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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 … beyond which further increases in leverage could lower TFP growth. -- Excess leverage ; bank efficiency ; market …
Persistent link: https://www.econbiz.de/10003944314
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Debt Maturity and the Effects of Growth Opportunities and Liquidity Risk on Leverage : Evidence from Chinese Listed Companies
Vijayakumaran, Sunitha - 2019
) to various attributes of the debt in firms' capital structure. This study examines the effects of growth opportunities …. We find a negative relationship between growth opportunities and leverage. Further, we find that while the proportion of … short-term debt attenuates the negative effect of growth opportunities on leverage, it negatively affects leverage as …
Persistent link: https://www.econbiz.de/10012867334
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Financial conservatism and shareholders' value
Yasmin, Ammara; Rashid, Abdul; Kausar, Saba - In: Global business & economics review 29 (2023) 2, pp. 229-246
Persistent link: https://www.econbiz.de/10014334954
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Financial conservatism of private firms
Bigelli, Marco; Martín-Ugedo, Juan Francisco; … - In: Journal of business research : JBR 67 (2014) 11, pp. 2419-2427
Persistent link: https://www.econbiz.de/10010402800
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Corporate Tax Avoidance and Debt Costs
Shevlin, Terry J. - 2019
We use path analysis to investigate how corporate tax avoidance is priced in bond yields and bank loan spreads. We find that approximately one half of the total effect of tax avoidance on bond yields is explained through the negative effect of tax avoidance on future pre-tax cash flow levels and...
Persistent link: https://www.econbiz.de/10012905394
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Corporate Tax Avoidance and Debt Costs
Shevlin, Terry J. - 2019
We use path analysis to investigate how corporate tax avoidance is priced in bond yields and bank loan spreads. We find that approximately one half of the total effect of tax avoidance on bond yields is explained through the negative effect of tax avoidance on future pre-tax cash flow levels and...
Persistent link: https://www.econbiz.de/10012866414
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Enlarging the Contracting Space : Collateral Menus, Access to Credit, and Economic Activity
Campello, Murillo - 2015
Recent reforms across Eastern European countries have given more flexibility and information to parties to engage in secured debt transactions. The menu of assets legally accepted as collateral was enlarged to include movable assets (e.g., machinery and equipment). Generalized...
Persistent link: https://www.econbiz.de/10013034688
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The effects of corporate bonds on employment : early evidence from Greece
Karagiannis, Sotirios; Thomakos, Dimitrios D. - In: Review of Economic Analysis : REA 12 (2020) 2, pp. 235-253
This study investigates the impact of corporate bonds issued by Greek listed firms on employment. Even though external financing and the effects on employment has been studied in the literature, we extend the existing literature by focusing for the first time on the specific role of corporate...
Persistent link: https://www.econbiz.de/10012269206
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Debt and productivity : evidence from firm-level data
Gomis, Roger M.; Khatiwada, Sameer - 2017
growth - the few that exists show that there is a positive relationship between debt and future productivity growth … finance negatively impacts growth - our paper contributes to this literature by examining whether this finding holds when we …
Persistent link: https://www.econbiz.de/10011582310
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Disagreement and flexibility : a theory of optimal security issuance and capital structure
Boot, Arnoud W. A.; Thakor, Anjan V. - 2002
In this paper we introduce flexibility as an economic concept and apply it to the firm’ssecurity issuance decision and capital structure choice. Flexibility is the ability to makedecisions that one thinks are best even when others disagree. The firm’s management valuesflexibility because it...
Persistent link: https://www.econbiz.de/10011332820