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Colla, Paolo, Filippo Ippolito, and Kai Li. "Debt Structure." Annual Review of Financial Economics 12, no. 1 (2020): 193–215. http://dx.doi.org/10.1146/annurev-financial-012820-015057.
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We review the literature on debt structure, which is a central element in a firm's capital structure. We first survey both theoretical and empirical research pertaining to debt characteristics—maturity and priority—and debt types—bank loans, corporate bonds, credit lines, commercial paper, and capital leases. We then present comprehensive empirical evidence on public US firms’ debt structure over the period 2002–2018, highlighting that more than three-quarters of US firms concentrate their borrowing in one debt type, and offer some suggestive explanations for the observed pattern. Finally, we discuss directions for future research, including a better understanding of debt structure choices by non-US firms and by private firms, the cross-sectional and temporal variations in debt structure, the corporate policy implications of firms’ debt structure choices, and the interaction between types of assets and debt structure.
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Coste, Tristan, Caroline Henchoz, and Boris Wernli. "Debt and Subjective Well-Being: Does the Type of Debt Matter?" Swiss Journal of Sociology 46, no. 3 (2020): 445–65. http://dx.doi.org/10.2478/sjs-2020-0022.
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AbstractBased on longitudinal analyses of data from the Swiss Household Panel, this paper investigates the effect of different types of debt on two evaluative measures of subjective well-being: financial satisfaction and life satisfaction. Payment arrears reduce financial satisfaction more than loans or the accumulation of different types of debt (arrears and loans). This negative effect is stable over time. Conversely, each additional year with arrears decreases life satisfaction, confirming the overall and general negative effect of arrears on all domains of daily life, especially for the elderly.
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Xiao, Jing Jian, Chengyang Yan, Piotr Bialowolski, and Nilton Porto. "Consumer debt holding, income and happiness: evidence from China." International Journal of Bank Marketing 39, no. 5 (2021): 789–809. http://dx.doi.org/10.1108/ijbm-08-2020-0422.
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PurposeThe relationship between debt and happiness is an emerging research topic with significant implications for both theory and practice in economics and business. In China, where the consumer credit market is at an early stage of development, the topic remains under-investigated and the evidence on the debt–well-being link is scarce. The purpose of this study is to examine the association between debt holding and happiness and the moderating role of income in it.Design/methodology/approachData used in the study were from three waves (2013, 2015 and 2017) of the China Household Finance Survey. Fixed-effect regressions on panel data were used for data analyses.FindingsThe results show that any type of debt holding is negatively associated with happiness. Among seven specific types of debts, four types show negative associations with happiness, which in the order from higher to lower associations, are medical, education, other and housing debt. In addition, negative associations between debt holding and happiness vary among income groups. The results suggest that any debt holding potentially decreases happiness for low- and middle-income consumers only. In addition, holdings of three specific types of debts (medical, education and housing debt) may decrease happiness for both low- and middle-income consumers, and holding two types of debts (business and other debt) may decrease happiness for middle-income consumers only.Research limitations/implicationsData used in this study originate from one country only. It limits the generalizability of findings to other countries with different institutional backgrounds and different socio-economic characteristics of populations. The results have implications for researchers who study consumer debt behavior and business practitioners who do businesses with Chinese companies and consumers.Practical implicationsChina is an emerging economy that is at the early stage of credit market development. The results of this study provide helpful information and insights for business practitioners to explore credit markets and serve credit product clients with various income levels in China.Social implicationsThe results of this study are informative for public policies. When introducing credit market-related policies, policymakers should pay attention to people's happiness and to differential welfare effects of holdings of different types of debts and among consumers with various levels of incomes.Originality/valueUnique contributions of this study include using data from the most recently available waves of the China Household Finance Survey (2013, 2015 and 2017) to study the associations between debt holding and happiness. In addition, the findings of this study enrich the literature of debt and happiness by adding evidence from China, the largest emerging economy in the world, which is helpful for future theory building and business practice on the relationship between debt holding and happiness.
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Khan, Kanwal Iqbal, Faisal Qadeer, Mário Nuno Mata, Rui Miguel Dantas, João Xavier Rita, and Jéssica Nunes Martins. "Debt Market Trends and Predictors of Specialization: An Analysis of Pakistani Corporate Sector." Journal of Risk and Financial Management 14, no. 5 (2021): 224. http://dx.doi.org/10.3390/jrfm14050224.
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Recently, debt structure research has started focusing on the strategic perspective of financing choices, particularly to understand the reasons for debt specialization (DS). This paper examines trends of specialization over time and industry by using a comprehensive dataset on types of debt employed by the public limited companies during 2009–2018. The objective of the current study is to analyze the effect of debt market conditions by identifying significant predictors of DS. Time-series and cross-sectional results confirm the existence of DS, which is further validated by the findings of the cluster analysis. The empirical results indicate that overall, 61% of the companies solely rely on a single type of debt, mostly on short-term obligations accompanied by long-term secured and other debts. Moreover, small, mature, rated, group-affiliated, and low-leverage companies incline more towards this strategy. Credit rating, debt maturity, financial and interest coverage ratios serve as the primary determinants of the debt market that are significantly associated with the measures of DS. The results contribute to the capital structure literature by specifying that financing choice has an important implication in deciding the debt structure composition of the organizations.
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Xiao, Jing Jian, and Rui Yao. "Debt types and burdens by family structures." International Journal of Bank Marketing 38, no. 4 (2020): 867–88. http://dx.doi.org/10.1108/ijbm-07-2019-0262.
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PurposeThe purpose of this study was to examine family structure differences in debt types and burdens of American families.Design/methodology/approachData was from the 2016 Survey of Consumer Finances. Eight types of family structures, five specific debts, and two debt burden indicators are examined with multivariate logistic regressions.FindingsAfter controlling for several socioeconomic variables, multivariate logistic regression results show that married with children families are more likely than five other family types to have any debt. In terms of specific debt, married with children families are more likely than six other types of families to have mortgages, four other types to have credit card loans, five other types to have to vehicle loans, three other types to have education loans, and one other type to have purchase loans. Married with children families are more likely than three other types of families (childless married couples, single males, and single females) to be late in debt payment for 60 or more days.Research limitations/implicationsThe data is limited to one-year cross-sectional data. To gain more insights on this topic, panel data could be used.Practical implicationsThe findings can be used for financial service professionals to identify loan demand and risk associated with various family structures and develop effective marketing strategies to serve these clients.Social implicationsThe findings are informative for public policymakers to develop family friendly economic policies and for consumer educators who help consumers make effective financial decisions when borrowing various types of loans.Originality/valueFirst, this study uses an innovative definition of family structure that counts several nontraditional family structures. Second, this study examines family structure differences in holdings of five specific debts together.
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Khan, Kanwal Iqbal, Faisal Qadeer, Mário Nuno Mata, et al. "Core Predictors of Debt Specialization: A New Insight to Optimal Capital Structure." Mathematics 9, no. 9 (2021): 975. http://dx.doi.org/10.3390/math9090975.
