Restructuring capital increases by Japanese companies: Focusing on differences in capital raising methods 

This study examines Japanese listed non-financial firms from 2010 to 2022 that issue equity to reduce debt. It finds that financially distressed firms are more likely to undertake such restructuring, and that preferred stock is more likely to be used in large-scale cases. The results suggest that financial distress and control concerns jointly shape security choice, highlighting the strategic role of preferred stock in Japan. 

SSRN

ID6493120