کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5087263 | 1478254 | 2015 | 11 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Firm investment, liquidity and bank health: A panel study of Asian firms in the 2000s
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
We find that the cash flow sensitivity of investment and cash holdings rises as bank health deteriorates. Moreover, the impact of non-performing loans on the cash flow sensitivity is more prevalent across firms in economies with a higher level of financial intermediary development. As financial intermediaries develop, firms become more dependent on bank credit and bank-dependent firms are more vulnerable to external shocks hitting the financial system. Therefore, when bank health is impaired, bank-dependent firms increase their reliance on internal funds and raise their propensity to save out of cash flow to materialize profitable investment opportunities in the future.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Asian Economics - Volume 38, June 2015, Pages 44-54
Journal: Journal of Asian Economics - Volume 38, June 2015, Pages 44-54
نویسندگان
Kazuo Ogawa,