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The sources of financing constraints
Nikolov, Boris; Schmid, Lukas; Steri, Roberto - 2018
In order to identify the relevant sources of firms' financing constraints, we ask what financial frictions matter for corporate policies. To that end, we build, solve, and estimate a range of dynamic models of corporate investment and financing, embedding a host of financial frictions. We focus...
Persistent link: https://www.econbiz.de/10011976900
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Chapter 2. Agency, Information and Corporate Investment
Stein, Jeremy C. - 2003
This essay surveys the body of research that asks how the efficiency of corporate investment is influenced by problems of asymmetric information and agency. I organize the material around two basic questions. First, does the external capital market channel the right amount of money to each firm?...
Persistent link: https://www.econbiz.de/10014023874
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Bank Ownership, Firm Value and Firm Capital Structure in Europe
Baert, Lieven; Vennet, Rudi Vander - 2009
We investigate whether or not banks play a positive role in the ownership structure of European listed firms. We distinguish between banks and other institutional investors as shareholders and examine empirically the relationship between financial institution ownership and the performance of the...
Persistent link: https://www.econbiz.de/10011335540
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Bank ownership, firm value and firm capital structure in Europe
Baert, Lieven; Vander Vennet, Rudi - 2009
We investigate whether or not banks play a positive role in the ownership structure of European listed firms. We distinguish between banks and other institutional investors as shareholders and examine empirically the relationship between financial institution ownership and the performance of the...
Persistent link: https://www.econbiz.de/10011387095
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Institutional, Macroeconomic and Firm-Specific Determinants of Capital Structure : The African Evidence
Lemma, Tesfaye Taddese - 2012
The aim of this study is to empirically investigate the role of firm- industry-, institutional-, and macroeconomic-factors on a firm's capital structure decision in the context of nine African countries. To this end, we consider a sample of 986 non-financial firms over a period of 10 years...
Persistent link: https://www.econbiz.de/10013113804
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When Shareholders are Creditors : Effects of the Simultaneous Holding of Equity and Debt by Noncommercial-Banking Institutions
Jiang, Wei - 2014
This paper provides a comprehensive analysis of a new and increasingly important phenomenon: the simultaneous holding of both equity and debt claims of the same company by noncommercial-banking institutions ("dual holders"). The presence of dual holders offers a unique opportunity to assess the...
Persistent link: https://www.econbiz.de/10013069777
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Ownership Structure, Control Contestability, and Corporate Debt Maturity
Ben‐Nasr, Hamdi - 2015
The corporate governance literature has shown that self-interested controlling owners tend to divert corporate resources for private benefits at the expense of other shareholders. Such behavior leads the controlling owners to prefer long maturity debt to short maturity debt, to avoid frequent...
Persistent link: https://www.econbiz.de/10013014423
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How Does Long-Term Finance Affect Economic Volatility?
Demirgüç-Kunt, Asli - 2016
-term finance reduces growth volatility in crisis as well as non-crisis periods …
Persistent link: https://www.econbiz.de/10013000820
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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/10013169151
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Capital Structure Determinants of Small and Medium Capitalised Firms
Reddy, Krishna - 2017
structure of small and medium capitalised firms in Europe before and during the sovereign debt crisis period. The sample … capitalised firms have adjusted their capital structure during the sovereign debt crisis period and the speed of adjustment was … countries have increased during the crisis period. Our findings suggest that determinants of leverage for small and medium …
Persistent link: https://www.econbiz.de/10012957769