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1
Miao, Meng. "Financial constraints in emerging markets." Thesis, University of Oxford, 2015. http://ora.ox.ac.uk/objects/uuid:aaf1fe1c-660b-4514-a3e0-f466ec825438.
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In this thesis I explore two factors that impose constraints for external finance of firms in Emerging market, the lack of property rights protection and the absence of political connections. I demonstrates that strengthening of property rights protection and sustaining tighter political connection is beneficial for firms external finance.
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Thisadoldilok, Chatchai. "Form of ownership and financial constraints." Bangkok, Thailand : Faculty of Economics, Thammasat University, 2004. http://catalog.hathitrust.org/api/volumes/oclc/56680669.html.
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Wiegand, Manuel. "Credit constraints during the financial crisis." Diss., Ludwig-Maximilians-Universität München, 2014. http://nbn-resolving.de/urn:nbn:de:bvb:19-182544.
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Macoris, Lucas Serrão. "Do minority acquisitions relieve financial constraints?" Universidade de São Paulo, 2018. http://www.teses.usp.br/teses/disponiveis/18/18157/tde-22102018-095334/.
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This study intends to examine the occurrence and effectiveness of minority block transactions in the presence of financial constraints in target firms. Minority transactions represent a strategic decision with specific characteristics if compared to the various forms of integration. In fact, several authors claim that minority block transactions may represent an alternative to alleviate financial constraints. However, there are still few studies that empirically address the relationship between financial constraints and the occurrence of such transactions. More specifically, there is no empirical evidence that states that minority transactions actually ease targets\' financial restrictions and foster corporate investment. Using a panel composed of approximately 12.000 deals, results show a positive relationship between the presence of financial constraints in target firms and the occurrence of minority transactions. Moreover, there is a significant difference between on the growth of investment and leverage indicators of target firms\' related to its counterfactuals after deal completion, indicating the effectiveness of minority transactions in alleviating such companies\' restrictions.Este trabalho pretende examinar a ocorrência e a efetividade de transações minoritárias de participação na presença de restrições financeiras nas empresas alvo. Transações minoritárias em empresas representam uma decisão estratégica com características peculiares em relação aos diversos tipos de integração empresarial. De fato, diversos autores afirmam que transações de partes minoritárias de empresas podem representar uma alternativa para aliviar restrições financeiras. No entanto, ainda existem poucos estudos que analisam empiricamente a relação entre restrições financeiras e a ocorrência de tais transações. Mais especificamente, não há evidência empírica que afirme de fato que compras minoritárias de participações em empresas podem aliviar suas restrições financeiras ao investimento. Utilizando um painel composto de aproximadamente doze mil transações minoritárias feitas entre adquirentes americanos e alvos internacionais, os resultados demonstram uma relação positiva entre a presença de restrições financeiras ao investimento em empresas e a ocorrência de transações minoritárias. Adicionalmente, há uma diferença significativa entre os indicadores de crescimento e alavancagem das firmas alvo em relação aos seus contrafactuais após o período da transação, indicando a efetividade dos processos de transações minoritárias em relaxar as restrições financeiras das empresas.
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Kasseeah, Harshana. "Financing decisions and financial constraints : evidence from the UK and China." Thesis, University of Nottingham, 2008. http://eprints.nottingham.ac.uk/10523/.
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Firms are the engines of growth in any economy. It is therefore important to study how they finance themselves, as this may have a direct impact on the overall growth rate of the economy. A firm can choose whether to finance its activities with equity, debt, or both. An optimal capital structure is that mix of internal and external finance (debt and/or equity) that optimizes the value of a firm. Therefore, the question of how to finance or equivalently from where to borrow becomes a crucial decision. In each chapter of this study, we study the financing decisions of a different set of firms faced with financial constraints. The two countries we focus on are the UK and China. Our study examines two types of firms in the UK. We first study listed firms and examine how financial constraints affect their leverage decisions. Next, we focus on the financing decisions of small and medium-sized enterprises (SMEs), as these firms are more likely to suffer from financial constraints. To examine financial constraints, we use both conventionally used indicators of financial constraints and new indicators. Our study on China is mainly based on listed manufacturing Chinese firms. China is currently the largest developing and transition economy in the world. It is interesting to study the financing behaviour of manufacturing firms in China as manufacturing is believed to be the main engine behind the Chinese growth miracle. We account for factors specific to the Chinese case to determine if the leverage decisions of Chinese firms are similar to those of firms in other parts of the world. We also examine the cash holding decisions of Chinese firms as these firms seem to be highly financially conservative. Our results indicate that firms tend to follow a financial hierarchy in their financing patters and that the preferred source of external finance of most firms, whether in the UK or China, remains leverage. However firms tend to reduce their leverage when they experience an increase in their internal funds, which points towards a financially conservative behaviour. This needs to be accounted for in policy decisions that are mainly formulated on the supply side.
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Ugarte, Ruiz Alfonso. "Investment, perception of risk and financial constraints." Doctoral thesis, Universitat Pompeu Fabra, 2011. http://hdl.handle.net/10803/22670.
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This thesis studies how firms’ investment and credit are affected by different financial
imperfections related to firm and bank learning, relationship lending and financial
wealth. After reviewing in chapter 2 the related literature, in chapter 3 I investigate the
main determinants of different types of financial constraints, such as credit rationing
and excessive cost of debt, by constructing new measures of these problems based on
qualitative data. I then develop in chapter 4 a model of firm investment with financial
constraints and Bayesian learning that provides a new framework to analyze the
problem of asymmetric learning between a bank and a firm and its effect on a firm’s
investment decision. This model is used to investigate, theoretically and empirically, the
relationship between firms’ investment and internal funds in the presence of limited
information, learning and bankruptcy costs, providing new arguments to support a ushaped
curve theory of investment and internal funds. Finally, in chapter 5 this model is
used to analyze how relationship lending affects the evolution of interest rates during
the life cycle of firms.Esta tesis estudia cómo la inversión y el crédito están afectados por diferentes imperfecciones financieras relacionadas con el aprendizaje, las relaciones de crédito y la riqueza financiera. Luego de revisar la literatura relacionada, en el Capítulo 3 se investiga los principales determinantes de distintas restricciones financieras relacionadas con el acceso y las condiciones del crédito, mediante la construcción de nuevos indicadores de estos problemas. Luego, en el Capítulo 4 se desarrolla un modelo de inversión con restricciones financieras y aprendizaje Bayesiano que provee un nuevo marco para analizar el problema del aprendizaje asimétrico entre un banco y una firma y su efecto en las decisiones de inversión de esta última. Dicho modelo es utilizado para investigar de forma teórica y empírica la relación entre la inversión y los recursos propios en la presencia de información asimétrica, aprendizaje y costes de quiebra, obteniendo nuevos argumentos para apoyar la teoría de una relación en forma de U entre la inversión y los recursos propios. Finalmente, en el Capítulo 5 se estudia como una relación de crédito afecta la evolución de los tipos de interés durante el ciclo de vida de las firmas.
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Yue, Feng. "Financial constraints and firms’ activities in China." Thesis, Durham University, 2011. http://etheses.dur.ac.uk/1407/.
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The understanding the effects of financial constraints and firms’ activities is an important issue from both macroeconomics and microeconomics perspectives. The recent development of the asymmetric information approach has established a link between finance and the real activity. A good understanding of the effects of financial constraints and firms’ activities would provide valuable information about the mechanism through which monetary policy affects real economic activities and the understanding of the macroeconomic dynamics. From a microeconomics perspective, the study of the effects of financial constraints also contributes to the understating of firms’ corporate finance behaviors and the importance of firm heterogeneity in firms’ activities. This research uses two large samples of firm-level panel data from China to study the effects of financial constraints on three key firm activities. First, using an Euler equation investment model, we empirically study the effects of financial constraints on firms’ fixed investment in China over the period 1998-2005. We find strong evidence indicating there is a “lending bias” at work. Where the state-owned enterprises and collectively owned enterprises are less financially constrained that privately owned firms. The evidence also suggests that listed firms are more financially constrained than unlisted firms. Moreover, the results indicate that the presence of foreign ownership helps to reduce the level of financial constraints faced by firms. Second, we use an error correction model augmented with cash flow to test the effects of financial constraints on firms’ inventory investment in China with emphasis on the firm heterogeneity. We find that cash flow is an important determinant for inventory investment of privately owned firms, foreign owned firms, firms with no political affiliations to the central or local governments. The result also suggests that the level of financial constraints faced by firms increased over the study period. Last, we test whether there is a link between financial factors and firms’ export decisions in China. We find that firms’ liquidity and leverage levels are important determinants of firm’s exports participation decisions, where the effects are strongest for privately owned firms. When we focus on the exports participation decision of the private firms, we find financial factors are particular important for firms that are smaller, younger and with no political affiliations.
