Showing 1 - 10 of 635
We investigate the level and volatility effects of real exchange rates on the productivity growth of manufacturing … volatility affects productivity growth negatively, having access to foreign or domestic equity, or debt markets does not … than the rest. We detect, however, that rm productivity is positively related to having access to external credit …
Persistent link: https://www.econbiz.de/10011113720
levels. These findings continue to hold after controlling for firm heterogeneity due to differences in export orientation …, external indebtedness, profitability, productivity, size, industrial characteristics, and time-variant institutional changes. …
Persistent link: https://www.econbiz.de/10011111495
directly via the effect of productivity, one possible explanation is that PER Capita GDP is not good explanation for … productivity (.i.e. Labor productivity) differences; an increase (decrease) in relative efficiency of the distribution sector with … achieved. Model implies German Labor productivity to UK Labor productivity ratio doesn’t have significant influence on …
Persistent link: https://www.econbiz.de/10009325645
Using annual data (1970-2004), this study re-examined the hypothesis that exchange rate volatility may dampen export … economic integration in promoting export is also of concern to this study. The empirical evidence demonstrates that despite the …
Persistent link: https://www.econbiz.de/10011108275
This paper analyzes a source of financing for commodity producers known as a streaming loan, where the producer makes periodic payments in proportion to their level of production. Streaming loans functions like a cropshare contract, whereas fixed rate debt is like a wage contract. Thus,...
Persistent link: https://www.econbiz.de/10011274399
In contrast to the existing empirical research on the pecking order hypothesis which has been largely confined to the United States and a few other advanced countries, this paper attempts to test the hypothesis for an emerging economy through a case study of the Indian Corporate sector. A well...
Persistent link: https://www.econbiz.de/10011258879
This paper uses a new and comprehensive dataset to investigate the capital structure of non-financial firms in a major emerging market economy, Turkey. We study both statistical and economic significance of four types of leverage factors: Firm-specific, tax-related, industry-specific, and...
Persistent link: https://www.econbiz.de/10011259490
In a dynamic model of optimal security design, we show when firms should preserve "equity capacity" through choosing high target leverage or "debt capacity" through choosing low target leverage. Thereby, firms reduce a problem of underinvestment or overinvestment when they must raise future...
Persistent link: https://www.econbiz.de/10011259963
This paper reviews the impact of environmental variables on firms’ capital structure throughout the recent financial crises (dot.com bubble, subprime crisis, and European sovereign debt crisis). For the first time, the sovereign general gross debt and current account balance appear in the...
Persistent link: https://www.econbiz.de/10011260294
Building on the pecking order theory of Myers and Majluf, (1984) and Myers (1984), the present study empirically analyses the association between the board of directors’ composition and firm financing policies. Particularly, the fraction of independent directors on the board, the fraction of...
Persistent link: https://www.econbiz.de/10011260532