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Debt structure composition is an essential topic of discussion for the management of capital structure decisions. Researchers made extensive efforts to understand the criteria for selecting debts, specifically, to know about the reasons for debt specialization, concealed in identifying its predictors. This question is essential not only for establishing the field of debt structure but also for the financial managers to design corporate financial strategy in a way that leads to attaining an optimal debt structure. Sophisticated financial modeling is applied to identify the core predictors of debt specialization, influencing the strategic choices of optimal debt structure to address this issue. Data were collected from 419 non-financial companies listed at the Karachi Stock Exchange from 2009 to 2015. This study has validated debt specialization by showing that short-term debts maintain their position over the years and remain the most popular type of loan among Pakistani firms. Further, it provides a comprehensive view of the cross-sectional differences among the firms involved in debt specialization by applying a holistic approach. Results show that small, growing, dividend-paying companies, having high expense and risk ratios, followed the debt specialization strategy. This strategy enables firms to reduce their agency conflicts, transaction costs, information asymmetry, risk management and building up their good market reputation. Conclusively, we have identified the gross profit margin, long-term debt to asset ratio, firm size, age, asset tangibility, and long-term industry debt to asset ratio as reliable and core predictors of debt specialization for sustainable business growth.
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Park, Won. "Relationship between Debt Ratio and Earnings Effect of Earnings Management's Estimating Method, Debt Type." Journal of the Korea Academia-Industrial cooperation Society 15, no. 4 (2014): 1932–37. http://dx.doi.org/10.5762/kais.2014.15.4.1932.
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Nepomnyaschy, Emory, Eickmeyer, Waller, and Miller. "Parental Debt and Child Well-Being: What Type of Debt Matters for Child Outcomes?" RSF: The Russell Sage Foundation Journal of the Social Sciences 7, no. 3 (2021): 122. http://dx.doi.org/10.7758/rsf.2021.7.3.06.
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Respatia, Wimba, and Fidiana Fidiana. "KEBIJAKAN RESTRUKTURISASI UTANG MELALUI DEBT TO EQUITY SWAP." EKUITAS (Jurnal Ekonomi dan Keuangan) 14, no. 1 (2017): 82. http://dx.doi.org/10.24034/j25485024.y2010.v14.i1.2118.
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This research aim to obtain the understanding about debt restructuring to improve the efficiency and its productivity. An essential difference between these and the usual swapping of debt into equity is that the former allow a wider range of aplications. The firm’s owner have the option of choosing the sequence of restructuring negotiation with the creditors. The firm can combine the existing models, which is certainly with the agreement of the creditor and investor. This research has studied the choice of debt restructuring model carried out by PT X which is caused by the fact that the companies have difficulty paying their debts. Data collecting methods were conducted through literature study and field research from financial report of PT X. The result of this research indicate that PT X should choose debt for equity swap by converting their debt for equity swap that which giving lower cost of capital. By choosing debt for equity swap enable to change the liability profile from one to the other type, to create a more optimal capital structure debt equity and equity debt in what is called recapitalisation. Decision of converting their debt for equity swap will cause PT X be a mojority shareholder and increase the ability to compete with other aluminium company.
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Kang, Maya. "Analysis of Farm Household Debt by Farm Type." Journal of Agricultural Extension & Community Development 24, no. 1 (2017): 63–81. http://dx.doi.org/10.12653/jecd.2017.24.1.0063.
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Contreras, Carlos, and Julio Angulo. "Does a Clarke-Groves type tax prevent free riding when implementing Eurobonds?" Applied Economic Analysis 29, no. 86 (2021): 152–70. http://dx.doi.org/10.1108/aea-03-2020-0020.
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Purpose The purpose of this paper is to propose a Clarke-Groves Tax (CGT) type as a remedy to the criticism that the implementation of Eurobonds has raised regarding the risk of undermining fiscal discipline. In this model, a government minimizes its sovereign debt-to-GDP ratio in a given period and decides whether to join a common sovereign debt club. In doing so, it exposes itself to a positive or negative tax burden while benefiting from the liquidity premium involved in creating a secure asset. The authors found that the introduction of this tax may prevent free riding behaviours if Eurobonds were to be implemented. To illustrate this, the authors provide some numerical simulations for the Eurozone. Design/methodology/approach In the model presented, a government which optimizes a social utility function decides whether to join the common debt club. Findings The adoption of the proposed tax could prevent free-riding behaviours and, therefore, encourages participation by those countries with lower debt levels that would have not otherwise taken part in this common debt mechanism. Under certain circumstances, we can expect the utility of all members of this club to improve. The bias in the distribution of gains might be mitigated by regulating the tax rule determining the magnitude of payment/reward. The proportion of the liquidity premium, arising from the implementation of a sovereign safe asset, has a decisive impact on the degree of the governments’ utility enhancement. Research limitations/implications The adoption of a CGT would require Eurobonds club members to reach an agreement on “the” theoretical model for determining the sovereign debt yield. One of the limitations of this model is considering the debt-to-GDP ratio as the sole determinant of public debt yields. Moreover, the authors assumed the relationship between the debt-to-GDP ratio and funding costs to be identical for all countries. Any progress in the implementation of the proposed transfer scheme would require a more realistic and in-depth analysis. Practical implications A new fiscal rule based on compensating countries with lower public debt levels could be a way to mitigate free-riding problems if a Eurobond mechanism is to be established. Originality/value This fiscal rule has not been proposed or analysed before in a context such as that considered by this paper.
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Hamzah, Siti Raihana, Norizarina Ishak, and Ahmad Fadly Nurullah Rasedee. "Risk shifting elimination and risk sharing exposure in equity-based financing – a theoretical exposition." Managerial Finance 44, no. 10 (2018): 1210–26. http://dx.doi.org/10.1108/mf-05-2017-0187.
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Purpose The purpose of this paper is to examine incentives for risk shifting in debt- and equity-based contracts based on the critiques of the similarities between sukuk and bonds. Design/methodology/approach This paper uses a theoretical and mathematical model to investigate whether incentives for risk taking exist in: debt contracts; and equity contracts. Findings Based on this theoretical model, it argues that risk shifting behaviour exists in debt contracts only because debt naturally gives rise to risk shifting behaviour when the transaction takes place. In contrast, equity contracts, by their very nature, involve sharing transactional risk and returns and are thus thought to make risk shifting behaviour undesirable. Nonetheless, previous researchers have found that equity-based financing also might carry risk shifting incentives. Even so, this paper argues that the amount of capital provided and the underlying assets must be considered, especially in the event of default. Through mathematical modelling, this element of equity financing can make risk shifting unattractive, thus making equity financing more distinct than debt financing. Research limitations/implications Global awareness of the dangers of debt should be increased as a means of reducing the amount of debt outstanding globally. Although some regulators suggest that sukuk replaces debt, they must also be aware that imitative sukuk poses the same threat to efforts to avoid debt. In short, efforts to ensure future financial stability cannot address only debts or bonds but must also address those types of sukuk that mirrors bonds in their operation. In the wake of the global financial crisis, amid the frantic search for ways of protecting against future financial shocks, this analysis aims to help create future stability by encouraging market players to avoid debt-based activities and promoting equity-based instruments. Practical implications This paper’s findings are relevant for countries that feature more than one type of financial market (e.g. Islamic and conventional) because risk shifting behaviour can degrade economic and financial stability. Originality/value This paper differs from the previous literature in two important ways, viewing risk shifting behaviour not only in relation to debt or bonds but also when set against debt-based sukuk, which has been subjected to similar criticism. Indeed, to the extent that debts and bonds encourage risk shifting behaviour and threaten the entire financial system, so, too, can imitation sukuk or debt-based sukuk. Second, this paper is unique in exploring the ability of equity features to curb equityholders’ incentive to engage in risk shifting behaviour. Such an examination is necessary for the wake of the global financial crisis, for researchers and economists now agree that risk shifting must be controlled.
