This study examines the capital structure of Japanese private firms. Using a dataset over a period of more than thirty years, the study shows that the leverage ratios of private firms remain stable over the long term and exhibit greater persistence than do those of public firms. Regression analysis shows that the firms’ future leverage ratios are significantly positively related to initial leverage ratios. Most of the variation in leverage ratios can be explained by unobservable factors. Private firms are found to have a significantly higher leverage ratio than public firms. Adjustment to the target leverage ratio is slower for private firms than for public firms, reflecting the high adjustment costs of the former.

中文翻译：

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资本结构的决定因素：来自日本私营公司的见解

本研究考察了日本私营企业的资本结构。该研究使用超过三十年的数据集，表明私营公司的杠杆率长期保持稳定，并且比上市公司的杠杆率表现出更大的持久性。回归分析表明，公司未来的杠杆率与初始杠杆率显着正相关。杠杆率的大部分变化都可以用不可观察的因素来解释。发现私营公司的杠杆率明显高于上市公司。民营企业对目标杠杆率的调整比上市企业慢，反映了前者的高调整成本。