مشخصات مقاله:
عنوان فارسی مقاله:
افزایش بدهی شرکت ها و ارتباط ارزش عوامل جانبی عرضه در آفریقای جنوبی
عنوان انگلیسی مقاله:
Rising corporate debt and value relevance of supply-side factors in South Africa
کلمات کلیدی مقاله:
بدهی شرکت، عوامل جانبی تأمین، عوامل جانبی تقاضا، محدودیت های مالی، بازارهای نوظهور
کلمات کلیدی انگلیسی:
Corporate debt – Supply-side factors – Demand-side factors – Financial constraints – Emerging markets
مناسب برای رشته های دانشگاهی زیر:
حسابداری
مناسب برای گرایش های دانشگاهی زیر:
حسابداری مالی
وضعیت مقاله انگلیسی و ترجمه:
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فهرست مطالب:
Abstract
Keywords
1. Introduction
2. Theory and hypotheses
3. Methodology
4. Data
5. Empirical results
5.1. What are the effects of firm-specific factors on corporate debt?
5.2. Do financial constraints matter?
5.3. Do macroeconomic factors matter?
5.4. Do supply-side factors matter?
6. Robustness
7. Conclusion
7.1. Theoretical implications
7.2. Practical implications
7.3. Limitations and future research
Acknowledgements
Supplementary material
Research Data
References
قسمتی از مقاله انگلیسی:
1. Introduction
Corporate financing decisions are essential components of a corporate strategy and can determine the success or failure of a firm, especially during periods of significant contractions in credit supply. Using more debt can maximise a firm’s value, but can also inadvertently lead to bankruptcy in an economic downturn. Recent research on developed economies documents a marked increase in corporate debt (ratio of total debt to total assets). For example, Graham et al. (2015) attribute the fourfold increase in US corporate debt, from 11% in 1945 to 47% in the 1990s, to the rise in macroeconomic uncertainty, public debt, and financial development. Campello et al. (2010), Campello and Giambona (2013), and Kahle and Stulz (2013) report a marked surge in corporate debt before the onset of the global financial crisis (GFC) of 2007/2008. In addition, Custódio et al. (2013) document significant changes in debt composition as debt maturity continues to decrease in the United States. They attribute this to an influx of young firms with high information asymmetry and limited access to long-term financing. Other than these significant findings related to the United States, little is known about the dynamics of corporate debt in emerging markets, which are beleaguered by inadequate institutional frameworks. Emerging markets provide interesting research settings because their weak institutional structures and the low levels of capital market development create greater challenges in accessing external sources of financing. Firms in developed countries find it easier to raise external finance, owing to institutional openness and higher levels and quality of information disclosure. However, firms in emerging markets find it more difficult because of high levels of information asymmetry and weak regulatory frameworks, which inadequately discourage or restrict adverse practices, such as corruption (Areneke and Kimani, 2019). Accordingly, the trends and determinants of corporate debt in emerging economies may be dissimilar to those identified for more developed capital markets (Custódio et al., 2013; Graham et al., 2015). We conjecture that the determinants of the rising corporate debt levels in developed economies may not be generalizable to emerging economies, which have markedly different financial infrastructures, degrees of institutional openness, and levels of capital market development.