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Khatib, Saleh F. A., Dewi Fariha Abdullah, Ali Shariff Kabara, Saddam A. Hazaea, and Tamil Selvi Rajoo. "Does Debts have any Impact on Governance Bundle and Agency Costs? Over-Governance Hypothesis." Technium Social Sciences Journal 9 (June 17, 2020): 384–96. http://dx.doi.org/10.47577/tssj.v9i1.1003.
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The purpose of this article is to extend the bundles of corporate governance theory and propose the role of corporate debt in determining the governance structure of a company. This research intended to answer some questions have been put forward by scholars to explain the inter-relationship between debt, corporate governance, and agency costs: (i) what exactly is the disciplinary role of debts? (ii) how is governance structure influenced by the debt level? and (iii) are extremely high debt ratios required? Previous works have looked at interrelations between debt, corporate governance, and agency costs in isolation result in inclusive findings. However, we argue that debt level is a key determinant of the effective governance structure that maintains agency costs at the optimal level. Based on the governance bundle theory, we contribute to the literature by introducing a new model (over-governance model) that suggests financial leverage as a critical contingency linking governance bundle and agency costs. Also, it provides a clear picture on the different type of agency costs. Our paper provides a theoretical framework to guide further studies and provide important implications for the board, corporate management, and regulators.
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Richardson, Lorna. "Examining “Equitable” Retention." Edinburgh Law Review 20, no. 1 (2016): 18–41. http://dx.doi.org/10.3366/elr.2016.0320.
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The operation of compensation, whereby a liquid debt reduces or extinguishes a liquid debt, is well understood, as is retention of a sum due under a contract on the principle of mutuality. Less understood is the doctrine of retention of debts, the so-called “other type of retention” or “equitable” retention discussed in obiter remarks by Lord Rodger in the UK Supreme Court decision in Inveresk plc v Tullis Russell Papermakers Ltd [2010] UKSC 19. This form of “equitable” retention is the subject of a detailed study by Lorna Richardson in this article.
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Ferica, Ferica, Annisa Nauli, Cindy Couwinata, and Sukhenny Sukhenny. "Pengaruh Likuiditas, Total Asset Turnover, Debt to Equity Ratio dan Perputaran Persedian terhadap Profitabilitas Perusahaan Manufaktur." Journal of Economic, Bussines and Accounting (COSTING) 3, no. 2 (2020): 336–44. http://dx.doi.org/10.31539/costing.v3i2.1063.
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Profitability in a company aims to assess the company's expertise in generating profits and the company's ability to pay debts to creditors. This study aims to determine the effect of Liquidity (QR), Total Assets Turnover (TATO), Debt to Equity Ratio (DER), and Inventory Turnover on profitability. This type of research is quantitative descriptive with secondary data, sample selection using purposive sampling, and testing methods using multiple linear regression analysis. The population in this study amounted to 155 manufacturing companies listed on the Indonesia Stock Exchange in the 2015-2018 period. Based on the results of the study note that simultaneous Liquidity (QR), Total Assets Turnover (TATO), Debt to Equity Ratio (DER), and Inventory Turnover have positive and significant effects. Partially, only Liquidity (QR) and Total Assets Turnover (TATO) have a positive and significant effect on profitability while Debt to Equity Ratio (DER), and Inventory Turnover have no significant effect on profitability.
 Keywords : Liquidity, Total Assets Turnover, Debt to Equity Ratio, and Inventory Turnover
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Liu, Yang. "The Sources of Debt Matter Too." Journal of Financial and Quantitative Analysis 41, no. 2 (2006): 295–316. http://dx.doi.org/10.1017/s0022109000002076.
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AbstractThis paper examines the effects of different types of private debt on firm cash balances, equity risk, and investment. Firms with more bank loans have more cash and investment, but lower equity risk. Firms with more nonbank private debt have more cash, lower equity risk, and less investment. Firms with more unused credit lines have less cash and lower equity risk, but greater investment. Results suggest that financial intermediaries' monitoring intensity increases with loan size. Depending on type, private debt mitigates information asymmetry or asset substitution, or both. Deposit relations associated with bank borrowing also contribute to banks' information advantage.
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김성신 and Pando Son. "Market Reaction to Firm Debt Issues and Investment Type." Korean Journal of Financial Engineering 9, no. 1 (2010): 77–98. http://dx.doi.org/10.35527/kfedoi.2010.9.1.004.
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Beaulieu, Emily, Gary W. Cox, and Sebastian Saiegh. "Sovereign Debt and Regime Type: Reconsidering the Democratic Advantage." International Organization 66, no. 4 (2012): 709–38. http://dx.doi.org/10.1017/s0020818312000288.
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AbstractThe literature exploiting historical data generally supports the democratic advantage thesis, which holds that democracies can sell more bonds on better terms than their authoritarian counterparts. However, studies of more recent—and extensive—data sets find that democracies have received no more favorable bond ratings from credit rating agencies than otherwise similar autocracies; and have been no less prone to default. These findings raise the question: where is the democratic advantage? Our answer is that previous assessments of the democratic advantage have typically (1) ignored the democratic advantage in credit access; (2) failed to account for selection effects; and (3) treated GDP per capita as an exogenous variable, ignoring the many arguments that suggest economic development is endogenous to political institutions. We develop an estimator of how regime type affects credit access and credit ratings analogous to the “reservation wage” model of labor supply and treat GDP per capita as an endogenous variable. Our findings indicate that the democratic advantage in the postwar era has two components: first, better access to credit (most autocracies cannot even enter the international bond markets); and second, better ratings, once propensity to enter the market is controlled and GDP per capita is endogenized.
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Eldomiaty, Tarek Ibrahim. "What about the debt governance structure and stockholders’ interests in transition market? Perspectives from Egypt." Corporate Ownership and Control 3, no. 1 (2005): 52–70. http://dx.doi.org/10.22495/cocv3i1p5.
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This study examines the relationship between debt governance structure at three levels (high, medium and low) and firm’s performance in the stock market. The debt structure classifies debt into short-term debt and long-term debt at each debt level. The results indicate that in the high debt firms, the short-term debt helps improve the PE ratio. As for the medium debt firms, the results show also that the short-term debt helps improve the market value added. The results of the low debt firms are similar to those of the high debt firms indicating that the short-term debt can be used to improve the PE ratio. The regression characteristics show that with the exception of medium debt in the PE equation, the explanatory power for the other performance measures are relatively high which indicates a relatively high degree of association between both types of debt with the MB and MVA respectively. The overall results show that (1) debt governance structure in Egypt is characterized by the dominance of short-term debt, (2) the latter can be used to improve the firm’s performance in the stock market, which shows that the association of interests between short-term debtholders and stockholders is highly likely, and (3) the negative relationships of long-term debt indicate to the presence of an agency problems between long-term debtholders and stockholders. The contribution of this paper is that it shows the extent to which either type of debt can be used to address the debtholder- stockholders agency relationships.