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Hawkins, Penelope Anne. "Financial constraints and the small open economy." Thesis, University of Stirling, 2000. http://hdl.handle.net/1893/21628.
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The thesis develops a new model of the small open economy emphasizing financial constraints, based on the notion of liquidity preference as a constraining tendency on the income adjustment process. Preference for liquid assets results in a number of financial states of constraint, such as financial vulnerability, financial exclusion and financial fragility. These are explored in a regional and international context. Openness brings with it new opportunity as well as potential constraints. Models of small open economies have in general assumed away the latter and have neglected the consequences of financial openness. This is reflected in the absence of a means to identify economies as small and open on the basis of their financial exposure. The financial vulnerability index is developed to address this deficit. Applied to twenty-one countries, the index reveals that emerging countries can be classified as small open economies constrained by preference for liquid assets. Policies designed with the conventional approach to constraints in mind appear to be inappropriate for these countries. The concept of constraints has rarely been dealt with explicitly and a possible categorisation of constraints for mainstream and Post Keynesian schools is developed. It proves to be a useful point of entry for grasping ontological differences between schools. It also provides insights into the constraining tendencies facing the small open economy, and how they can be managed. When these insights are applied to the South African economy, the current macroeconomic policy, and critiques thereof, are found to be wanting.
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Macchiavello, Rocco. "Financial constraints, industry structure and firm's boundaries." Thesis, London School of Economics and Political Science (University of London), 2007. http://etheses.lse.ac.uk/1976/.
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The first part of this Thesis analyzes the impact of financial constraints (FC) on industrial structure. Chapter 1 presents a model that disentangles several effects of FC on entry, turnover, productivity and firms size distribution. The framework is applied in Chapter 2 which develops an industry equilibrium model of vertical integration under contractual imperfections with specific input suppliers and external investors. I assume that vertical integration economizes on the needs for contracts with specific input suppliers at the cost of higher financial requirements. I show that the two forms of contractual imperfections have different effects on the degree of vertical integration, and that contractual frictions with external investors affect vertical integration through two opposing channels: a direct negative, investment, effect and an indirect positive, entry, effect. Using cross-country- industry data, I present novel evidence on the institutional determinants of international differences in vertical integration which is consistent with the predictions of the theoretical model. In particular, I show' that countries with more developed financial systems are relatively more vertically integrated in industries that are dominated by large firms. The second part (Chapter 3) asks whether vertical integration reduces or increases transaction costs with external investors. I build a model in which a seller produces a good that can be used by a buyer, or sold on a spot market. The buyer and the seller have no cash, need to finance investments for production, and can not foresee in advance whether the input is most efficiently traded on the spot market or among each other. I assume that ownership of physical assets gives control over contracting rights to those assets, that financial streams get transferred with ownership and that returns can not be perfectly verified. The net balance of the costs and benefits of integration in terms of pledgeable income depends on the relative intensities of a positive "profits-pooling" effect against a negative "de-monitoring" effect. I find that larger projects, more specific assets, and low' investors protection are determinants of vertical integration. I discuss joint liability contracts between non integrated firms and how contractual externalities among investors favor integration.
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Condori, Edison Alejandro Flores. "Do Peruvian financial intermediaries face financial constraints? Evidence from a regulatory change." reponame:Repositório Institucional do FGV, 2017. http://hdl.handle.net/10438/17836.
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Financial intermediaries as of microfinance institutions represent a significant source of funds in emerging markets. Microfinances in the Peruvian banking market faced a high evolution, creating a great environment for its development. Thus, in the last 8 years Peru became one of the leading countries in microfinancing practice, while the economy also experimented sustainable growth rates above the average of the region. However, studies about financial intermediaries mainly in microfinance institutions are still few for emerging market contexts. Literature also demonstrates the importance of financial intermediaries as well as a series of financial frictions at their liquidity provision activities as economic agents. Therefore, this study aims to identify whether financial intermediaries in Peru face funding constraints, using a quasi-exogenous event (change in regulation) that allowed small financial intermediaries to increase the scope of their lending activities. We compare these institutions to banks that were not affected by the regulatory change. Our sample is the universe of Peruvian financial intermediaries between 2004 and 2014. Results found in the Diff-in-Diff model indicate that small financial intermediaries, are financially constrained as they increase their costs of funding compared to large banks after the regulatory shock. Our results suggest that cost of deposits matters in a context of credit expansion in an emerging market. These findings evidence the existence of financial market frictions in an emerging economy.
Os intermediários financeiros como as instituições de micro finanças representam uma fonte significativa de fundos em mercados emergentes. As micro finanças no mercado bancário peruano tiveram uma grande evolução, criando um bom ambiente para seu desenvolvimento. Assim, nos últimos 8 anos o Peru tornou-se um dos principais países na prática de micro finanças, enquanto a economia também experimentou taxas de crescimento sustentáveis acima da média da região. No entanto, estudos sobre intermediários financeiros, principalmente em instituições de micro finanças, ainda são poucos para contextos de mercados emergentes. A literatura também demonstra a importância dos intermediários financeiros, bem como uma série de fricções financeiras em suas atividades de provisão de liquidez como agentes econômicos. Ao respeito disso, este estudo tem como objetivo identificar se os intermediários financeiros no Peru enfrentam restrições de financiamento, sando um choque quase exógeno (mudança de regulação), que aumentou o escopo de operações de crédito de intermediários de pequeno porte, comparando-as aos bancos, que não foram afetados pela medida regulatória. A amostra utilizada é o universo de intermediários financeiros peruanos entre 2004 e 2014. Os resultados encontrados no modelo Diff-in-Diff, indicam que os intermediários financeiros pequenos, são financeiramente restritos, uma vez que o seu custo de captação aumenta em relação ao dos bancos após o choque regulatório . Os resultados sugerem que o custo dos depósitos tem um papel importante num contexto de expansão de crédito num mercado emergente. Esses resultados evidenciam a existência de fricções nos mercados financeiros de uma economia emergente.
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Alnamlah, Abdullah Khaled. "Corporate Leverage, Constraints, and Compliance." ScholarWorks@UNO, 2019. https://scholarworks.uno.edu/td/2660.
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The first chapter evaluates the zero-leverage effect on firms' financial constraints. Moreover, using investment- and cash-to-cash-flow sensitivities as financial constraint indicators, the results suggest that unleveraged firms are expected to face lower constraints relative to leveraged firms. Lastly, the results indicate that the zero-leverage effect on firms’ financial constraints is more likely stronger for smaller firms, zero-dividend firms, firms with lower proportions of tangible assets, and growth firms. The second chapter develops a new quantitative measure that reflects the extent to which a firm complies to Shariah relative to the other firms located in a certain region at a certain time. This measure can be customized to be consistent with each investor’s objectives, constraints, and beliefs. We argue that the use of this measure is preferable to the existing use of ratio thresholds for the following two reasons. First, it is more Shariah-appropriate because it provides the Shariah-compliant investor with a clear understanding of the relative compliance status of each firm he wishes to invest in. Second, it can be incorporated into any portfolio optimization model to create a balance between improving Shariah compliance and not compromising investment returns.
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Platikanov, Stefan. "Essays on corporate investments, learning, and financial constraints." Connect to online resource, 2007. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:3273714.
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Poon, Doris Sum Yee. "Essays on nominal rigidities, financial constraints and transfers." Thesis, University of British Columbia, 2009. http://hdl.handle.net/2429/15885.
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One principal research in macroeconomics is concerned with the importance of nominal rigidities. This dissertation applies nominal rigidities in closed- and open-economy models to study issues on firms’ pricing decisions, optimal monetary policy in a financially constrained economy, and the choice of exchange rate regime in the presence of transfer problem. Chapter 1 presents empirical evidence for price and wage stickiness, and the development of models with nominal rigidities in macroeconomics and international finance.
