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The relationship between trade credit, bank credit and financial structure : from firm-level non-linearities to financial development heterogeneity. A study on MENA firm-level data

Couppey-Soubeyran, Jézabel; Héricourt, Jérôme - HAL - 2011

Using a database of more than 1,100 firms in the MENA region, this article looks at the determinants of demand for trade credit, particularly access to bank credit, size, age and the quality of the firm's financial structure. We show that the difficulty of gaining acces to bank credit positively...

Persistent link: https://www.econbiz.de/10010605305

The Impact of Financial Development on the Relationship between Trade Credit, Bank Credit and Firm Characteristics

Couppey-Soubeyran, Jézabel; Héricourt, Jérôme - HAL - 2013

Using a database of more than 1,300 firms from six countries in the MENA region, we study the impact of financial development on the relationship between trade credit on the one hand and bank credit access and firm-level characteristics, especially financial health, on the other hand. Trade...

Persistent link: https://www.econbiz.de/10011025997

Microeconometric Evidence of Financing Frictions and Innovative Activity

Tiwari, Amaresh K.; Mohnen, Pierre; Palm, Franz; Loeff, … - CESifo - 2014

Using Dutch data we empirically investigate how financing and innovation vary across firm characteristics. We find that when firms face financial constraints, debt financing and innovation choices are not independent of firm characteristics, and R&D slows down. In the absence of financial...

Persistent link: https://www.econbiz.de/10010743448

Drivers and Obstacles to Banking SMEs: The Role of Competition and the Institutional Framework

Torre, Augusto de la; Pería, María Soledad Martínez; … - CESifo - 2009

Small and medium enterprises (SMEs) are important for employment and economic activity; however, they are perceived to …

Persistent link: https://www.econbiz.de/10004979421

The Volatility Curse: Revisiting the Paradox of Plenty

Ploeg, Frederick Van der; Poelhekke, Steven - CESifo - 2009

The volatility of unanticipated output growth in income per capita is detrimental to long-run development, controlling for initial income per capita, population growth, human capital, investment, openness and natural resource dependence. This effect is significant and robust over a wide range of...

Persistent link: https://www.econbiz.de/10005000394

CEO Compensation

Frydman, Carola; Jenter, Dirk - CESifo - 2010

This paper surveys the recent literature on CEO compensation. The rapid rise in CEO pay over the past 30 years has sparked an intense debate about the nature of the pay-setting process. Many view the high level of CEO compensation as the result of powerful managers setting their own pay. Others...

Persistent link: https://www.econbiz.de/10008799732

Subprime Crisis and Board (In-)Competence: Private vs. Public Banks in Germany

Hau, Harald; Thum, Marcel - CESifo - 2009

We examine evidence for a systematic underperformance of Germany’s state-owned banks in the current financial crisis and study if the bank losses can be traced to the quality of bank governance. For this purpose, we examine the biographical background of 593 supervisory board members in the 29...

Persistent link: https://www.econbiz.de/10005051557

Diversification and Ownership Concentration

Parigi, Bruno Maria; Pelizzon, Loriana - CESifo - 2005

We consider a mean-variance general equilibrium economy where the expected returns for controlling and non-controlling shareholders are different because the former are able to divert a fraction of the profits. We find that when investor protection is poor, asset return correlation affects...

Persistent link: https://www.econbiz.de/10005181426

Firm Performance, Financial Institutions and Corporate Governance in the Netherlands

Chirinko, Robert S.; Ees, Hans van; Garretsen, Harry; … - CESifo - 1999

This paper analyses the impact of share ownership, creditorship and networking by financial institutions on the performance of 94 Dutch non-financial firms in the period 1992-1996. We find a nonlinear relationship between firm performance and ownership by banks. Because of various defense...

Persistent link: https://www.econbiz.de/10005766022

European Integration - A Downward Bias in Employment Policies?

Andersen, Torben - CESifo - 2001

possibilities single countries perceive in pursuing employment policies. In a setting where trade is driven by comparative … advantages, and thus wagecompetitiveness plays an important role for employment, it is shown that there is a tendency that a bias … arises in employmentpolicies. Policies expanding private employment tend to be used too little, while policies harming …

Persistent link: https://www.econbiz.de/10005406218

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