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Zhao, Yi, Ying Zhao, and Inseong Song. "Predicting New Customers' Risk Type in the Credit Card Market." Journal of Marketing Research 46, no. 4 (2009): 506–17. http://dx.doi.org/10.1509/jmkr.46.4.506.
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Recent studies in marketing have consistently shown that all customers are not equally profitable. In the credit card business, all customers are not equally risky. When a customer misses one payment on a credit card bill, a signal is sent to the credit card company. It is important for the card issuer to interpret the signal and to identify whether the customer is a low-risk one, who will eventually pay back the debt and contribute to the card issuer's profits by paying interest on the overdue balance, or a high-risk one, who will not pay back the debt. The issuer can then customize its policies to deal with these different consumer types. This article develops a dynamic model for debt repayment behavior of new customers in the credit card market that makes it possible to differentiate between low-risk, delinquent customers and high-risk customers. The authors apply the model to a data set of new consumers' monthly spending and repayment records.
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Amador, Manuel, and Christopher Phelan. "Reputation and Sovereign Default." Econometrica 89, no. 4 (2021): 1979–2010. http://dx.doi.org/10.3982/ecta16685.
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This paper presents a continuous‐time model of sovereign debt. In it, a relatively impatient sovereign government's hidden type switches back and forth between a commitment type, which cannot default, and an opportunistic type, which can, and where we assume outside lenders have particular beliefs regarding how a commitment type should borrow for any given level of debt and bond price. In any Markov equilibrium, the opportunistic type mimics the commitment type when borrowing, revealing its type only by defaulting on its debt at random times. The equilibrium features a “graduation date”: a finite amount of time since the last default, after which time reputation reaches its highest level and is unaffected by not defaulting. Before such date, not defaulting always increases the country's reputation. For countries that have recently defaulted, bond prices and the total amount of debt are increasing functions of the amount of time since the country's last default. For countries that have not recently defaulted (i.e., those that have graduated), bond prices are constant.
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O'Brien, J., and P. David. "Firm growth and type of debt: the paradox of discretion." Industrial and Corporate Change 19, no. 1 (2009): 51–80. http://dx.doi.org/10.1093/icc/dtp033.
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Boursicot, Delphine, Geneviève Gauthier, and Farhad Pourkalbassi. "Contingent Convertible Debt: The Impact on Equity Holders." Risks 7, no. 2 (2019): 47. http://dx.doi.org/10.3390/risks7020047.
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Contingent Convertible (CoCo) is a hybrid debt issued by banks with a specific feature forcing its conversion to equity in the event of the bank’s financial distress. CoCo carries two major risks: the risk of default, which threatens any type of debt instrument, plus the exclusive risk of mandatory conversion. In this paper, we propose a model to value CoCo debt instruments as a function of the debt ratio. Although the CoCo is a more expensive instrument than traditional debt, its presence in the capital structure lowers the cost of ordinary debt and reduces the total cost of debt. For preliminary equity holders, the presence of CoCo in the bank’s capital structure increases the shareholder’s aggregate value.
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Sri Kusuma Dewi, Ni Luh Putu Geney, Putu Eka Trisna Dewi, and Ni Putu Riyani Kartika Sari. "REGULATION OF COPYRIGHT CERTIFICATE AS A MATERIAL GUARANTEE AND BANKRUPT ESTATE/BEODEL IN INDONESIA." ADI Journal on Recent Innovation (AJRI) 2, no. 2 (2020): 113–26. http://dx.doi.org/10.34306/ajri.v2i2.76.
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The existence of copyright as one type of intangible objects (intangible) in the development of the business and economic world is used as guarantee assets in banking and general confiscation of debtor assets declared bankrupt. The use of copyright then creates problems in its application both in terms of regulation and how to interpret the value of the copyright. This study uses a type of library research with the approach of legislation and legal comparison. The results of this study indicate that copyright can be used as an object of collateral in guaranteeing debtor debt through the imposition of fiduciary collateral but there are obstacles in realizing it both in terms of regulations and the approach used in interpreting its value. There is also a vagueness of norms related to copyright regulation as an object that can be used as a bankruptcy in the Bankruptcy and Debt Delay Obligation Act so that justice, benefit and legal certainty cannot be realized in settling debts through bankruptcy institutions.
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Makoto, Richard, Takawira Mumvuma, and Phineas G. Kadenge. "Public Debt Composition, Debt Policy Rules and Growth in Selected SADC Countries." Journal of Business and Social Review in Emerging Economies 6, no. 3 (2020): 1063–74. http://dx.doi.org/10.26710/jbsee.v6i3.1165.
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Purpose: This study examined the relative effect of debt composition and debt reduction policy rule on economic growth in selected SADC countries which are Mauritius, Tanzania and Zimbabwe. Design/Methodology/Approach The Markov-switching method was used to estimate the debt growth model for the period 1990Q1-2016Q4
 Findings:. The effects of debt proved to be regime dependent which supports the time effects of debt in all countries. High external debt relative to domestic debt had positive effect on growth in Tanzania which is a good reforming country and had negative effects in the case of Zimbabwe which is a debt distressed country. In comparison to Mauritius, a domestic debt dependent country, high domestic debt relative to external debt had negative impact on growth. The effects tend to rise with market pressure and government consumption behaviour. A negative real effect of debt reduction policy rule was confirmed for Zimbabwe and irrelevance in countries with less threat of debt distress. 
 Implications/Originality/Value Therefore the study found support to the quantity-effect rather than type-effect of debt on growth. We recommended that countries should consider both time and quantity effects of debt in debt management; adopt explicit debt reduction rules which constrain fiscal behaviour and force policy commitment towards debt stabilization.
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Chłopecki, Andrzej. "DEFINICJA PAPIERÓW WARTOŚCIOWYCH DŁUŻNYCH." Zeszyty Prawnicze 3, no. 2 (2017): 93. http://dx.doi.org/10.21697/zp.2003.3.2.05.
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Definition of Debt SecuritiesSummaryThe main subject of this article is the definition of debt securities in Polish civil law. This expression („debt securities”) used in many parliaments bills, was not defined on the level of the parliaments bill. Especially in cases of so called „hybrid securities” (securities with the mixed legal nature) there is a necessity to analyze and define their legal nature. This article gives a very short overview on the different types of securities and proposes their systematical classification. The main conclusion of this article is: either in the case of the mixed nature of securities, the right to demand from the issuer to withdraw securities (to pay for them or exchange them into a different type of securities) determines the legal nature of securities as debt securities.
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Bharath, Sreedhar T., and Michael Hertzel. "External Governance and Debt Structure." Review of Financial Studies 32, no. 9 (2019): 3335–65. http://dx.doi.org/10.1093/rfs/hhy112.
