This paper examines the role of external debt financing (EDF) in shaping credit cycles and joint implications EDF flows growth for output volatility ten major emerging economies. We find that extreme phases—known as surge stop episodes—in are significantly associated with surges episodes shown by a panel multinominal logit estimation. However, association is asymmetric—EDF more likely to bring ...

This paper investigates how, in a developing country, where credit market and legal institutions are weak, firms' choice of organization form, i.e., noncorporate versus corporate, affects their access to capital markets. I use data from Indonesian manufacturers from 1992 to 1998 to show that incorporated firms are less reliant on internal financing than unincorporated firms. Moreover, a 1995 re...

I study the relation between firm debt structure and future financial flexibility. I consider how the total level of debt, maturity, security, and priority may potentially impact a firm’s ability to raise new financing and undertake profitable investments. I find that firms with lower total debt (high debt capacity) are more financially flexible. Lower leverage increases future new debt issues ...

I examine whether financial reporting quality and credibility affect firm financing and investment decisions. I use PCAOB inspections of non-U.S. auditors as exogenous shocks to the reporting quality of non-U.S. firms audited by PCAOB inspected auditors. I then use the subsequent public revelation of the inspection as exogenous shocks to the reporting credibility of non-U.S. firms that employ P...

The assets growth rate is influenced by several factors, namely internal factors and external factors. By considering these Muamalat Syariah Financing Bank (SFB) Harkat Bengkulu has a strategy so that can always increase from year to year. used develop market share in the form of multi-purpose financing. problem this study is, are there any influence asset SFB Sukaraja District, Seluma Regency ...

This article documents the instability and variation in public financing of public health functions at the federal and state levels. Trust for America's Health has charted federal funding for the Centers of Disease Control and Prevention, which in turn provides a major portion of financing for state and local public health departments, and has compiled information about state-generated revenue ...