Similar Search Results

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

Banks vs. markets: Are banks more effective in facilitating sustainability?

Newton, David P.; Ongena, Steven; Xie, Ru; Zhao, Binru - 2022

Is bank- versus market-based financing different in its attitudes towards Environmental, Social, and Governance (ESG) risk? Using a novel sample covering 3,783 U.S. public firms from 2007 to 2020, we study how firm-level ESG risk affects its financing outcomes. We find that companies with higher...

Persistent link: https://www.econbiz.de/10013191631

Financing nascent industry: Leverage, politics, and performance in Imperial Russia

Gregg, Amanda; Nafziger, Steven - 2020

This paper explores the dynamics of corporate finance during the early stages of industrial growth by examining a newly …

Persistent link: https://www.econbiz.de/10012614229

City commercial banks and credit allocation: Firm-level evidence

Kang, Shulong; Dong, Jianfeng; Yu, Haiyue; Cao, Jin; … - 2021

This paper investigates how government-led banking liberalization affects credit allocation by banks using as a quasi-natural experiment the establishment of city commercial banks (CCBs) in China. Based on more than three million corporate financial statements spanning over 16 years, we find...

Persistent link: https://www.econbiz.de/10012614253

Managerial and financial barriers to the net-zero transition

Martin, Ralf; Muûls, Mirabelle; Schweiger, Helena - 2021

We use data on 11,233 firms across 22 emerging markets to analyze how credit constraints and low-quality firm management inhibit corporate investment in green technologies. For identification we exploit quasi-exogenous variation in local credit conditions and in exposure to weather shocks. Our...

Persistent link: https://www.econbiz.de/10012614255

Does a financial crisis change a bank's exposure to risk? A difference-in-differences approach

Mäkinen, Mikko - 2021

Can a major financial crisis trigger changes in a bank's risk-taking behavior? Using the 2008 Global Financial Crisis as a quasi-natural experiment and a difference-in-differences approach, I examine whether the worst crisis-hit Russian banks - the banks that have strong incentives to...

Persistent link: https://www.econbiz.de/10012614257

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