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Abstract This paper examines how external governance pressure affects the type of debt that firms issue. Consistent with a governance mechanism substitution effect, we find that an exogenous increase (decrease) in governance pressure from the product (takeover) market has a significant negative (positive) impact on the use of bank (public debt) financing over public debt (bank loan) issuance. Tests using changes in the strictness of loan covenants provide corroborative evidence. These findings are consistent with the notion that firms endogenously substitute governance mechanisms and that demand for creditor governance depends on the relative strength of alternative external governance mechanisms. Received May 18, 2016; editorial decision November 11, 2017 by Editor David Denis.
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Banyár, József. "European handling of implicit and explicit government debt as an obstacle to the funding-type pension reforms." European Journal of Social Security 19, no. 1 (2017): 45–62. http://dx.doi.org/10.1177/1388262717697746.
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In light of an analysis of Hungarian experience and as a result of the lessons that can be learned from it, I show in this article that the terms of the Stability and Growth Pact (SGP, the so-called ‘Maastricht criteria’) are barriers to a desirable reform of pay-as-you-go (PAYG) type pension systems. Following on from this, a proposal to modify these criteria so that this problem is eliminated is presented. The main problem with the SGP is that it only deals with explicit government debt and ignores implicit debt. Although it renders reforms politically palatable, it will increase overall debt in the curse of reducing the explicit one. I also review the rationale and possible types of funding of pension systems and propose a simple model for identifying the likely time-span of the transition from a PAYG system into a fully funded one.
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Comín, Francisco. "Default, rescheduling and inflation: public debt crises in Spain during the 19th and 20th centuries." Revista de Historia Económica / Journal of Iberian and Latin American Economic History 30, no. 3 (2012): 353–90. http://dx.doi.org/10.1017/s0212610912000134.
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AbstractThis article provides a historical overview of the factors leading up to debt crises and the default mechanisms used by governments to solve them, ranging from repudiation and restructuring to inflation tax and financial repression. The paper also analyses the Spanish governments’ graduation to responsible public debt management under democracy and the last debt crisis starting in 2010. After analysing the evolution of the outstanding public debt, budget deficits, the Spanish economy's ability to borrow, the central government's debt affordability and the profile of public debt, the article concludes that the Spanish case confirms the main hypotheses of concerning international debt crises: short-term borrowing enhanced the risk of a debt crisis; insolvency problems arose when governments were unwilling or unable to repay debt; debt crises took place after large capital inflows; most outright defaults ended up being partial defaults; public debt level became unsustainable when it rose above 60-90 per cent of GDP; default trough inflation became commonplace when fiat money displaced coinage; financial repression was used as a subtle type of debt restructuring; and defaults endangered the creditworthiness of the Spanish Finance Ministry and forced disciplined fiscal policies.
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Kvashnin, Yu. "Consequences of South European Debt Crisis." World Economy and International Relations, no. 3 (2013): 3–12. http://dx.doi.org/10.20542/0131-2227-2013-3-3-12.
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Debt crisis in South European region turned out to be the focal point of the European debt crisis. It made explicit fundamental disproportions in the development of the Eurozone, in particular strict division between the Center and the Periphery. After joining to the Eurozone South European countries faced further deterioration of their positions in the global markets and fixing of an unfavorable type of their international specialization. Such situation can be seen most evidently in the case of Greece.
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Atta-Mensah, Joseph. "Commodity-linked bonds as an innovative financing instrument for African countries to build back better." Quantitative Finance and Economics 5, no. 3 (2021): 516–41. http://dx.doi.org/10.3934/qfe.2021023.
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<abstract> <p>Commodity-linked bond, a type of state contingent claims, presents an innovative tool for African countries to mobilize resources on the international capital markets. Given their colossal financing needs, which has been worsened by the COVID-19 pandemic, African countries need to put in place innovative financing mechanisms to support their development frameworks for building back better. The issuing of this type of bond could provide an opportunity for commodity-producing African countries to hedge against fluctuations in their export earnings. The results show that the value of a commodity-linked bond increases as the price of the commodity indexed to the bond rises, suggesting that African countries should issue debt contracts that are tied to their export commodities so that their debt declines with plummeting export prices (or export revenues). A simple portfolio rule derived suggests that countries should issue more commodity-linked bonds than conventional debt if the variance of the portfolio is greater than twice the spread between the expected total return of the conventional debt and the commodity-linked bond. This rule supports the view that African countries' debt-service payments, for debt issued in the form of commodity-linked bonds, would decline whenever the price of their export commodities decline thus lightening their debt load.</p> </abstract>
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Fungáčová, Zuzana, Christophe J. Godlewski, and Laurent Weill. "Does the type of debt matter? Stock market perception in Europe." Quarterly Review of Economics and Finance 75 (February 2020): 247–56. http://dx.doi.org/10.1016/j.qref.2019.04.009.
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Lee, Jae Min, Yoon G. Lee, and Sungsook Kim. "Loan Type and Debt Delinquency among Millennial and Non-Millennial Households." Family and Consumer Sciences Research Journal 47, no. 4 (2019): 342–58. http://dx.doi.org/10.1111/fcsr.12315.
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Masakke, Fransisca Utami, Irena Hapsari, and Syaukah Az-Zahro. "ASPEK AGUNAN SEBAGAI PERLINDUNGAN HUKUM BAGI BANK SELAKU PENYEDIA LAYANAN KREDIT ONLINE." Perspektif Hukum 20, no. 1 (2020): 1. http://dx.doi.org/10.30649/phj.v20i1.236.
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The implementation of lending and borrowing money or credit in general requires an additional agreement in the form of a guarantee agreement for the safety of the loan. Debt guarantees are giving confidence to creditors over the payment of debts they have given to debtors, this is due to the law or the issuance of an agreement that is assessoir of the principal agreement. Regarding the nature of the collateral agreement is the assessoir, that agreement follows the principal collateral in the form of a debt or credit agreement. The type of debt collateral can be in the form of material collateral which will give rise to material rights or individual collateral, commonly referred to as borgtocht which will give rise to individual rights as stated in Article 1820 BW. In general, creditors choose to use a material security, because by holding a material security the creditor's position will become the preferred creditor and the material rights over the guarantee will be transferred to the creditor who will give the right to receive debt payments in advance of the execution of collateral objects. In contrast to individual guarantees that only give rise to individual rights and can only be defended to the party making the agreement. However, if credit is done online with electronic mechanisms, how can collateral that can convince and protect creditors as the provider of online credit facilities
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Хаванова, Наталья, Natalya Khavanova, Елена Литвинова, and Elena Litvinova. "The ways of effectiveness improving of debt recovery of citizens in housing and communal services." Services in Russia and abroad 9, no. 3 (2015): 181–94. http://dx.doi.org/10.12737/14406.
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 One of the most significant tasks and problems amplifying every year for all heads of management companies and other organizations of a housing and municipal complex is the effective legal department receivables of the enterprises of branch.
 Today the debt of the population on payment for utilities is the most widespread type of a debt in relationship between management companies, the supplying resources organizations and consumers of services of housing and communal services. For this reason the majority of the disputes, which are at permission in courts of law, arise between the organizations of housing and communal services, natural and legal entities.