Chapter 2 incorporates state-dependent pricing in a closed-economy model to
explain the asymmetric responses of output and prices to monetary shocks. The model
focuses on the effects of strategic complementarity and substitutability in firms’ pricing decisions, as well as the mixed strategies used by an individual firm. The strategic interactions among firms’ pricing decisions lead to asymmetric response of prices and output to monetary shocks. The model implies asymmetries in positive versus negative monetary shocks, and the asymmetric responses are affected by the degree of real rigidity in marginal cost, the magnitude of price-adjusting costs and the market power of an individual firm.
Chapter 3 studies the optimal monetary policy of a small open economy with nominal rigidities and exchange-rate sensitive collateral constraints. This model attempts
to explain the observed monetary policy behaviour of emerging markets. The model
implies pro-cyclical optimal monetary policy when the collateral constraint binds, and
an economy with large external shocks that may favour a fixed exchange rate, which
are consistent with the observed features of monetary policy used by emerging markets.
The last chapter studies the transfer problem using a two-country DSGE model
with nominal rigidities. The model compares the effects of a transfer shock under
flexible and sticky wages, as well as under fixed and floating exchange rate regimes.
The results of this model are consistent with the conventional wisdom in international
macroeconomics with nominal rigidities, which suggests that a flexible exchange rate can help reduce internal instability after some negative shocks via exchange rate ad
justment. However, the welfare analysis of this model implies the donor country is
better off to maintain the gold standard instead of going to a floating exchange rate,
even with nominal rigidities.
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Spaliara, Marina-Eliza. "Essays on financial constraints, technology and firm survival." Thesis, University of Nottingham, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.478992.
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Janíčko, Martin. "Essays on Financial Innovation, Credit Constraints, and Welfare." Doctoral thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-165930.
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The submitted thesis is composed of three different articles dealing with issues of financial innovation, credit constraints, and their impact on welfare. The first article treats the contemporary theoretical grasp of the interaction between the financial and real economies, focusing primarily on the role of modern financial innovation in the business cycle. For this purpose, a framework promoted by the Regulation School and Post Keynesians is frequently employed, whilst some other unorthodox streams and mainstream economics are partially discussed as well. All of them aspire -- either per se or under the pressure of the contemporary economic agenda -- to clarify the evolution of financial innovation and credit in the recent era. It is generally found that certain consensus across the schools of economic thought exists, but some of them have done a better job in predicting the consequences of the financial innovation for real economic activity than others. Further, two dynamic macroeconomic models are developed in order to, inter alia, identify the possible effects of extended credit availability presented in the former article on the example of the housing market, and simulate the effects of housing price changes on general welfare. Clearly, this part of the thesis exhibits the indirect consequences of financial innovation as, once again, being rather ambiguous: after having partially unleashed the unprecedented credit granting in the economy, impacting interest rates and loan-to-value ratios, with a subsequent impact on housing prices, it has also influenced credit constrained and unconstrained households in a different manner. Based on an analysis of the situation using partial and general equilibrium analytical frameworks, two somewhat different conclusions are drawn up with respect to the occurrence of various shocks in the models. Under the partial equilibrium framework the effects of relaxation of credit constraints are visible and quite straightforward, indicating relatively simple and intuitive relationship between the price appreciation and general welfare. This is primarily perspicuous for the credit constrained households. In the general equilibrium framework, on the other hand, the transitional dynamics of shock proliferation is more transparent and the impact on credit constrained vs. unconstrained households is more ambiguous and much different from the basic intuition used in the article anchored in the partial equilibrium toolbox.
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Guzman, Maria Gabriela Serrano. "The impact of financial development, financial constraints and capital controls on stock returns." Universidade de São Paulo, 2017. http://www.teses.usp.br/teses/disponiveis/18/18157/tde-21122017-113338/.
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The aim of this work is to examine the impact of financial development, financial constraints and capital control on stocks market returns. The research looks into stock returns of emerging and developed economies over the period of 2004-2016 by using data, both by firm-level and country level, from 88 developed and emerging countries. Furthermore, the KZ, WW and SA indexes were used to classified as being financially constrained and financially unconstrained and the level of capital control of each group of countries is interacted with financial constraints. We aim to determine the relationship between the variables used as the measurement (depth, access, efficiency and stability) of financial development of a country, the financial constraint and capital control and their relationship to the stock market returns. Previous research focusing on stock market returns have dealt with different influences affecting the stock returns; however, the literature examining the influence of capital control on stock return is scarce. Our results suggest that the extended Fama and French three-factor model including macroeconomic and financial development variables and considering the presence of financial constraints help in the understanding in their impact on asset pricing for emerging and developed countries alike.Este trabalho tem por objetivo examinar o impacto do desenvolvimento financeiro, das restrições financeiras e do controle de capital no retorno das ações. A pesquisa analisa o retorno das ações dos países emergentes e desenvolvidos durante o período de 2004-2016 através de uma base de dados de 88 países, emergentes e desenvolvidos, com dados tanto ao nível da firma como ao nível do país. Além disso, os índices KZ, WW e SA são usados para classificar as empresas como restritas e não restritas financeiramente, e utiliza-se também as interações do nível de controle de capital com as restrições financeiras. O objetivo é determinar a relação entre as variáveis de desenvolvimento financeiro do país (profundidade, acesso, eficiência e estabilidade), as restrições financeiras e o controle de capital com o retorno de mercado das ações. As pesquisas anteriores acerca do tema retorno lidaram com diferentes fatores que afetam o retorno de ações; entretanto, estudos envolvendo a influência do controle de capital no retorno de ações ainda são escassos Nossos resultados sugerem que um modelo composto coletivamente pelo modelo de três fatores de Fama e French e variáveis macroeconômicas e de desenvolvimento financeiro, considerando ao mesmo tempo restrições financeiras, ajuda na melhor compreensão do impacto de ditas variáveis no preço de ativos em países emergentes e desenvolvidos.
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Kleemann, Michael. "Empirical essays on business cycle analysis and financial constraints." Diss., Ludwig-Maximilians-Universität München, 2014. http://nbn-resolving.de/urn:nbn:de:bvb:19-177273.
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This dissertation comprises three distinct economic stduies. The first deals with the origin of business cycle fluctuations and the other two with the measurement of financial constraints and the identification of the respective treatment effect.
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Netzén, Örn Marcel, and Grim Moström. "Young SMEs' Financial Constraints and Collectivism : An International Evidence." Thesis, Umeå universitet, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-124090.
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Small and medium size enterprises (SMEs, hereafter) are important drivers of the global economic development. For the SMEs, to establish and growth, having access to the sources of finance is of great importance. Anecdotal evidence suggeststhat while the importance of having access for the SMEs is apparent, they have been disadvantageous in many different ways. The disadvantage position of the SMEs can even be worse when they are younger (e.g., The World bank, 2001, p. 6-7). Prior research documents many factors that affect the financial constraints of SMEs. In this study, we investigate the association between SMEs age and financial constraints. In addition, we test the moderating effect of collectivism on SMEs’ financial constraints, as collectivism is documented to have an effect on bank corruption. We first hypothesize that there is a negative association between SMEs’ age and financial constraints. We further propose that the negative association between SMEs’ age and financial constraints decreases as collectivism (at the country level) increases. Using a World Bank’s sample of 31422 firms across 38 countries, we find that younger firms, compared to the older firms, experience higher level of financial constraints.Further, we observe an insignificant results regarding the moderating effect of collectivism on the proposed association.We offer contribution to the existing empirical evidence onfactors that affect financial constraints. Providing such an evidence may be found relevant to the economic institutions such as the World Bank and regulatory bodies, as they are allocating resources and making macro level decisions regarding the economicdevelopment through SMEs around the world.
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Abuhommous, Ala’a Adden Awni. "Financial constraints, capital structure and dividend policy : evidence from Jordan." Thesis, Brunel University, 2013. http://bura.brunel.ac.uk/handle/2438/7212.
