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Corporate debt and investment in the post-Covid world
Heresi, Rodrigo; Powell, Andrew - 2022
We study the relationship between corporate debt, corporate risk and firm-level investment, using a sample of 25,000 listed companies across 47 countries over the last two decades. We find higher leverage reduces investment but show the effect varies with risk, as measured by firm time-varying...
Persistent link: https://www.econbiz.de/10014495148
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Financial leverage and debt maturity targeting : international evidence
Gungoraydinoglu, Ali; Öztekin, Özde - In: Journal of risk and financial management : JRFM 14 (2021) 9, pp. 1-36
We provide evidence on leverage and debt maturity targeting in a large international setting. There are key differences …
Persistent link: https://www.econbiz.de/10012628492
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Cross-Country Evidence on the Importance of Auditor Choice to Corporate Debt Maturity
El Ghoul, Sadok - 2014
We examine the importance of Big Four audits in reducing agency costs evident in corporate debt maturity worldwide … for monitoring purposes. In additional analyses, we find that the role that auditor choice plays in debt maturity is …, our research implies that Big Four audits matter to corporate debt maturity, although the impact is isolated in firms …
Persistent link: https://www.econbiz.de/10013043358
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How Does Long-Term Finance Affect Economic Volatility?
Demirgüç-Kunt, Asli - 2016
In an approach analogous to Rajan and Zingales (1998), we examine how the ability to access long-term debt affects firm-level growth volatility. We find that firms in industries with stronger preference to use long-term finance relative to short-term finance experience lower growth volatility in...
Persistent link: https://www.econbiz.de/10013000820
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Labor Protection and Corporate Debt Maturity : International Evidence
Belkhir, Mohamed - 2016
This paper investigates the impact of labor protection on corporate debt maturity structure. We hypothesize that … stronger labor protection is conducive to a greater use of short-term debt maturity by firms. Using various country … maturity structure of corporate debt over-and-above economic, legal, and political factors identified in prior research …
Persistent link: https://www.econbiz.de/10013001174
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Financial Leverage and Debt Maturity Targeting : International Evidence
Gungoraydinoglu, Ali - 2020
We provide evidence on leverage and debt maturity targeting in a large international setting. There are key differences …
Persistent link: https://www.econbiz.de/10012852251
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The influence of cash flow volatility on firm use of debt of different maturities or zero-debt : International evidence
O'Connor Keefe, Michael; Nguyen, Huyen - 2022
The empirical international literature on the relationship between firm cash flow volatility and debt maturity and zero … associated with our measure of debt maturity at less than a 1% level of significance. Relative to unconditional means of debt … maturity, a one standard deviation increase in cash flow volatility implies a 2.57% decrease in the probability of firms using …
Persistent link: https://www.econbiz.de/10013306166
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Investment and the strategic role of capital structure in regulated industries : theory and evidence
Cambini, Carlo - In: Recent advances in the analysis of competition policy …, (pp. 259-285). 2012
Persistent link: https://www.econbiz.de/10014567406
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The impact of uncertainty on investment : a meta-analysis
Koetse, Mark J.; Groot, Henri L. F. de; Florax, Raymond … - 2006
In this paper we perform a meta-analysis on empirical estimates of the impact between investment and uncertainty. Since the outcomes of primary studies are largely incomparable with respect to the magnitude of the effect, our analysis focuses on the direction and statistical significance of the...
Persistent link: https://www.econbiz.de/10011349194
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The long-run real effects of banking crises : firm-level investment dynamics and the role of wage rigidity
Wix, Carlo - 2017
This paper studies the long-run effects of credit market disruptions on real firm outcomes and how these effects depend on nominal wage rigidities at the firm level. I trace out the long-run investment and growth trajectories of firms which are more adversely affected by a transitory shock to...
Persistent link: https://www.econbiz.de/10011755238