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Regulatory Independence and Political Interference: Evidence from EU Mixed-Ownership Utilities’ Investment and Debt
Cambini, Carlo; Rondi, Laura - Fondazione ENI Enrico Mattei (FEEM) - 2010
This paper examines the investment and financial decisions of a sample of 92 EU regulated utilities, taking into … independence matters for both investment and financial decisions. Investment increases under an Independent Regulatory Agency (IRA … privately controlled. Finally political orientation does matter, as firm investment increases under more conservative (pro …
Persistent link: https://www.econbiz.de/10008465522
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Capital Structure and Regulation: Does Ownership Matter?
Cambini, Carlo; Bortolotti, Bernardo; Rondi, Laura; … - Fondazione ENI Enrico Mattei (FEEM) - 2007
has a positive and significant effect on their investment levels. Our results are consistent with the theory that …
Persistent link: https://www.econbiz.de/10005423078
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Capital structure, executive compensation, and investment efficiency
Eisdorfer, Assaf; Giaccotto, Carmelo; White, Reilly - In: Journal of Banking & Finance 37 (2013) 2, pp. 549-562
affects the quality of the firm’s investment decisions. A larger leverage gap (i.e., a bigger difference between these two … ratios) leads to more investment distortions. Managers with more debt-like compensation components tend to under …-invest, whereas managers with larger equity-based compensation engage more in over-investment. Furthermore, investment distortion is …
Persistent link: https://www.econbiz.de/10010595282
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Leasing by small enterprises
Neuberger, Doris; Räthke-Döppner, Solvig - Institut für Volkswirtschaftlehre, Universität Rostock - 2012
Using internal data of a leasing company in Germany, we examine the determinants of the probability and use of leasing by small firms. We find that small and young firms are likely to be constrained on the leasing market but use leasing to increase their debt capacity. Beyond contract- and...
Persistent link: https://www.econbiz.de/10010986127
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Granularity of corporate debt
Choi, Jaewon; Hackbarth, Dirk; Zechner, Josef - Center for Financial Studies - 2013
larger and more mature firms, for firms with better investment opportunities, with higher leverage ratios, and with lower … levels of current cash flows. We also show that during the recent financial crisis especially firms with valuable investment …
Persistent link: https://www.econbiz.de/10010958706
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The Impact of Institutional Environment in Firms´ Capital Structure during the Recent Financial Crises
Alves, Paulo; Francisco, Paulo - Volkswirtschaftliche Fakultät, … - 2013
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
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Central and East European Corporate Finance: Between Commonality and Heterogeneity
Morar Triandafil, Cristina; Poanta, Dorina - In: Journal for Economic Forecasting (2011) 3, pp. 132-161
In order to reveal the corporate finance characteristics, we conduct a panel data study on companies located in five countries within the CEE area (the Czech Republic, Hungary, Poland, Romania and Slovakia). We identify common features in terms of capital structure and financial indicators...
Persistent link: https://www.econbiz.de/10009321280
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Determinants of the Cost of Debt and Their Influence on the Capital Structure
SEMENESCU, Andreea; BADARAU, Cristina - In: Timisoara Journal of Economics 4 (2011) 3(15), pp. 175-182
informational asymmetry between the firm and the lender, which is in mostly a bank. The banks finance the direct investment projects …
Persistent link: https://www.econbiz.de/10010553324
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Corporation Income Taxes and the Cost of Capital: A Revision
Kolari, James W.; Pareja, Ignacio Velez - MASTER CONSULTORES - 2010
The value of debt tax shields in foundational corporate valuation models by Nobel Laureates Modigliani and Miller (MM) continues to be a controversial issue that is central to our understanding of corporate finance. This paper argues that a fundamental valuation problem exists in the MM tax...
Persistent link: https://www.econbiz.de/10010762923
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Financial structure and Southern Italy firms’ growth
Sarno, Domenico - In: QA - Rivista dell'Associazione Rossi-Doria (2007) 2
This paper shows that the growth of firms in the Southern Italian (Mezzogiorno) regions is financed mostly by internal sources, since external financing is more problematic and costly. Hence firm growth is subject to financial constraints. The “financial growth cycle” these are used to...
Persistent link: https://www.econbiz.de/10005003928