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The economic reforms in Jordan during the last two decades have highlighted and promoted the role that non-financial firms play within the Jordanian economy. The ability of firms to play this role is in major part determined by the structure of the financial system in which they operate, and in particular whether this financial system is able to make capital available efficiently to those firms that need it. Whether this is the case can be investigated by analysing the impact of firm characteristics on some of the most important financial decisions taken by these firms, and how these decisions are influenced by the presence of market imperfections. The thesis examines the relation between the financing and investment decisions, where the effect of financial constraints on the firm’s investment decision is investigated. In particular, this thesis focuses on how financial constraints affect different firms by investigating the extent to which the reliance on internal cash flow is affected by firm characteristics such as size, age, dividend payout ratio, and market listing. We find that Jordanian firms are financially constrained, but that these constraints do not appear to be related to firm characteristics. Further, results show that Jordanian firms use debt rather than equity to finance their investment. The second empirical chapter focuses on the main determinants of firms’ capital structure. Here the results show that Jordanian firms follow the pecking order theory, where profitability and liquidity have a negative impact on the level of debt. Size and market to book value have a positive impact, supporting the view that there are significant constraints on debt financing since indicators of the financial health of the firms affect their capital structure ratio. There is also evidence that ownership structure affects the firm’s access to debt. The final empirical chapter examines the impact of firm characteristics on dividend policy, and shows that profitability and market to book value have a positive impact on dividend policy, implying that firms with better access to capital or credit pay dividends. This implies that firms retain earnings in order to ensure that they have sufficient capital to invest, confirming the initial result that Jordanian firms are financially constrained. There is also evidence of the impact of ownership structure, consistent with the predictions of agency cost theory, while institutional investors appear to follow the prudent-man restrictions, being positively associated with firms that pay dividends. This thesis confirms the presence of market imperfections that have a significant influence on the financial decisions taken by Jordanian firms. The consistent evidence of the importance of retained earnings shows that these firms face substantial constraints in terms of their access to external funds, despite the reforms to the Jordanian financial system over the last two decades.
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Andersson, Daniel, and Jakob Kostet. "Financial Credibility, Financial Constraints and Rule of Law : A quantitative study on international firms." Thesis, Umeå universitet, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-123034.
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Reducing firms’ financial constraints can be an important element for economic growth. Previous scholars have documented various factors that affect firms’ ability to access finance (e.g. Lambert et al., 2007, p. 385). In this study, we investigate the impact of financial reporting credibility in reducing firms’ financial constraints. In addition, we study the role that rule of law at a country level have on the above stated association. We hypothesize that financial reporting credibility decreases firms’ financial constraints. Then, we propose that the ability of financial reporting credibility to reduce financial constraints weakens when rule of law (at a country level) decreases. This is the first study to investigate how the association between financial reporting credibility and financial constraints are affected by rule of law on a country level, to the authors’ knowledge. The study uses 52,381 firms operating in 98 countries that responded to the World Bank’s Enterprise Surveys between the time period 2006 to 2015. Financial constraints are measured through a variable that takes into consideration the perceived amount of obstacles firms are facing in their current operations and the proxy for financial credibility is whether firms have been audited or not. Our moderating term is the World Bank’s rule of law index. By using both regression and matching analysis, we find a significant negative association between financial credibility and financial constraints. This indicates that increased financial reporting credibility leads to less financial constraints for firms. For the moderating effect of the rule of law, the results are insignificant. However, we observe that when the level of rule of law is high, increased financial credibility leads to minor improvements in access to external finance.
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Ageba, Gebrehiwot. "Financial liberalisation in Ethiopia : a firm level analysis of credit allocation, financial constraints and investment." Thesis, University of Oxford, 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.243464.
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Alshuwaier, Sultan. "State Ownership, Financial Constraints, and the Determinants of Capital Structure." ScholarWorks@UNO, 2019. https://scholarworks.uno.edu/td/2661.
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The aim of this study is to investigate the influence of state ownership in Saudi firms listed in the stock market. The first chapter studies the influence of state ownership on financial constraint on investment. Some scholars believe state ownership has a negative effect on the firm value. However, by using two measures of financial constraint, the investment cash flow sensitivity and the Kaplan and Zingales financial constraints index, the finding indicates that the existent of government ownership decreases financial constraint in firms. Also, the results show that the higher government ownership percentage the less financial constraint in firms. The second chapter studies the influence of specific company factors and the government ownership factor on capital structure. The finding shows that tangibility of assets and size have a positive association with leverage. Leverage is negatively correlated with growth and profitably. Finally, the results suggest that government ownership affects the level of leverage negatively.
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Omer, Nasraldin Abdelkarim Eldod. "The moderating effect of microfinance on the financial constraints to SMME growth in South Africa." Thesis, University of the Western Cape, 2016. http://hdl.handle.net/11394/4983.
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Philosophiae Doctor - PhDSmall, Medium and Micro Enterprises (SMMEs) play a significant role in an economy. Thus, governments all over the world concentrate on the development of the small business sector to endorse economic growth. SMMEs are a large contributor to the creation of job opportunities, improvement of the economy, and promote the effective use of regional resources which leads to the engineering of economic development and growth. SMMEs are an important source of jobs, entrepreneurial spirit and innovation and are thus vital to promoting competitiveness. However, despite the noted contribution of SMMEs, in many countries they face serious constraints, often resulting in failure. The constraints and economic environment have significant and unequal effects on SMMEs in different industries and in different locations. Constraints have been used, amongst other growth factors, to understand why some SMMEs fail to grow.This study lays the foundation for understanding the concept of SMME growth. SMME growth was examined in detail, and found to be heterogeneous in nature. The variation in measures used in SMME growth studies, the variation in growth indicators, the variation in the measurement of growth over time, and the variation in the characteristics of the SMMEs are all important features of SMME growth as a phenomenon. SMME growth models were examined to further understand why some firms survive and grow, and others fail. The models examined the problems SMMEs experience at different stages of growth, and the actions to be taken to overcome them as they progress from one stage to the next. Four growth models identified in the literature is discussed: stochastic models of firm growth, the resource-based view of firm growth, the motivation view on organizational growth, and the life cycle view of firm growth. The study then discussed the concept of constraints to growth, and conducted a literature review on the effect of some factors that act as constraints to SMME growth. It was concluded that constraints have a negative effect on SMME growth. The study also discussed various theoretical models on the financing of firms, starting with the traditional concept of the financial behaviour of firms. The relevancy of trade-off theory, agency theory, and the pecking order theory to SMME finance and capital structure is also examined. The theories explain the financial behaviour of enterprises, taking into account their different characteristics and problems. It is suggested by the theories that internal sources of finance such as equity, retained earnings, and venture capitalists represent the cheapest and best source of SMMEs capital structure. The study applied a quantitative research survey. The approach enabled the determination of the factors acting as constraints to SMME growth, and examination of how SMMEs could overcome these constraints to survive and grow. The approach chosen aims at investigating the moderating effect of microfinance on the relationship between financial constraints and SMME growth. The primary aim of this study was to explore and investigate the factors acting as constraints to SMME growth. The study investigated the effect of nine types of constraints on SMME growth namely: lack of access to finance, lack of skilled employees, competition, corruption, lack of professional financial advisors, lack of clear business plan, government rules and regulations, lack of awareness of financial services and assistance, and lack of government support. The study also empirically examined the moderating effect of microfinance on overcoming, avoiding or mitigating the financial constraints to SMME growth in South Africa, particularly in the province of the Western Cape. In order to assess the aim of the study, five secondary objectives were developed. The objectives were subdivided into seven hypotheses. The study found evidence that the lack of skilled employees, competition, corruption, lack of awareness of financial services and assistance, lack of professional financial advisors and lack of access to finance were significant constraints to SMME growth in South Africa. An important contribution this study makes is that microfinance provides a way to overcome or mitigate financial constraints for SMMEs. The negative effect of a lack of professional financial advisors and the lack of access to finance is reduced when SMMEs make use of microfinance source. As such this is an important finding that adds to existing studies on the role of constraints as well as to the literature on entrepreneurship in developing economies. However, contrary to the study hypothesis, microfinance does not moderate the relationship between the lack of awareness of financial services and assistance, and SMME growth. This can be attributed to the important role that has to be played by the microfinance institutions (MFI) and government agencies in ensuring that procedures are simple, financial products are demand driven, and clear and brief financial information is provided. These results imply that microfinance can play a positive role in SMME growth particularly for SMMEs that experience financial constraints. The study also suggests that MFIs and government agencies should provide more information to the public in particular to SMMEs. This study is not without its limitations. Firstly, the study is based on the province of the Western Cape, of South Africa. In a South African context, with its two tiered economy, the Western Cape is perceived to be a "developed" economy as opposed to other developing African countries. Further studies can be conducted in other countries or can include samples from other provinces to compare the results. Secondly, as this study provides only a measurement at one moment in time, we are not able to establish causal and longitudinal effects. However, the sample size of this study is favourable in comparison to other recent studies, and thus provides extended validity. Future studies that apply longitudinal designs are needed to establish the causality of the relationships found in this study.
