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Informal or formal financing? Or both? First evidence on the co-funding of Chinese firms

Degryse, Hans; Lu, Liping; Ongena, Steven - 2013

The recent financial crisis has reopened the debate on the impact of informal and formal finance on firm growth in … developing countries. Using unique survey data, we find that in-formal finance is associated with higher sales growth for small … firms and lower sales growth for large firms. We identify a complementary effect between informal and formal finance for the …

Persistent link: https://www.econbiz.de/10012148700

Informal or formal financing? Or both? First evidence on the co-funding of Chinese firms

Degryse, Hans; Lu, Liping; Ongena, Steven - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2013

The recent financial crisis has reopened the debate on the impact of informal and formal finance on firm growth in … developing countries. Using unique survey data, we find that informal finance is associated with higher sales growth for small … firms and lower sales growth for large firms. We identify a complementary effect between informal and formal finance for the …

Persistent link: https://www.econbiz.de/10010674217

State-business relations and access to external financing

Tkachenko, Andrey - 2022

Firms' contractual relations with a state may give lenders a positive signal and facilitate access to debt. This paper studies the impact of public procurement contracts on ftrms' access to debt using an extensive survey of Russian manufacturing ftrms combined with accounting and procurement...

Persistent link: https://www.econbiz.de/10013432940

The dynamics of capital structure in transition economies

Nivorozhkin, Eugene - 2003

This paper uses a dynamic unrestricted capital structure model to examine the determinants of the private companies' target financial leverage and the speed of adjustment to it in two transition economies, the Czech Republic and Bulgaria.We explicitly model the adjustment of companies' leverage...

Persistent link: https://www.econbiz.de/10012148447

The Chinese government's new approach to ownership and financial control of strategic state-owned enterprises

Mattlin, Mikael - 2007

This paper reviews recent regulatory and policy changes that affect the Chinese central government's ownership and authority over the capital allocations of strategic state-owned enterprises (SOE).The paper examines the reform of the central government's relationship with key SOEs as a...

Persistent link: https://www.econbiz.de/10012148532

Risk-taking by Russian banks: do location, ownership and size matter?

Fungáčová, Zuzana; Solanko, Laura - 2008

The Russian banking sector has experienced enormous growth rates during the last 6-7 years. The rapid growth of assets …

Persistent link: https://www.econbiz.de/10012148565

Global and local sources of risk in Eastern European emerging stock markets

Fedorova, Elena; Vaihekoski, Mika - 2008

We study a pricing model for global and local sources of risk in six Eastern European emerging stock markets. Utilizing GMM estimation and an unconditional asset-pricing framework with and without time-varying betas, we perform estimations based on monthly data from 1996 to 2007 for Poland,...

Persistent link: https://www.econbiz.de/10012148571

Financial dollarization in Russia: causes and consequences

Ponomarenko, Alexey; Solovyeva, Alexandra; Vasilieva, Elena - 2011

empirical studies are examined in order to assess the growth losses of the Russian economy following the crisis of 2008, which …

Persistent link: https://www.econbiz.de/10012148655

Government intervention and institutional trading strategy: Evidence from a transition country

Yao, Yi; Yang, Rong; Liu, Zhiyuan; Hasan, Iftekhar - 2012

This study investigates the effectiveness of government intervention in rescuing bearish markets in a transition economy. Focusing on a pre- and a post-intervention period, the findings reveal that government intervention successfully rescued bearish markets in China and led to a fundamental...

Persistent link: https://www.econbiz.de/10012148664

Politically connected firms in Poland and their access to bank financing

Hasan, Iftekhar; Jackowicz, Krzysztof; Kowalewski, Oskar; … - 2014

This study investigates the relationship between politically connected firms and their access to bank financing in a post-communist eras in Poland. Overall, it finds that "recent" political connections do influence access to bank financing and the value of such connections increased during the...

Persistent link: https://www.econbiz.de/10012148719