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Family ownership, workplace closure and the recession
Bryson, Alex; Dale-Olsen, Harald; Gulbrandsen, Trygve - 2016
Using nationally representative Norwegian data we show family-owned workplaces are less likely to close than observationally similar non-family-owned workplaces. But this changed during the Crisis when the family businesses' closure hazard soared. This hike in 2009 was not related to performance...
Persistent link: https://www.econbiz.de/10011457366
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Gains from early support of a new political party
Leonardi, Marco; Mossucca, Rossella; Schivardi, Fabiano; … - 2019
We study the potential benefits and mechanisms of firms' political connections by analyzing the Italian experience, where, in the early nineties, Silvio Berlusconi, a rich TV tycoon, became the leader of the conservative political coalition. Using firm-level data, we find that the 101 companies...
Persistent link: https://www.econbiz.de/10012063531
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Excess leverage and productivity growth in emerging economies : is there a threshold effect?
Coricelli, Fabrizio; Driffield, Nigel L.; Pal, Sarmistha; … - 2010
The paper examines the relationship between leverage and growth in a group of emerging central and eastern European … moderate leverage could boost growth while very high leverage could lower it by increasing the likelihood of financial distress … various firm, industry and financial market characteristics. We also endogenously determine a threshold level of leverage …
Persistent link: https://www.econbiz.de/10003944314
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Financial distress and the role of management in micro and small-sized firms
Alexandre, Fernando; Cruz, Sara; Portela, Miguel - 2020
In this paper, we focus on managerial characteristics of micro and small-sized firms. Using linked employer-employee data on the Portuguese economy for the 2010-2018 period, we estimate the impact of management teams' human capital on the probability of firms becoming financially distressed and...
Persistent link: https://www.econbiz.de/10012294788
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Impact of financial crises on dynamics of capital structure : evidence from Korean listed companies
Tsoy, Lyubov; Heshmati, Almas - 2017
effect on companies' debt ratio and the speed of their adjustment toward optimal leverage. The empirical analysis revealed … debt ratio of Korean chaebols is higher than that of non-chaebols. Moreover, the high level of leverage is associated with … tangible assets, income variability, size and age of the firm, non-debt tax shield, and uniqueness. …
Persistent link: https://www.econbiz.de/10011612999
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How successful are banking sector reforms in emerging market economies? : evidence from impact of monetary policy on levels and structures of firm debt in India
Bhaumik, Sumon Kumar; Kutan, Ali Mustafa; Majumdar, Sudipa - 2016
and the associated change in interest rate does not affect change in bank credit, change in total debt and the proportion … of bank credit in total debt for any of the firms. We discuss the policy implications of the findings. …
Persistent link: https://www.econbiz.de/10011493763
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The interdependence of R&D activity and debt financing of young firms
Fryges, Helmut; Kohn, Karsten; Ullrich, Katrin - 2011
We investigate the interdependence of debt financing and R&D activities of young firms. Using micro-level data of the … characteristics of the founders for explaining young firms' leverage, whereas firm characteristics and human capital of both founders … detected by merely estimating single-equation models for R&D intensity and debt financing. -- innovation financing ; capital …
Persistent link: https://www.econbiz.de/10009523478
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Evolution of capital structure in East Asia : corporate inertia or endeavours?
Driffield, Nigel L. (contributor);  … - 2008
The present paper examines the capital structure adjustment dynamics of listed non-financial corporations in seven East Asian countries during 1994-2002. Compared to firms in the least affected countries, average leverages were much higher among firms in the worst affected countries while the...
Persistent link: https://www.econbiz.de/10003693700
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Convergence in institutions and market outcomes : cross-country and time-series evidence from the BEEPS surveys in transition economies
Mitra, Pradeep K. (contributor);  … - 2008
This paper uses the BEEPS firm-level data to study the process of convergence of transition countries with developed market economies. The primary focus of the study is on competition and market structure, finance and the structure of lending to firms, and how firms respond to the economic...
Persistent link: https://www.econbiz.de/10003782478
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How do labor representatives affect incentive orientation of executive compensation?
Dyballa, Katharina; Kraft, Kornelius - 2016
Contrary to previous literature we hypothesize that labor's interest may well – like that of shareholders – aim at securing the long-run survival of the firm. Consequently, employee representatives on the supervisory board could well have an interest in increasing incentive-based...
Persistent link: https://www.econbiz.de/10011526742