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Knill, April Michele. "Foreign portfolio investment and the financial constraints of small firms." College Park, Md. : University of Maryland, 2005. http://hdl.handle.net/1903/2633.
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Thesis (Ph. D.) - University of Maryland, College Park, 2005.Thesis research directed by: Business and Management. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.
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Fini, Michael. "Financial ideas, political constraints : the IPE of sovereign wealth funds." Thesis, University of Warwick, 2010. http://wrap.warwick.ac.uk/55833/.
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Rather than ponder sovereign wealth funds' (SWFs ') significance for global capital markets, this thesis takes a step back and asks the following: why do SWFs exist in such numbers across the global political economy? The SWF literature, dominated by fmancial economists and neoliberal commentators, has yet to adequately address this puzzle. This is significant given the funds embed systematically significant amounts of national wealth throughout speculative capital markets, thereby increasing their state's vulnerability to recurrent asset bubbles and crises. The thesis consequently examines the interest-based politics behind SWFs' domestic origins. It begins its analysis with the argument that SWFs are first and foremost domestic strategies of governance created to achieve specific short and medium term goals of the administrative state. This is despite their international and long-term investment orientations. In short, the funds serve to immediately stabilize state actors' governance function by reconceptualising problems of uncertainty in the quantitative and manageable terms of fmancial risk. This account of SWFs' origins thus contests that currently dominating mainstream commentary, which portrays the funds as evolutionary features of modem fmance capitalism. The domestic political interests SWFs were initially created to serve consequently remain critically unexamined. Drawing from the constructivist institutionalism literature, the thesis also seeks to demonstrate that SWFs are the institutional embodiment of a specific array of prescriptive fmancial ideas. It will be shown this framework offmancial 'knowledge' problematically constrains political actors to defer their interests to the demands of the speculative fmancial realm. In the face of recurrent crises, such constraint highlights how SWFs' immediate impact on domestic socioeconomic spheres outweighs their imagined fmancial benefits. The funds' rapid expansion since 2000 therefore poses significant implications for the nature and exercise of sovereign authority in SWF-states. These theoretical arguments are developed in Part I of the thesis, and then tested against three case studies in Part II: Norway's Government Pension Fund-Global; Alberta's Heritage Savings Trust Fund; and Ireland's National Pension Reserve Fund.
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Thananittayaudom, Saksit. "Essays on imperfect competition, research and development and financial constraints." Thesis, University of Nottingham, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.423312.
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Sica, Edgardo. "Eco-innovations and companies' financial constraints : a multilevel-perspective analysis." Thesis, University of Sussex, 2016. http://sro.sussex.ac.uk/id/eprint/63974/.
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Oh, Ji Yeol Jimmy. "Essays on modelling financial markets with ambiguity and liquidity constraints." Thesis, University of Cambridge, 2012. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.610002.
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Bova, Giuseppe. "Essays in financial economics." Thesis, University of Exeter, 2013. http://hdl.handle.net/10871/14146.
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We present in this thesis three distinct models in Financial Economics. In the first chapter we present a pure exchange economy model with collateral constraints in the spirit of Kiyotaki and Moore (1997). As a first result in this chapter we prove the existence of an equilibrium for this type of economies. We show that in this type of models bubbles can exist and provide a bubble example in which the asset containing the bubble pays positive dividends. We also show for the case of high interest rates the equivalence between this type of models and the Arrow-Debreu market structure. In the second chapter we present a model with limited commitment and one-side exclusion from financial markets in case of default. For this type of models we prove a no-trade theorem in the spirit of Bulow and Rogoff (1989). This is done for an economy with and without bounded investment in a productive activity. The third chapter presents a 2 period economy with complete markets, and 250 states of the world and assets. For this economies we generate a sequence of observed returns, and we show that a market proxy containing only 80% of the assets in the economy provides similar results as the true market portfolio when estimating the CAPM. We also show that for the examples we present a vast amount of observations is required in order to reject the CAPM. This raises the question what the driving force behind the bad empirical performance of the CAPM is.
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Beale, James Robert. "The Halle Concerts Society 1899-1999 : financial constraints and artistic outcomes." Thesis, City University London, 2000. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.340016.
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CARVALHO, LEANDRO SIQUEIRA. "FINANCIAL CONSTRAINTS, SELF-SELECTION AND BRAIN EFFECT: TWO ESSAYS ON MIGRATION." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2004. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=5217@1.
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A literatura econômica que estuda migração sempre esteve
preocupada com o impacto da migração sobre o bem-estar,
seja na forma de imigração ou na forma de brain drain. Os
dois artigos que compõem esta tese estão relacionados a
este tema. Apesar do modelo de Roy concluir que os
emigrantes são negativamente selecionados se a taxa de
retorno à educação é maior na economia de origem, os
trabalhos empíricos encontram evidências de emigrantes
positivamente selecionados. O primeiro artigo utiliza um
modelo para argumentar que se o mercado de crédito é
imperfeito, tanto investimentos em educação como a
decisão de emigração dependem da riqueza inicial do
agente.
Isto permite explicar a controvérsia entre a literatura
teórica e empírica e o porquê da classe média ser aquela
com maior mobilidade em alguns países. A segunda parte da
tese está diretamente relacionada à literatura de
beneficial brain drain. Os trabalhos nessa área
argumentam
que a possibilidade de um trabalhador educado de emigrar
para outro país que remunera melhor sua mão-de-obra
qualificada aumenta a taxa de retorno à educação na
economia de origem e conseqüentemente os investimentos
em capital humano. O artigo utiliza como experimento a
construção de Palmas, capital do Tocantins, para
investigar
esta hipótese. Os resultados empíricos encontrados a
partir
dos microdados dos Censos de 1991 e 2000 indicam uma
relação negativa entre investimentos em educação e a
distância rodoviária até a capital - usada como proxy dos
custos de emigração - para o período posterior à fundação
de Palmas e uma relação nula para o período anterior. As
evidências são interpretadas como favoráveis à existência
do brain effect, uma vez que o aumento na escolaridade
foi
maior para os indivíduos que mais se beneficiaram com a
construção da capital.The Economic literature which studies migration has always been concerned about its impact on welfare. Two different lines of research in this field focus on impacts of immigration and brain drain. The two articles which comprise the thesis are related to these subjects. Although Roy s model claims that emigrants are negatively self- selected if the rate of return is higher in the origin economy, empirical works have found positively selected emigrants. The first article uses a model to argue that both investments in education and the decision to emmigrate depend on wealth if credit markets are imperfect. This argument allows us to explain the controversy between the theoretical and empirical literature as well as why the middle-class is the most mobile one in some countries. The second part of the thesis is directly related to the beneficial brain drain literature. Works in this field claim that the possibility for an educated worker of emmigrating to another country in which skilled labor is better paid raises the rate of return to education in the origin country and consequently the investments in human capital. The article uses as an experiment the creation of Palmas, a state capital in Brazil, to investigate this hypothesis. The empirical results obtained from microdata evidence a negative relation between investments in human capital and the distance to the capital-used as a proxy to emmigration costs-in the period after the creation of the capital and no relation in the period before. Those findings are interpretated as favorable to the brain effect hypothesis, once the increase in education was greater for individuals who benefited the most from the foundation of the capital.
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Maguire, William Alexander Arthurs. "The impact on share prices of reporting financial targets and constraints." Doctoral thesis, University of Cape Town, 1991. http://hdl.handle.net/11427/17236.
