCE  

    This paper explores the relationship between corporate governance mechanisms and the cost of public debt financing in Japan. Using a sample of corporate bonds newly issued in Japan during the period 2005-2008, I find that CEO ownership is associated with higher yield spreads after controlling for other governance, bond, and firm characteristics. Founding family ownership is also positively related to yield spreads. In contrast, firms with large corporate shareholders enjoy lower yield spreads. These results are robust to various alternative specifications. Overall, my results indicate the importance of corporate governance mechanisms in Japanese corporate bond markets. J. Japanese Int. Economies 34 (2014) 315-335. Faculty of Economics, Ritsumeikan University, 1-1-1 Nojihigashi, Kusatsu, Shiga 525-8577, Japan. (C) 2014 Elsevier Inc. All rights reserved.

    DOI: 10.1016/j.jjie.2014.03.002

    Web of Science

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  • Gender diversity in the boards and the pricing of publicly traded corporate debt: Evidence from Japan

    Takanori Tanaka

    Applied Financial Economics   24 ( 4 )   247 - 258   2014年2月

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    記述言語:英語   掲載種別:研究論文(学術雑誌)  

    This article explores the impact of gender-diverse boards on the cost of publicly traded corporate debt. Using a sample of Japanese corporate bond issues, we find that firms with female outside directors enjoy lower cost of corporate public debt after controlling for corporate governance, bond and firm characteristics. In addition, the results using matching methods also show that the cost of corporate public debt is lower for firms with female outside directors. Overall, these findings indicate the importance of gender-diverse boards in corporate bond markets. © 2014 © 2014 Taylor &amp
    Francis.

    DOI: 10.1080/09603107.2013.877571

    Scopus

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  • The global financial crisis and small- and medium-sized enterprises in Japan: how did they cope with the crisis?

    Kazuo Ogawa, Takanori Tanaka

    SMALL BUSINESS ECONOMICS   41 ( 2 )   401 - 417   2013年8月

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    記述言語:英語   掲載種別:研究論文(学術雑誌)   出版者・発行元:SPRINGER  

    In this paper, we examine the nature of the shocks that hit the small- and medium-sized enterprises (SMEs) in Japan during the global financial crisis that occurred in the wake of the massive number of non-performing subprime loans in the U.S. We examine how the SMEs responded to the shocks, using the unique surveys that were conducted by the Research Institute of the Economy, Trade and Industry in 2008 and 2009. The shocks were identified as demand, supply, and financial shocks. The demand shock was the most prevalent of the shocks, while the financial shock was least frequent. The SMEs took a spectrum of measures against the demand shock by seeking help from suppliers and financial institutions. We find that the measures taken by the SMEs crucially depended on the bank-firm relationship as well as the customer-supplier relationship. The bank-dependent SMEs asked their closely-affiliated financial institutions for help, while the SMEs less dependent on financial institutions sought help primarily from their suppliers. A long customer-supplier relationship plays an important role in mitigating the supply shock.

    DOI: 10.1007/s11187-012-9434-z

    Web of Science

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  • Public debt financing, ownership structures and bankers on boards: evidence from Japan

    Takanori Tanaka

    APPLIED ECONOMICS LETTERS   18 ( 4 )   315 - 318   2011年

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    記述言語:英語   掲載種別:研究論文(学術雑誌)   出版者・発行元:ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD  

    This article provides new insights on determinants that affect the allocation of bankers to firm boards by focusing on the benefits and costs they bring to the boards. Using data on Japanese firms during the period 2003-2007, we find that firms with lower credit ratings have higher proportions of bankers on their boards to gain easier access to bank credit. In contrast, firms with large shareholders face potential costs arising from conflicts of interest between large shareholders and banks, and accept fewer bankers on their boards. The results indicate that availability of public debt financing and ownership structures are important factors affecting the allocation of bankers to firm boards.

    DOI: 10.1080/13504851003689650

    Web of Science

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  • Managerial entrenchment and corporate bond financing: evidence from Japan

    Takanori Tanaka

    APPLIED ECONOMICS LETTERS   17 ( 16 )   1571 - 1574   2010年

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    記述言語:英語   掲載種別:研究論文(学術雑誌)   出版者・発行元:ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD  

    This article investigates whether managerial entrenchment of controlling shareholders affects corporate bond financing. Using data on Japanese manufacturing firms, we find that firms with large corporate shareholders as controlling shareholders issue less straight corporate bonds than other firms. The results show that managerial entrenchment of controlling shareholders has an influential impact on corporate bond financing.

    DOI: 10.1080/13504850903051508

    Web of Science

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  • Does Trade Credit Provide Favorable Information to Banks? Evidence from Japan

    Takanori Tanaka

    Empirical Economics Letters   Vol.9 ( no.3 )   2010年

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  • Corporate Financing and Product Market Competition: Evidence from Firm-Level Data in Japan

    Takanori Tanaka

    Economics Bulletin   Vol.30 ( no.2 )   1373-1383   2010年

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講演・口頭発表等

  • Gender Diversity on Japanese Corporate Boards

    日本経済学会  2015年10月 

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  • Gender Diversity on Japanese Corporate Boards

    日本経営財務研究学会  2015年10月 

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  • Gender Diversity on Japanese Corporate Boards

    日本ファイナンス学会  2015年6月 

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  • Managerial Discretion and the Maturity Structure of Corporate Public Debt: Evidence from Japan

    日本経営財務研究学会  2014年10月 

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  • The Preference of Foreign Investors for Gender Diversity in Firms: Evidence from Japan

    日本ファイナンス学会  2014年6月 

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  • Gender Diversity in the Boards and the Cost of Public Debt: Evidence from Japan

    日本経営財務研究学会  2013年10月 

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  • Globalization and the Pricing of Corporate Public Debt: Evidence from Japan

    日本経済学会  2013年9月 

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  • Determinants of Equity Ownership: Evidence from Foreign Investors and Financial Institutions in Japan

    日本経済学会  2011年10月 

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  • Corporate Governance and Debt Maturity Structure: Evidence from Japan

    日本経済学会  2011年5月 

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  • Corporate Governance and Debt Maturity Structure: Evidence from Japan

    日本ファイナンス学会  2011年5月 

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  • Corporate Governance and the Costs of Debt Financing: Evidence from Japan

    日本経済学会  2010年6月 

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  • Corporate Governance and the Costs of Debt Financing: Evidence from Japan

    日本ファイナンス学会  2010年5月 

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  • Managerial Entrenchment and Corporate Financing Decisions: Evidence from Japanese Business Groups

    日本経済学会  2009年6月 

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  • Managerial Entrenchment and Corporate Financing Decisions: Evidence from Japanese Business Groups

    日本ファイナンス学会  2009年5月 

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  • Large Shareholders and Banks in Japan: Substituting Roles between Managerial Disciplines

    日本経済学会  2008年5月 

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  • Perverse Bank Incentive and Market Competition: Evidence from Japan

    日本経済学会  2007年6月 

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  • A Lost Decade Revisited: Zombie Firms and Inefficient Labor Allocation

    日本経済学会  2006年6月 

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社会貢献活動

  • 滋賀大学経済経営研究所 客員研究員

    2024年4月

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  • 日本経営財務研究学会 西日本部会 幹事

    2019年10月 - 2022年9月

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  • 日本経営財務研究学会2021年度西日本部会 実行委員

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  • 日本金融学会2023年度春季大会プログラム委員

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  • 日本金融学会2016年度秋季大会準備委員

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  • 日本経営財務研究学会2017年全国大会実行委員

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