 In the article actual problems of compensation of debts of the population on payment of housing-and-municipal services are considered, the main reasons for emergence of non-payments, and also difficulties of management companies in work with defaulters are established. The statistical material characterizing the volume of debt for housing-and-municipal services in the country including by regions of Russia is given. On the base of considering of the debt structure is revealed that its main part is made by debts on heat supply. The special attention in article is paid to the transition tendency arising now from delay by citizens of payment of obligatory payments to systematic failure to pay that causes the necessity of acceptance of urgent measures for strengthening of discipline of payments. Various ways of impact of management companies and associations of owners of housing on unfair residents are given. In article on the basis of the review of legislative initiatives the offers on ensuring repayment of debt on housing-and-municipal services directed on improvement of payment discipline of consumers of services, increase of mutually responsibility of all subjects of system of the relations, and also on providing necessary conditions for effective work of the organizations and the enterprises of branch are considered. It is noted that against the possible growth of volume of debts formation among the population of steady understanding of importance of timely fee of a housing-and-municipal complex becomes topical issue.
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Hasan, A. K. M. Kamrul, and Yasushi Suzuki. "A Critique of Bangladeshi Adoption of Basel Type Capital Regulation: An Institutional View." Financial Internet Quarterly 16, no. 2 (2020): 49–65. http://dx.doi.org/10.2478/fiqf-2020-0012.
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Abstract International concern on bank capital and minimum capital adequacy was first raised in 1980, in the G-10 countries governors meeting at the Bank for International Settlements (BIS) to respond to a series of bank failures and financial instability observed in Western developed economies. Later, the Basel Committee on Banking Supervision (BCBS) of the BIS proposed the Basel accord I, II and III in 1988, 2004 and 2010, respectively. Bangladesh Bank (BB) has introduced the ‘capital to risk weighted assets’-based approach for assessing the capital adequacy of banks in 1996 and later formally introduced the Basel framework in the early 2000s for its regulated banks. However, during Basel accord II and III implementation period (2009-2018), the banking industry accumulated huge non-performing loans which eroded its profitability. This creates a skepticism regarding any loopholes within the institutions. This paper argues that the naïve and excess reliance on External Credit Assessment Institutions (ECAIs’) credit rating in the process of adopting the Basel-type capital adequacy amounted to a risky strategy for the Bangladeshi banking industry in a sense that ECAIs allocate less efforts on accumulation of credit risk screening skills. We also document that the huge transaction cost and high coupon rate embedded within the debt instrument like the subordinated debt (sub-debt) issued by the regulated banks as Tier 2 capital might shrink the bank’s profitability and its contribution to the national exchequer. Little in the existing literature has been addressed to investigate the adoption of Basel regulations in Bangladesh from the institutional lens. This paper critically reviewed the Bangladeshi ECAIs regulations and sub-debt regulations to fill this research gap.
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Viriya, Hansen, and Rosita Suryaningsih. "Determinant of Debt Policy: Empirical Evidence from Indonesia." Journal of Finance and Banking Review Vol.2(1) Jan-Mar 2017 2, no. 1 (2017): 01–08. http://dx.doi.org/10.35609/jfbr.2017.2.1(1).
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Objective - The objective of this study is to observe the effects of managerial ownership, institutional ownership, dividend policy, firm growth, business risk, liquidity, and profitability on debt policy. Methodology/Technique - Using the purposive sampling method, secondary data were retrieved from 16 firms that fulfil the criteria of this study. Analysis was made through the multiple regression method. Findings - The results of this research indicate that: (1) managerial ownership has a significantly negative effect on debt policy, (2) institutional ownership has no positive effect on debt policy, (3) dividend policy has no negative effect on debt policy, (4) firm growth has no positive effect on debt policy, (5) business risk has a significantly positive effect on debt policy, (6) liquidity policy has a significantly negative effect on debt policy, (7) profitability has no negative effect on debt policy, (8) managerial ownership, institutional ownership, dividend policy, firm growth, business risk, liquidity, and profitability, simultaneously, have a significant effect on debt policy. Novelty - This study implies that all the independent variables are related to debt policy, simultaneously. This shows that the regression model has an appropriatefit in estimating the accrual value of the model. Type of Paper: Empirical Keywords: Business Risk, Debt Policy, Dividend Policy, Liquidity and Profitability, Managerial and Institutional Ownership.
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LOKE, YIING JIA, STEVEN T. YEN, and ANDREW K. G. TAN. "CREDIT CARD OWNERSHIP AND DEBT STATUS IN MALAYSIA." Singapore Economic Review 58, no. 03 (2013): 1350016. http://dx.doi.org/10.1142/s0217590813500161.
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This paper examines the role of socio-demographic and credit consumption tendencies in affecting credit card ownership and debt status. Based on a sample of 938 individuals from three major cities in Malaysia, card holders' debt status is measured in relation to credit card expenditure, which in turn is categorized into convenience users, low-risk credit revolvers and high-risk credit revolvers. While socio-demographic factors play significant roles in determining card ownership, card holders' credit consumption tendencies, such as past debt history and type of loan possessed, have varying adverse effects on the card holder's debt status.
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Yakimova, V. A., and A. A. Orekhova. "Tax debt as a threat to the economic security of the Russian Far East." Financial Analytics: Science and Experience 13, no. 2 (2020): 216–42. http://dx.doi.org/10.24891/fa.13.2.216.
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Subject. The article addresses the tax liabilities of taxpayers registered in the subjects of the Far Eastern Federal District, which should be paid to the consolidated budget of the Russian Federation, as well as the factors of the said debt growth. Objectives. Our aim is to assess the level of tax debt of regions of the Russian Far East and identify the correlation between the factors and the amount of tax debt. Methods. The study rests on methods of analysis, generalization, grouping, systematization, and the correlation and regression analysis. Results. We analyzed the level of tax debt for the entire Far Eastern Federal District and by region, identified factors affecting the growth of tax debt therein. The paper assesses the structure of tax debt by type of taxes and activity of debtors. The unveiled factors may help control changes in the size of tax debt in the Russian Far East and develop effective measures to improve the debt collection. Conclusions. The study shows that there is an increase in the tax debt in the regions of the Russian Far East, in the VAT in particular. The factor analysis revealed that the volume of sales of wholesale enterprises, investment in fixed capital, the consumer price index have the largest impact on the amount of tax debt.
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Mohamed, Duryana. "Forms of Acknowledgement of Debt in Malaysia: The Legal Implications." Global Journal of Business and Social Science Review (GJBSSR) Vol. 4(1) 2016 4, no. 1 (2016): 17–23. http://dx.doi.org/10.35609/gjbssr.2016.4.1(3).
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Objective - The purpose of the paper is to discuss different forms or methods of acknowledging debt by the debtor. The paper analysis laws and cases decided by the Malaysian courts. Methodology/Technique - The methodology adopted in this study is by analysing court decisions in various cases on debt acknowledgement. Findings - The findings show that when there is acknowledgement of debt, there are several legal implications. Novelty – The paper Novelty - The paper is original since it focuses on different methods of debt acknowledgment accepted by the Malaysian courts and the legal implications or consequences resulting from such acknowledgement. As far as it is concerned, there is no specific study or compilation has been conducted on the above title. Type of Paper - Empirical. Keywords: Payment; Debt; Acknowledgement; Time Barred; Forms.