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Bibliography: pages 261-272.This thesis examines the impact on share prices of voluntary reporting of financial targets and constraints, particularly the target rate of return, target dividend payout ratio and target debt ratio. Hypotheses developed about of this reporting are that a positive impact on in estimation risk the potential share price impact there will be share prices through a reduction an increase in the dispersion of share price changes owing to a revision of expectations a positive impact on share prices owing to a signalling effect. The hypotheses are tested by examining share price behaviour accompanying the voluntary reporting of financial targets and constraints over the period 1974 to 1982 by thirty-four companies listed on the Johannesburg Stock Exchange. This is an event study, in which the event is defined as the first occasion on which a company reports the specified financial targets and constraints. To test for a positive impact on share prices, weekly excess returns are calculated using the market model. To test for an increase in the dispersion of share price changes, weekly variability ratios are calculated which provide a measure of returns in the event week relative to the average variability of returns in the estimation period. The controls applied in this study to demonstrate the link between the event and the share price impact are the market model, diversification of calendar dates and two control groups. The results of the study reveal a positive impact on share prices when companies first report financial targets and constraints. This is consistent with all three hypotheses. As this form of voluntary reporting has not previously been tested in this way, the results should be of interest to financial managers and to those concerned with the regulation of financial reporting in South Africa.
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Buso, Marco. "The role of financial and information constraints in Public Private Partnerships." Doctoral thesis, Università degli studi di Padova, 2014. http://hdl.handle.net/11577/3423659.
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Research objectives and structure of the thesis
My research objectives can be summarized in two points:
At first, the thesis aims at improving the theoretical analysis of PPPs by integrating
further elements that take mainly into account the presence of uncertain externalities
among the phases of a project and the financial aspects of the contractual
agreements.
Secondly, I use empirical data to better understand what really affect the use of
PPPs and which goals governments aim to attain by choosing these investment
tools.
To reach these purposes, the thesis is structured in three chapters that are briefly
describe in the following paragraphs.
Chapter 1: Public Private Partnerships: Information Externality in Sequential
Investments
This paper studies the benefit coming from bundling two sequential activities in
a context of Public Private Partnerships (PPPs). Differently from previous literature,
I introduce a source of asymmetric information in the form of an externality
parameter linking the building stage with subsequent operational activity.
Within this framework, PPPs allow the government to extract private information
about the sign and magnitude of the externality parameter and to to minimize the
informational rents needed to incentivize the builder’s effort.
Our results suggest how PPPs can become those commitment devices that force governments
to define more coherent and informed plans that optimize the first period
welfare, improving investment to reduce unexpected ex post costs (cost overruns).
Chapter 2: Public Private Partnerships from budget constraints: Looking for
Debt Hiding?
In this paper we examine whether budget constrained public authorities are more
likely to use PPP (Public Private Partnership) than tradition procurement. Then,
we study the possible mechanisms beyond this choice.
The empirical test focuses on France and consists of a two stage approach. Firstly,
we look at the impact of budget constraints on the use of PFI (Project Finance
Initiative) and we find a positive relationship. Secondly, to better disentangle the
debt hiding effect we exploit the 2011 change in the possibility to underwrite the
debt of PPPs.
We find that that debt hiding is a relevant, but not sufficient element for explaining
the budget constrained governments’ aptitude towards PPPs.
Chapter 3: Public and Private Finance of PPPs
This theoretical paper studies the effect of public and private budget constraints
on the government’s choice between Public Private Partnerships (PPPs) and Traditional
Procurement (TP) mechanisms. Differently from the previous literature, I
introduce private limited liability and public budget constraints in a context characterized
by asymmetric information. In this framework, private agents are protected
in case of bad outcomes from the probability of failure. Furthermore, public transfers
are socially costly for the government.
Under PPPs, the private consortium, thanks to its long term commitment in the
project, owns an implicit incentive to invest during the building stage. As a conse-
quence, the agent can accept higher levels of risks and the the government can save
money in the form of incentive rents.
This paper provides a theoretical explanation for the empirical evidence which shows
how budget constrained governments are more apt to choose PPPs (Hammami et
al., 2006; Albalate et al., 2012; Russo and Zampino, 2010; Krumm and Mause, 2012;
Buso et al., 2013). The result is not derived from the presence of private financing,
but it comes from the introduction of asymmetric information in conditions of
financial stress.Obiettivi di ricerca e Struttura della tesi I miei obiettivi di ricerca possono essere riassunti in due punti. In un primo momento, la tesi mira a migliorare l’analisi teorica sui PPP, integrando ulteriori elementi che tengano maggiormente in considerazione: la presenza di esternalità informative tra le fasi di un progetto e gli aspetti finanziari degli accordi contrattuali. In secondo luogo, viene utilizzata l’analisi empirica per comprendere le determinanti dei PPP e gli obiettivi perseguiti dai governi attraverso tali strumenti di investimento. Per raggiungere tali obiettivi, la tesi è strutturata in tre capitoli che verranno descritti brevemente nei paragrafi seguenti. Capitolo 1: Public Private Partnerships: Information Externality in Sequential Investments Questo lavoro di ricerca studia il beneficio proveniente dall’affidamento di due attività sequenziali ad un singolo agente in un contesto di PPP. Diversamente dalla letteratura precedente, l’analisi prevede la presenza di informazione asimmetrica nella forma di un parametro di esternalità che collega la fase di costruzione con la successiva attività operativa. In tale contesto, i PPP permettono al governo di estrarre l’informazione privata riguardante il parametro di esternalità e ridurre al minimo le rendite informative necessarie per incentivare l’attività del costruttore. I risultati suggeriscono come i PPP possano diventare quei dispositivi che costringono i governi a definire piani più coerenti e consapevoli in grado di ottimizzare il benessere della popolazione minimizzando i costi operativi non previsti (sforamento dei costi). Capitolo 2: Public Private Partnerships from budget constraints: Looking for Debt Hiding? In questo articolo viene esaminato il ruolo dei vincoli di bilancio pubblici nella propensione a utilizzare i PPP rispetto agli appalti tradizionali. Successivamente, vengono esaminati i possibili canali di trasmissione in grado di spiegare l’effetto trovato. L’analisi empirica è sviluppata nel contesto Francese e consiste in un approccio a due fasi. In primo luogo, viene studiato l’impatto dei vincoli di bilancio sull’uso dei contratti PFI (Project Finance Initiative) e i risultati evidenziano un effetto positivo. In secondo luogo, per escludere la possibilità che tale impatto sia esclusivamente spiegato da vantaggi contabili, viene utilizzato un cambiamento legislativo introdotto nel 2011. L’analisi evidenzia come, nonostante i vantaggi contabili siano rilevanti nello spiegare l’effetto delle restrizioni di bilancio, essi non sono sufficienti a chiarire la propensione a favore dei PPP di istituzioni con maggiori vincoli e difficoltà finanziarie. Capitolo 3: Public and Private Finance of PPPs Questo lavoro teorico analizza il ruolo svolto dalle restrizioni finanziarie pubbliche e private nella scelta del governo tra PPP e appalti tradizionali. Diversamente dalla letteratura precedente, vengono introdotti un vincolo privato di responsabilità limitata e un vincolo di bilancio pubblico in un ambiente caratterizzato da informazione asimmetrica. In tale contesto, gli agenti privati vengono protetti, in caso di risultati non soddisfacenti, nei confronti della possibilità di fallimento. Inoltre, i trasferimenti pubblici rappresentano un costo per la società (costo ombra dei fondi pubblici). Nel PPP, il consorzio privato, grazie al suo coinvolgimento a lungo termine nel progetto, è implicitamente incentivato ad investire durante la fase di costruzione. Di conseguenza, l’agente può accettare livelli di rischio maggiori ed il governo è in grado di risparmiare rendite informative. Tale analisi teorica fornisce una possibile spiegazione all’evidenza empirica che mostra come i governi con maggiori vincoli di bilancio siano più inclini a scegliere il PPP. Il risultato non è dovuto alla presenza di finanziamenti privati, ma deriva dall’introduzione dell’assimetria informativa in un contesto di restrizioni finanziarie.
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Dongyang, Zhang. "The Relationship between Financial Intermediations and Firm Performance: An Empirical Study on Financial Constraints of Chinese Firms." Kyoto University, 2016. http://hdl.handle.net/2433/217126.
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Rodrigues, Diego de Sousa. "Liquidity constraints and collateral crises." reponame:Repositório Institucional do FGV, 2018. http://hdl.handle.net/10438/23943.
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Asset-backed securities were widely traded. Arguably, this happened because they were complicated claims, in the sense that it was very costly to assess their fundamental value. Here, we show that if this is the case, then the emergence of alternative ways to address liquidity needs, by undermining the liquidity role of these assets and reinforcing the relevance of their fundamental value, may increase the incentives to acquire information about them, and negatively impact the credit market. Hence, our results suggest that it is easier for these assets to accomplish the role of private money when there are fewer alternative ways to address liquidity needs.
