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The savings measures of private households currently exceed the limited financing needs of companies around the world, and the difference is reflected in an increase in sovereign debt. In the EU, over the last two and a half decades non-financial corporations recorded funding surpluses in one out of three years, and in the more affluent EU countries (EU 15) this was even recorded every second year. There is much to indicate that this is not just a result of the financial crisis, but is also globally founded in the Southeast Asian economic model, while in Europe this is a symptom of the affluence of society, as financial security takes on greater significance and slower growth requires fewer investments. Economic policy should therefore be prepared for the current situation to persist; without counter-measures there would have to be a recessive adjustment of savings capacity to the debt preparedness of the economy and state. In these countries, worldwide distortions primarily based in Southeast Asian, exportbased economic policy can only be counter-balanced with a stronger domestic-market-oriented policy and significant appreciation (the task of the dollar peg). Such initiatives exist, but given the scale of the problem, a long transitional phase is to be expected. In the EU, a broad and well-balanced package of measures is required. It would have to dampen austerity through confidence building, in addition to improving corporate finance and reviving severely limited investments in the public sector. Furthermore, particularly in those countries in which the financing and use of sovereign debt do not present a problem, there should be a re-introduction of the previously typical division into a surplus-achieving budget for current expenditures and a budget for investments. This would enable the debt-backed financing of primarily immaterial investments within certain limits.

This paper presents a theory model that simultaneously accounts for the financing decisions and ownership structure in affiliates of multinational firms. We find that affiliates of multinationals have higher internal and overall debt ratios and lower rental rates of physical capital than comparable domestic firms. We also show that affiliates with minority owners have less debt than wholly owned affiliates and a less tax-efficient financing structure. The latter is due to an externality whereby minority ownership dampens the incentive to avoid taxes through the use of internal debt.

ABSTRACTThis study analyses selected Southern Africa Development Community (SADC) Microfinance Institutions (MFIs) in delineating how commercialized financing structure relates to financial sustainability given the need to control poverty through financially sustainable MFIs. The study takes from a recent SADC microfinance survey which recommended financial rescue packages for ailing MFIs to proffer financial sustainability. This survey failed to specify the form of financing which supports financial sustainability in addition to the inconclusive and little evidence in this regard. We note that though the financing structure and the level of financial sustainability varies with countries, MFIs are generally financially unsustainable. A robust probit model framework affirms the role of financing structure on financial sustainability. Portfolio at risk, cost efficiency and costs linked to deposit attraction explain financial sustainability. We suggest the availing of more donations, upgrading risk management and improving cost efficiency to induce financial sustainability.

This open access book analyses barriers and challenges associated with the financing of clean energy access in sub-Saharan Africa. By considering various economic, financial, political, environmental and social factors, it explores the consequences of energy poverty across the region and maps the real and perceived investment risks for potential capital providers, both domestic and international. Furthermore, it analyses risk mitigation strategies and innovative financing structures available to the public and private sectors, which are aimed at leveraging capital in the clean energy sector at scale and fostering the creation of an enabling business and investment environment. More specifically, the present book analyses how to (i) enhance capital allocation in projects and organisations that foster clean energy access in the region, (ii) mobilize private capital at scale and (iii) decrease the cost of financing through risk mitigation strategies. Going beyond traditional approaches, the book also considers socioeconomic and cultural aspects associated with investment barriers across the subcontinent. Moreover, it urges the public and private spheres to become more actively involved in tackling this pressing development issue, and provides policy recommendations for the public sector, including proposals for business model evolution at multilateral agencies and development institutions. It will appeal to a wide readership of both academics and professionals working in the energy industry, the financial sector and the political sphere, as well as to general readers interested in the ongoing debate about energy, sustainable development and finance.

In this paper, we use a large firm‐level dataset covering 19 European countries in order to compare the ownership and financing structures and performance of listed (LCs) and large non‐listed companies (NLCs). For the overall sample, we find that the substantial majority of NLCs have either a large or medium blockholder. This contrasts with the ownership structure of LCs, which usually have no large blockholder. Moreover, we present information on typology of large blockholders as well as financial ratios in LCs and NLCs. The results from matched‐pairs analysis, employed in order to directly compare the two categories, suggest that NLCs use relatively less fixed assets and they appear to be more capital intensive than LCs. In terms of performance, NLCs have higher returns on assets and equity than LCs do, but lower margins. Overall, the paper contributes to the understanding of differences between NLCs and LCs.