Authorship：Lead author   Language：English   Publishing type：Research paper (scientific journal)   Publisher：Journal of Risk and Financial Management  

This study investigates the consequences of bank mergers on non-financial borrowers’ working capital management. We find evidence that bank mergers increase corporate cash holdings and decrease receivables and investments in inventories by reducing bank credit availability. Bank mergers also decrease trade credit used through the reduction in bank credit availability. These findings are new contributions to the literature, suggesting that borrowing firms find it more difficult to manage working capital after bank mergers occur and that bank-dependent firms find it more difficult to manage working capital than their non-dependent counterparts after mergers.

DOI： 10.3390/jrfm17050213

Scopus

Authorship：Lead author   Language：Japanese   Publishing type：Research paper (scientific journal)