Os títulos lastreados em ativos eram amplamente negociados. Provavelmente, isso aconteceu porque eram títulos complicadas, no sentido de que era muito custoso avaliar seu valor fundamental. Aqui, mostramos que, se este é o caso, então o surgimento de formas alternativas de atender às necessidades de liquidez, ao enfraquecer o papel de liquidez desses ativos e reforçar a relevância de seu valor fundamental, pode aumentar os incentivos para obter informações sobre eles e impactar negativamente o mercado de crédito. Portanto, nossos resultados sugerem que é mais fácil para esses ativos desempenharem o papel do dinheiro privado quando há menos formas alternativas de atender às necessidades de liquidez.
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Bisinha, Rafael Nascimento. "Restrição ao crédito para empresas com ações negociadas em bolsa no Brasil." Universidade de São Paulo, 2007. http://www.teses.usp.br/teses/disponiveis/12/12140/tde-24012008-114104/.
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O intento do trabalho é verificar se empresas com ações negociadas na Bovespa enfrentam restrição ao crédito. A análise de painel com base em dados de balanço patrimonial para o período de 2001 a 2005 revelou que, diferentemente do que se esperava, empresas de grande porte apresentam maior dependência dos fluxos de caixa para efetivar seus investimentos. Todavia, há argumentos teóricos na literatura que fundamentam esses resultados, bem como outras evidências empíricas semelhantes.The paper focuses on evaluating whether Brazilian listed firms have faced financial constraints. Relying on data over the period 2001-2005, a panel data analysis was carried out, but the evidence raised turned out differently from the initially expected: large firms are more sensitive to cash flows to undertake their investment than smaller ones. Nonetheless, the recent literature provides theoretical rationale to deal with those findings as well as empirical evidence consistent with them.
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Lundin, Magnus. "The dynamic behavior of prices and investment : financial constraints and customer markets /." Uppsala : Dept. of Economics [Nationalekonomiska institutionen], Univ, 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-3739.
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Babos, Jeffrey C. "Financial management of hazardous waste compliance and mitigation costs: constraints and implications." Thesis, Monterey, California. Naval Postgraduate School, 1991. http://hdl.handle.net/10945/43774.
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This research investigates financial management and other constraints and implications of hazardous waste disposal and compliance within DoD and DoN. It shows that during contracting fiscal period where there is an environmentally conscious public, the DoD and the Navy have to make trade-offs in funding for hazardous waste management. The study reveals that legislation removing sovereign immunity from the DoD for hazardous waste disposal may not achieve its desired results of reducing pollution. Furthermore, the research concludes that DoD currently lacks an effective method of accounting for hazardous waste generation levels. This affects the interpretation of the data for decision making. An accounting model is presented to address this problem to increase the effectiveness of hazardous waste minimization programs.
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Protopapa, Marco. "An essay in corporate finance : managerial incentives, financial constraints and ownership concentration." Thesis, London School of Economics and Political Science (University of London), 2009. http://etheses.lse.ac.uk/2196/.
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I investigate the role of internal discipliners in the form of optimal equity ownership for the purpose of committing the management to the pursuit of shareholder value in the presence of separation between ownership and control. By rooting the conflicts of interests between managers and shareholders upon the control of internal funds, a simple model allows to analyse the link between profit uncertainty, growth options and decisional powers. I derive implications for the optimal degree of equity concentration, the effect of firm fundamentals on the allocation of income and control rights, and the pay for luck phenomenon. First, optimal equity ownership is positively related to the short-term performance of the firm and negatively related to both its growth options and riskiness. Second, optimal equity ownership is negatively related to the probability of the firm being financially constrained, in the sense that the level of desired investment exceeds internally available resources. Furthermore, I also show that straight debt alone does not implement the second best, in absence of a large shareholder. Finally, I show that, in presence of financial constraints, pay for luck is associated in equilibrium to a lower optimal degree of ownership concentration. In other words, pay for luck and looser governance, as implemented by the internal discipliner of equity concentration, emerge as the equilibrium result of a constrained incentive problem.
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Lai, Yi-An, and 賴怡安. "Financial Constraints and Momentum." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/66381292147638229056.
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碩士國立雲林科技大學
財務金融系
102
Nowadays, the stock market is not just corporate financing channels, but also many investors favorite market. Investors concern about how to maximize profits through investment strategy. In the past, scholars experimented with different ways to explain abnormal returns, and they want to use different investment strategies to gain abnormal returns. In a real market, many factors, including transaction costs, tax, asymmetric information, agency costs and so on, will impact market and make it imperfectly. In this study, we classify financial constraints by dividend payout ratio, KZ index and WW index for all public companies. And base on past stock CAR(Cumulative Abnormal Returns) to construct price momentum. In this study, we adopt data from all public companies of Taiwan’s stock market during the period from 1998 to 2012 and have some observations for making a profit. The portfolio with financial constraints, using contrarian strategies; the portfolio without financial constraints, we divided it into short-term(three and six months of formation period) and long-term(nine and twelve months of formation period) in this case, using momentum strategies for short-term and constrain strategies for long-term can make a profit.
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Hui-Chen, Tao, and 陶慧珍. "A connection between financial constraints and financial efficiency." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/12648470785687976204.
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碩士東海大學
財務金融學系
95
This paper analyzes the determinants of dynamic capital structure adjustment process with dynamic panel data. When capital structure adjustment is costly, firms may deviate from the target capital structure temporarily. We use a two-step Generalized Method of Moments (GMM) estimation to endogenize the adjustment process. We analyze firm-specific characteristics and macroeconomic factors on the speed of adjustment towards target capital structure. We find that the adjustment speed is faster when economic prospects are good. We also categorize firms into financial constrained/unconstrained firms and high/low debt capacity firms to investigate if the adjustment process is different. We find financial constrained and low debt capacity firms are affected more seriously by macroeconomic conditions. The adjustment speed is faster in favorable macroeconomic conditions, and the low capacity firms are affected by macroeconomic conditions more than financial constrained firms. Our contribution is that we analyze the differential effects on target capital structure adjustment process across financial constrained/unconstrained firms and high/low debt capacity firms after endogenizing the adjustment process by dynamic model and a two-step Generalized Method of Moments (GMM) estimation.
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RIMARCHI, Massimiliano. "Financial Constraints, Financial Shocks, and Business Cycle Accounting." Doctoral thesis, 2012. http://hdl.handle.net/1814/22677.
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Defence date: 15 June 2012Examining Board: Professor Morten Ravn, University College London, Supervisor; Professor Ramon Marimon, EUI; Professor Marco Maffezzoli, Università Bocconi and IGIER; Dr. Oreste Tristani, European Central Bank.
This thesis features three closely related chapters investigating the role of the investment wedge in affecting macroeconomic fluctuations. The first chapter shows that the Business Cycle Accounting (BCA) methodology is sensitive to the specification of households preferences in identifying the role of the investment wedge. A poor performance of the investment wedge and of the financial frictions it represents, such as the one BCA finds on 2007-2010 US data and other past events, is compatible with a simulated recession fully driven by financial factors and financial accelerator mechanisms when preferences are not correctly specified in the BCA tool. The second chapter investigates the conditions under which a shock to the risk premium paid by entrepreneurs on bank funds, i.e. a shock to the investment wedge, is able to generate a pro-cyclical response of aggregate consumption. The analysis shows that a minimum degree of nominal stickiness a-la-Calvo and non-separable households preferences of the GHH type, are sufficient conditions for solving the problem of counter cyclicality of consumption in the presence of financial shocks. The third chapter is an application of the BCA tool-kit to the Swedish boom-bust cycle of the late 1980s. The efficiency wedge plays an essential role in explaining the cycle while the investment wedge plays a minor role, adding to the persistence of the recession. Calibrating a BGG model to Sweden according to the findings of the BCA shows that financial deregulation reforms in Sweden did not affect the vulnerability of the economy to the recessionary shock.
-- 1: Business Cycle Accounting, Investment wedge and Financial Frictions in the Macro-economy -- 2: Risk Premium Shocks and Consumption in a Financial Accelerator Economy -- 3: Financial deregulation, credit boom and recession : a Business Cycle Accounting perspective for Sweden
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Cheng, Wan-ting, and 程婉婷. "Financial Constraints and Momentum Strategy." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/71011021138370782849.
