Does innovation explain the performance gap between privatized and private firms?
In: Journal of economics and business, Band 113, S. 105946
ISSN: 0148-6195
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In: Journal of economics and business, Band 113, S. 105946
ISSN: 0148-6195
In: Emerging markets, finance and trade: EMFT, Band 57, Heft 14, S. 4036-4053
ISSN: 1558-0938
In: The quarterly review of economics and finance, Band 75, S. 120-132
ISSN: 1062-9769
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Working paper
In: The journal of financial research: the journal of the Southern Finance Association and the Southwestern Finance Association, Band 40, Heft 4, S. 507-534
ISSN: 1475-6803
AbstractWe examine the relation between financing patterns and firm growth in transition economies. Using a survey data set covering more than 20,000 firms in 30 Eastern European and Central Asian countries from 2002 to 2014, we find that firms using formal bank finance grow faster than those financed by informal sources. Our results hold after controlling for firm characteristics, country economic development, and potential endogeneity. The effect of bank finance on firm growth is more pronounced in non‐OECD than OECD countries, indicating the overwhelming importance of bank finance in countries with less developed institutions.
In: FINANA-D-23-01643
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SSRN
In: Journal of Banking and Finance, Band 48
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We employ 19,521 unique firms in 30 transition economies to investigate the relation between the origins of private firms and their financing patterns. In our sample, the private firms are either privatized former state-owned enterprises (SOEs) or ab initio (from the beginning) private firms. Our results show that privatized former SOEs finance a higher proportion of their fixed assets from bank finance and supplier credit, while ab initio private firms rely more on informal finance. We argue that privatized former SOEs continue to benefit from the political and financial connections established during their SOE era. We further document that financial institution development affects the financing patterns of these two groups differently. In our sample countries, financial institution advancement benefits privatized SOEs more than it benefits ab initio private firms.
BASE
This paper studies the effects of voluntary accounting information disclosure through auditing on firm access to finance, exposure to corruption, and sales growth. Relying on a data set of more than 70,000 firms in 121 countries, the analysis finds that disclosure can be a double-edged sword. On the one hand, audited firms exhibit a slightly lower level of financial constraints than unaudited firms. On the other hand, audited firms face a significantly higher level of corruption obstacles. The net effects of voluntary information disclosure on firm growth are negative, which can largely be explained by the fact that most of the countries in the sample are developing countries where institutions are weak. The beneficial effect of disclosure increases as a country's property rights protection improves. The qualitative results are robust to considerations of the endogeneity of auditing and to alternative measures of corruption and financial constraints. The findings reveal the dark side of voluntary information disclosure: exposing firms to government expropriation where institutions are weak.
BASE
In: World Bank Policy Research Working Paper No. 7254
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Working paper
In: Journal of Social Science Studies, Band 4, Heft 2, S. 217
ISSN: 2329-9150
Female labor force plays a significant role in the economic development of a country. The core objective of this paper is to examine the nexus between female labor force participation rate and Pakistan's economic growth using time series data for the period 1990-2014. The data was extracted from World Development Indicators database. Augmented-Dickey Fuller (ADF) test was applied to examine the data for unit root. The results show that both the variables--- female labor force participation rate and economic growth---are stationary at first difference i.e. I(1). The error correction model (ECM) and Johansen co-integration tests were used to examine the co-integration relation between the variables. The econometric results conclude that there is long-run and a U-shaped link between economic growth and women labor force participation rate of Pakistan. The results conclude that lower female labor force participation rate leads to lower economic growth in Pakistan. This paper has important policy implications, suggests that policies intend to remove such barriers could help to enhance the Pakistan's economic growth.
In: Journal of Corporate Finance, Band 66, Heft 101829
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In: IEEE antennas & propagation magazine, Band 61, Heft 3, S. 37-47
ISSN: 1558-4143