Ownership changes and access to external financing
نویسندگان
چکیده
منابع مشابه
Ownership changes and access to external financing
This paper examines access to external financing in the privatization context and provides new evidence on the effects of financing constraints on performance and investment. Ownership reforms increase firms’ reliance on external financing. Empirically, performance and investment changes around ownership reforms are increasing in country-level measures of access to credit. The presence of a sev...
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Access to external finance, such as bank loans or trade credit, is a key determinant of a firm’s ability to develop, operate, and expand. Economic researchers have studied how various macroeconomic and microeconomic factors influence such access; for example, it has been shown to depend on the macroeconomic environment, since economic downturns tend to limit firms’ ability to borrow and banks’ ...
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Countries need short, medium, and long-term investment plans for production growth and development. Different sources for these investments can be supplied through retained profit, stock issuance, and bank loans, or a combination them. Institutions and firms need huge amount of capitals for their survival, production, and also development of activities. In addition, these institutions and firms...
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External governance (e.g., takeover) and internal governance (e.g., ownership structure) are the most common mechanisms to solve the agency problem in a corporation. Cremers and Nair (2005) make the first effort to investigate one of the interactions between the two mechanisms by considering G-index and block shareholder ownership. This paper investigates the interaction between G-index and exe...
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Economic analysts were surprised by the collapse of the Thai baht in July 1997. In the months that followed, most of the so-called East Asian Tigers faced severe balance-of-payments crises, and a year later, in August 1998, the Russian ruble was devalued. As a result of this succession of crises, the economics profession rethought many of its views on macroeconomic management. Lessons were draw...
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ژورنال
عنوان ژورنال: Journal of Banking & Finance
سال: 2009
ISSN: 0378-4266
DOI: 10.1016/j.jbankfin.2008.12.016