The Relationship between a Firm and its Primary Investors: An Application of the Agency Costs and Efficiency Models

摘要

Insights from the theory of corporate finance and organization theory are combined in the analysis of the relationship between a firm and those of its external investors that hold large percentages of its debt and/or equity. These types of investors are called primary investors, and it is argued that firms enhance their access to capital bey developing what Ouchi and Barney call clann assisted market relations with a small number of such investors. Implications of the theoretical discussion are tentatively tested using a sample of Japanese electronics firms. (Author)