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Mahmudah, Siti, Siti Malikhatun Badriyah, and Bagus Rahmanda. "THE POSITION OF THE GUARANTOR IN RECONCILIATION ON THE BANKRUPTCY ACT ACCORDING TO THE LAW OF BANKRUPTCY IN INDONESIA." Diponegoro Law Review 3, no. 2 (2018): 243. http://dx.doi.org/10.14710/dilrev.3.2.2018.243-256.
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The existence of the guarantor in the world of business is widely known and required in the business world. Guarantor is stipulated in the agreement of guarantor which states that the Guarantor will pay the debt of debtor to its creditor if the debtor do not pay. The debt fulfillment of debtor to creditor can be done through the Bankruptcy Act which ended with reconciliation. The purpose of this research is to examine the position of the Guarantor in reconciliation on the Bankruptcy Act according to the Law of Bankruptcy in Indonesia, with the problem of how the position of the guarantor against debt fulfillment of debtor which ended with reconciliation in bankruptcy in Indonesia, and as a result of the approval of reconciliation in the bankruptcy of the submission of the claim the statement of bankrupt guarantor. The approach used in this research is the normative juridical, with a descriptive specifications analysis with the type of secondary data through the study of primary, secondary and tertiary legal material library which is then analyzed by qualitative research. The reconciliation that passed in bankruptcy does not always result to receivables of the creditors being paid for. Based on the provisions of Article 165 paragraph (1) Of Law No. 37 Of 2004 on Bankruptcy and Suspension of Obligation for Payment of Debts,Guarantor will still be obligated to pay off the debtor's debts that are borne which can cause the guarantor privileged as the debtor so it can be filed for bankruptcy if fulfilled the provisions of Article 2 paragraph (1) Of Law No. 37 Of 2004 on Bankruptcy and Suspension of Obligation for Payment of Debts.
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Mainal, Siti Aminah, Catherine S. F. Ho, and Jamaliah Mohd Yusof. "Post Financial Crisis and Macroeconomic Fundamentals on Household Debt in Advanced Economies." Journal of Finance and Banking Review Vol. 2 (3) Jul-Sep 2017 2, no. 3 (2017): 36–41. http://dx.doi.org/10.35609/jfbr.2017.2.3(6).
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Objective - The unwarranted household debt initiated the global financial crisis which led to severe worldwide financial instability. Deleveraging process which has been taking place since the crisis has been slow and there is no quick fix to the debt issue. The lack of study on the effect of financial crisis on household debt justifies the objective to investigate macroeconomic fundamentals and financial crisis on household debt. Methodology/Technique - This study applies panel data analysis in ten advanced economies from 2001 to 2013. The random effect (RE) generalized least square estimator is used in the regression to examine macroeconomic factors and post financial crisis period as control variable on household debt. Findings - Findings confirm that post financial crisis period has significant negative effect on household debt which affirmed the deleveraging process in most advanced economies. Economic growth and household disposable income too have negative relation with household debt. Nonetheless, macroeconomic factors such as inflation, housing price and household consumption encourage household debt in advanced economies. Novelty - This study suggests that empirical evidence support that household avert from borrowing post financial crisis. Intensification of housing price and other consumption expenditure, if left unrestrained, may elicit another debt crisis. These are challenges faced by policy makers to curb household debt which entail risks for households, the financial system and the wider economy. Type of Paper: Empirical Keywords: Household Debt; Post Financial Crisis; Macroeconomic Factors. JEL Classification: G01, G02.
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Kaino, Toshihiro, Ken Urata, Shinichi Yoshida, and Kaoru Hirota. "Improved Debt Rating Model Using Choquet Integral." Journal of Advanced Computational Intelligence and Intelligent Informatics 9, no. 6 (2005): 615–21. http://dx.doi.org/10.20965/jaciii.2005.p0615.
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Improved long-term debt rating model using Choquet integral is proposed, where the input is qualitative and quantitative data of the corporations, and the output is the Moody's long-term debt ratings. The fuzzy measure, which is given as the importance of each qualitative and quantitative data, is derived from a neural net method. Moreover, differentiation of the Choquet integral is applied to the long-term debt ratings, where this differentiation indicates how much evaluation of each specification influence to the rating of the corporation. A long-term debt rating model using Choquet integral was proposed by Kaino and Hirota [1]. Under the ambiguous information which couldn't be expressed by the statistics model, this Kaino and Hirota model [1] enabled analysis of the amount of influences of a specific variable, and showed the new possibility in the field of credit risk measurement. However, in order to develop a practical system for small and medium-sized corporations with many needs, this model must be improved so that it may correspond to the changing market or many types of industry. Moreover, this model is modified by the implementation of actual rating provider's similar process to raise the relevance ratio. The advanced model proposed herein corporations than the model is more precise than conventional model using 2-layer type neural network model.
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Eggertsson, Gauti B., and Paul Krugman. "Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minsky-Koo Approach*." Quarterly Journal of Economics 127, no. 3 (2012): 1469–513. http://dx.doi.org/10.1093/qje/qjs023.
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Abstract In this article we present a simple new Keynesian–style model of debt-driven slumps—that is, situations in which an overhang of debt on the part of some agents, who are forced into rapid deleveraging, is depressing aggregate demand. Making some agents debt-constrained is a surprisingly powerful assumption. Fisherian debt deflation, the possibility of a liquidity trap, the paradox of thrift and toil, a Keynesian-type multiplier, and a rationale for expansionary fiscal policy all emerge naturally from the model. We argue that this approach sheds considerable light both on current economic difficulties and on historical episodes, including Japan’s lost decade (now in its 18th year) and the Great Depression itself.
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Malik, Qamar Uz Zaman, and Talat Afza. "Do group affiliated firms specialize in debt? Evidence from Pakistan." Journal of Economic and Administrative Sciences 32, no. 1 (2016): 46–62. http://dx.doi.org/10.1108/jeas-07-2015-0020.
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Purpose – The purpose of this paper is to examine the debt structure of group affiliated firms in Pakistan for the period of 2009-2011. The study seeks to know the level of debt specialization in group affiliated firms. If they do; then how are they different from stand-alone firms? Design/methodology/approach – The study primarily uses Herfindahl-Hirschman Index and Excl90 as measures of debt specialization, which are further used in cluster, threshold and conditional analysis. Corporate groups are characterized to subsidize their affiliates through internal debt market and loan guarantee. Logistic regression model is used to analyze association among the measures of debt specialization and firm-specific characteristics for group affiliated and stand-alone firms. Findings – The results show that about 85 percent firms use more than 50 percent of debt from one debt type. However, group affiliated firms are more inclined toward debt specialization than stand-alone firms. Tangibility and book leverage are negatively and significantly associated to the measures of debt specialization. Moreover, internal debt market and loan guarantee are suggestive reasons of debt specialization in group affiliated firms. Practical implications – This study highlights the issue of group affiliation and its significance on firm’s debt structure. It has implications for determination of the optimal financing strategy. In the context of emerging economies, group affiliated firms can create market imperfections as a protection shield. In case of emerging markets, it is recommended to strengthen regulatory mechanism to avoid such market imperfections. Originality/value – Prior studies have explored the phenomenon of debt specialization for rated and unrated firms. However, firm group affiliation is widely studied in the context of capital structure. This is a pioneer study to establish and analyze a link between firm group affiliation and debt specialization.
