We demonstrate how government deleveraging causes corporate distress in a distorted financial market. Our difference-in-differences (DID) analysis exploits China's top-down deleveraging policy in 2017, which targets shadow bank financing and reduces local governments' borrowing capacity. We find...

Within the sphere of financial management for Nigerian Deposit Money Banks (DMBs), the dividend payout ratio stands as a crucial indicator, influenced by a myriad of factors. This study scrutinized the impact of banks' specific factors, macroeconomic influences, and mergers and acquisitions on...

This paper aims to investigate the impact of corporate dividend policy on the capital structure in the Korean stock market. To distinctly discern the voluntariness of changes in corporate dividend policy, we analyze companies that, following a substantial increase, do not reduce dividends for...

This article undertakes a comparative analysis to investigate the distinctive determinants of capital structure in agricultural businesses located in Central and Eastern Europe (CEE) and Western Europe (WE). Given the unique financing characteristics inherent to agricultural enterprises and the...

Monitoring is one of the main activities explaining the existence of banks, yet empirical evidence about its effect on loan outcomes is scant. Using granular loan-level information from the Italian Credit Register, we build a novel measure of bank monitoring based on banks' requests for...

Bank holding companies (BHCs) can be complex organizations, conducting multiple lines of business through many distinct legal entities and across a range of geographies. While such complexity raises the costs of bank resolution when organizations fail, the effect of complexity on BHCs' broader...

Complexity of banks can have important ramifications for the performance and the risks of the banking system. Financial sector reforms that were implemented in the past decade have thus aimed to reduce and to better manage the risk implications of bank complexity. Yet, surprisingly little is...

We examine how investor-level tax incentives affect financing for start-ups using the introduction of a generous tax deduction for qualified angel and VC investment in China as a quasi-natural experiment. We find that the tax incentive increases funding for eligible start-ups, with stronger...

Using data on balance sheets of both financial and nonfinancial sectors of the economy, we use a "demand system" approach to study how lender composition and willingness to provide credit affect the relationship between credit expansions and real activity. A key advantage of jointly modeling the...