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碩士雲林科技大學
企業管理系碩士班
99
Corporations will suffer the risk of financial constraints when they are operated. If the corporations suffered the financial constraints, at the same time, it will affect the decisions of investors. The study would like to find out when the company suffers financial constraints how the investors to decide the strategies of their investment. The study uses the data of Taiwan stock market from Jan. 2000 to Dec. 2009. Ac-cording to Shen, Chung-Hua, and, Chien-An, Wang (2000) definition of financial con-straints, the study uses the cash dividend to determine whether the business met fi-nancial constraints or not, after that, using the definition of mispricing effect ( Jenter, 2005), we can get four combinations, they are financial constraints with high market value, financial constraints with low market value, nonfinancial constraints with high market value, and nonfinancial constraints with low market value. The empirical results show that performance depends on their investing, that means, if short turn investment, financial constraints with high market value will get the best results, but if holding time getting long, financial constraints with low market value is the best choice.
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Chen, Hung-Yu, and 陳泓宇. "Labor Uniond and Financial Constraints." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/12219422907820328030.
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碩士國立臺北大學
金融與合作經營學系
101
This paper investigates the relationship between unionization and financial constraints. We provide evidence that labor union which is outside the financial statements’ data will have influence on firms’ investment behavior as well as induce indirect impact on firms’ financial constraints. First, the empirical result find that unionized firms will decrease capital investment and R&D investment than nonunionized firms. Labor unions with risk aversion prefer less risky investment and may interfere in managers’ investment behaviors. Second, we find the financial constraint is significantly negative associated with union power. Union may require firms hold more cash hoards through reducing investment to diminish firms’ financial constraints.
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TSENG, HSUN-YANG, and 曾勛揚. "Investment, Firm Performance, and Financial Constraints." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/54eu9n.
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碩士東吳大學
國際經營與貿易學系
104
R&D and capital expenditures in the company's investment activities are the most important discussion topic. When companies face financial constraints, may have their threshold limit for investment decisions. A few literature integrated investments, financial restrictions, the impact on R&D and capital expenditures on the company's performance to a research. In this paper, in addition to use multiple regression, Panel Data model, and simultaneous equations model to analysis. We find the impact on R&D expenditures and capital expenditures is not the same. Due to the R&D expenditures is the research of new products or new technology, it will affect the current tax net profit. Capital expenditures are the long-term investments. When the economy outlook is better, the company will increase its capital expenditure. Directors’ stock holding ratio shows a positive effect on corporate performance. That means good corporate governance can enhance the company's performance, and can have a positive effect on R&D and capital expenditures. When the companies face financial constraints, it may be difficult to obtain external financing. So, we find that financial constraints is significantly negative to capital expenditures.
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Lin, Bo-Liang, and 林柏良. "Banking Relationships, Financial Constraints, and Investment." Thesis, 2003. http://ndltd.ncl.edu.tw/handle/09209105260195494675.
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碩士真理大學
管理科學研究所
91
The extant literature suggest that there are benefits associated with a close banking relationship, it remains an open question whether the efficiency of the capital allocation process varies depending on a firm’s relationships with its banker or bankers. On way to sort out these conflicting effects is to examine the correlation between a firm’s cash flows and its investment expenditures. In particular, firms that find it relatively more costly to raise external capital will demonstrate a greater sensitivity of investment to cash flow. In this article, we use this approach to examine whether financial constraints vary systematically with the number of bank lenders a firm uses and the reliance on bank debt and the directorate between firm and bank. To examine whether the effect of banking relationship on cash flow sensitivity of investment varies with the type of financing needed, we examine how the cash flow sensitivity of investment varies with the relative size of the investment expenditure. To verify although the banking relationship is matter, but the relationship have limits. We control the potential selectivity bias in two ways. First, we estimate the investment equation using within-group fixed effects. Second, we use logit model on the choice of bank attachment and then using the predicted probability from the logit model as an exogenous variable in the investment equation. The results show firms have the close banking relationship are significantly more cash-flow-constrained than firms that have weak banking relationship. However, the greater cash-flow sensitivity of investment for firms with close bank relationships arises only for the largest capital expenditure. Consequently, for most levels of investment spending, firms with close bank relationships appear to be slightly less financial constraints. But this result just to support on the relationship between firm and bank in the directorate each other.
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Wei-Chu, Lu, and 盧薇竹. "Equity Carve-Outs and Financial Constraints." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/55576689650601354141.
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碩士東海大學
國際貿易學系
102
This study applies the data of public firms which employed equity carve-outs during 1997 to 2010 in Taiwan to examine whether firms adopt equity carve-outs as a tool of external financing to resolve the problems of financial constraints. We investigate levels and changes in the KZ index and SA index, which are measured by the work of Kaplan and Zingales (1997) and Hadlock and Pierce (2010), to measure the degree of financial constraints. Our empirical results show that carve-out parents enjoy the significantly positive announcement-period abnormal return, which represents that investors greet the announcements as good news since carve-outs makes parents more focus on their core businesses and hence increase their competitive advantages. We find that parent firms adopt equity carve-outs when they and their subsidiaries are overvalued, which is inconsistent with the prediction of the asymmetric information hypothesis. In addition, we do not find the evidence that sample firms adopt equity carve-outs to relieve their financial constraints. As a result, our findings provide support for the divesture gains hypothesis.
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Chen, I.-Hsiang, and 陳依湘. "Literature Review for Firm’s Financial Constraints." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/e5885s.
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碩士亞洲大學
財務金融學系碩士在職專班
104
The study reviews the literature about firm’s financial constraints, including the definition, reasons, and measures for the firm’s financial constraints, as well as the impact of the financial constraints. Financial constraints mean that the company faces financial difficulties when it has funding needs, but cannot successfully obtain funding. Past literature mentioned many factors affecting financial constraints. In this study, based on literature, the fundamental causes and extent of the influence are used to classify the impact factors, where information asymmetry is the root cause, and the factors cause different degrees of influences including the level of agency problems, short-sighted managers and investors, shareholder stability, corporate governance, overseas financing, company size, set up time, tangible assets, ownership concentration, banking relationships, family business, enterprise ownership properties (group or independent companies), as well as general economic factors, etc. Literature related to these factors can provide readers more complete understandings about how to prevent financial constraints and how to minimize the financial constraints. The study also explores the measures of financial constraints, including foreign and domestic methods. The former includes dividend payout ratio and the sensitivity of investment-cash flow, some financial or characteristic variables, banking relationship, and comprehensive indexes, etc. The latter consists of firm properties, banking relationship, credit rating, and multiple indexes. Understanding various measures provides readers more comprehensive and multiple references in measuring financial constraints. Moreover, according to the measuring logic, readers can research and create better methods to measure financial constraints. Financial constraints cause a lot of influences, such as investment decision, financing and dividend policy, corporate value, the impact on export decision, etc. The related literature is reviewed in detail in this study.
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Theerawongseri, Virathus. "Financial constraints on investment of Thai firms." 2003. http://catalog.hathitrust.org/api/volumes/oclc/53268796.html.
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WANG, CHING-JUNG, and 王敬融. "Corporate Risk, Financial Constraints and Corporate Governance." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/phm2s4.
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碩士東海大學
財務金融學系
105
Most of the past literature explores the relationship between corporate risk and corporate governance, but ignores one factor — the importance of financial constraints. Manager’s investment decision, depending on the availability of fund, will affect the company's risk. Therefore, in this paper we explore whether financial constraints can affect the company's risk, and further, we investigate whether the corporate governance factors can influence the impact of financial constraints on corporate risk. We examine the listed companies in Taiwan from 2011 to 2015. The financial constraint is defined by firm size, dividend payout, and firm age, and corporate risk is measured by the standard deviation of the stock returns. We confirm that higher degree of financial constraints leads to higher level of corporate risk. Further, we find that corporate governance factors will impact the relationship between financial constraints and corporate risk, indicating that the agency problem caused by poor corporate governance would result in higher corporate risk when the company was fund insufficiency. The samples were then tested again respectively in a family-controlled form, divided into single-family-controlled and non-single-family-controlled. But under the different definitions of corporate risk, there is no consistent result of the impact of different control types on corporate risk.