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Engel, Susan, and David Pedersen. "Microfinance as poverty-shame debt." Emotions and Society 1, no. 2 (2019): 181–96. http://dx.doi.org/10.1332/263168919x15653391247919.
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In an excellent anthropological study of microfinance in Bangladesh, <xref ref-type="bibr" rid="CIT0028">Karim (2008: xviii)</xref> argues that it operates as ‘an economy of shame’. That is to say, microfinance is not the benign tool for financial inclusion and empowerment that mainstream development organisations proclaim. Rather, it unintentionally (perhaps) but nevertheless actively deploys shaming techniques in order to maximise loan repayment rates. Karim, however, does not employ an explicit analysis of shame; instead she emphasises its disciplining power for rural women in Bangladesh. Our article builds on this insight but applies a specific psychosocial approach to shame that critically examines a number of the emotion’s harmful practices and outcomes, especially when deployed within microfinance practice. It highlights that microfinance personalises and socialises people’s debt relations, making them a matter for group concern, but that at the same time money-debt’s impersonalising nature results in coercive and disciplinary actions that would otherwise be seen as intolerable. We demonstrate how the active shaming of microfinance participants all too often degenerates into human rights abuses, including violence. The shame of debt and the active shaming that facilitates microfinance’s high repayment rates harms the psychosocial wellbeing of those being shamed as well as their families, and can be linked to a range of concerning outcomes including self-harm and suicide. To conclude, we explore whether the coercion by shame and shaming of microfinance may be linked to its growing use in other areas of development programming.
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Kazmi, Aqdas Ali. "An Econometric Estimation of Tax-discounting in Pakistan." Pakistan Development Review 34, no. 4III (1995): 1067–77. http://dx.doi.org/10.30541/v34i4iiipp.1067-1077.
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The debt neutrality hypothesis which has been a source of major controversies in the theory of public finance, and macroeconomics has at the same time generated a vast literature on the implications of budgetary deficits and public debt on various subsectors/ variables of the economy, such as inflation, interest rates, current account deficit, etc. Tax discounting has been one of the fields of research associated with debt neutrality. The econometric estimation of some of the standard models of taxdiscounting has shown that consumer response to fiscal policy in Pakistan reflects neither the extreme Barro-like rational anticipation of future tax liabilities nor the Buchanan-type extreme fiscal myopia. It broadly follows a middle path between these extremes. The controversy relating to debt neutrality is quite old in economic theory. However, due to its serious and far-reaching implications for the formulation of fiscal policy and macroeconomic management, the issues of debt neutrality have assumed a foremost position in economic theoretisation and empirical testing. This controversy is based on two important questions: (a) Who bears the burden of the debt? (b) Should debt be used to finance public expenditure? The first question centres on whether the debt can be shifted forward in time, while the second question explores whether taxation is equivalent to debt in its effects on the national economy.
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Shkolnyk, Inna, and Viktoriia Koilo. "The relationship between external debt and economic growth: empirical evidence from Ukraine and other emerging economies." Investment Management and Financial Innovations 15, no. 1 (2018): 387–400. http://dx.doi.org/10.21511/imfi.15(1).2018.32.
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The article examines the relationship between external debt and economic growth in emerging economies for the period 2006-2016. The authors used different econometric tools, e.g., ADL model and correlation analysis. The regression results showed that the original values had no significant impact on the estimation of the parameters. Thus, there was made an assumption that emerging economies have a non-linear impact on macroeconomic parameters, including external debt that has a non-linear type of influence on economic growth. The authors established that high level of external debt, in conjunction with macroeconomic instability, impedes economic growth in such countries. The regression model also showed that there is a critical level of debt burden for emerging economies, where the marginal impact of external debt on economic growth becomes negative.The results of the study highlighted the significance of the problem of effective public debt management strategy implementation in Ukraine. This issue is predetermined by the appropriate organizational support. The study recommends improving a public external debt management model. In this paper, the authors proposed a new structure with the participation of new element – independent agencies. The unified external debt management system should integrate all state institutions and executive power structures in this area.
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Azhari, Adilah, and Hanita Kadir. "The Effects of Liquidity, Profitability and Board Characteristics on Debt Restructuring Likelihood Among Malaysian GLCs." Journal of Social Sciences Research, SPI6 (December 25, 2018): 942–50. http://dx.doi.org/10.32861/jssr.spi6.942.950.
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This study investigates the cross-sectional variation in debt restructuring among Malaysian publicly listed Government Linked companies (GLCs) and non-GLCs (NGLCs) for the period of from 2005 to 2015. It attempts to test several firm determinants that can influence the likelihood of Malaysian GLCs to exercise debt restructuring. Past studies argue that liquidity and profitability influences firm’s choice to exercise debt restructuring. This study proposes variants of board of characteristics as one of the influential factors in GLCs debt restructuring since board of directors for this type of organization are usually controlled or owned by government. We employ imbalanced panel data with logistic regression as the method of analysis. The findings show that liquidity, profitability and board characteristics have significant relationship with debt restructuring. The results for profitability indicates that firm with low profitability has higher chance for debt restructuring exercise. However, liquidity has recorded an opposite relationship in our sample. This may be due to our liquidity measures the focuses on short term assets which is less appropriate in debt restructuring context. With regards to board characteristics, three variables such as board size, fraction of Malay directors and fraction of directors with Master degrees show negative and significant relationship influence on the debt restructuring.
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Arilyn, Erika Jimena, and Beny Beny. "The Influence of Growth, Asset Tangibility, Cost of Debt, Profitability and Business Risk On Debt Capital." GATR Journal of Accounting and Finance Review (AFR) Vol. 4 (4) Oct-Dec 2019 4, no. 4 (2019): 120–27. http://dx.doi.org/10.35609/afr.2019.4.4(4).
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Objective –The aims to identify the significant factors that influence a company’s decision to use debt capital. Methodology/Technique – This study uses 5 independent variables namely; firm growth (growth rate in total gross assets), asset tangibility (ratio of net fixed assets to total assets), cost of debt (interest before tax / long term debt), profitability (Earnings Before Interest and Taxes (EBIT) / Total Asset), and business risk (standard deviation of EBIT to total assets). The dependent variable in this study, debt capital, is measured by the ratio of long-term debt to total assets. A purposive sampling method is used to select 11 out of 18 textile and garment companies listed on the Indonesian Stock Exchange between 2014 and 2018 that report their annual financial positions. A quantitative method, panel data analysis technique and SPSS tools were also used in this study. Findings – The results show that debt capital is influenced by profitability, while the remaining factors do not influence debt capital. Novelty – This study adds to the existing literature on internal factors, market condition as an external factors, and debt capital in developed countries. The benefit of this study is to explore the potential capabilities of the industry in using its profit to minimize the use of debt as a source of capital to decrease business risk. Type of Paper: Empirical Keywords: Profitability; Growth; Cost of Debt; Business Risk; Tangibility; Capital Structure. Reference to this paper should be made as follows: Ariyln, E., J; Beny; 2019. The Influence of Growth, Asset Tangibility, Cost Of Debt, Profitability and Business Risk On Debt Capital, Acc. Fin. Review 4 (4): 120 – 127 https://doi.org/10.35609/afr.2019.4.4(4) JEL Classification: G23, G32.