... 30% and bottom 30% ownership level. Research limitations/implications This study is limited to Japanese nonfinancial sector. The results implied that firms where the probability of managerial agency cost and expropriation of cash is high, the presence of FII mitigates the agency cost...

... Financial leverage Agency cost The purpose of the current paper is to investigate whether the relationship between capital structure and firm performance in small- and medium-size enterprises (SMEs) is moderated by credit risk. The previous literature suggests that SMEs play an important role...