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Policy initiatives and firms' access to external finance: Evidence from a panel of emerging Asian economies

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  • Bose, Udichibarna
  • MacDonald, Ronald
  • Tsoukas, Serafeim
Abstract
This paper analyses the impact of policy initiatives co-ordinated by Asian national governments on firms' composition of external finance. Using a unique firm-level database of eight Asian countries- Hong Kong SAR, Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand over the period of 1996–2012 and a difference-in-differences approach, the results show a significant response of the debt composition to the policy change. We find that firms increased their uptake of long-term debt, while decreased their short-term debt. We also document that less risky and more profitable firms are more significantly affected by the policy change than riskier and less profitable firms. Finally, we show that the improved access to external finance after the policy initiative helped firms to raise their investment spending.

Suggested Citation

  • Bose, Udichibarna & MacDonald, Ronald & Tsoukas, Serafeim, 2019. "Policy initiatives and firms' access to external finance: Evidence from a panel of emerging Asian economies," Journal of Corporate Finance, Elsevier, vol. 59(C), pages 162-184.
    • Handle: RePEc:eee:corfin:v:59:y:2019:i:c:p:162-184
    DOI: 10.1016/j.jcorpfin.2016.09.008
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    More about this item

    Keywords

    External finance; Emerging Asia; Policy initiatives; Financial constraints;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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