Financial Access of Latin America and Caribbean Firms: What Are the Roles of Institutional, Financial, and Economic Development?

IF 1.2 Q3 BUSINESS, FINANCE

Journal of Emerging Market Finance Pub Date : 2021-05-19 DOI:10.1177/09726527211015317

L. Chu

引用次数: 3

Abstract

This article examines the impact of institutional, financial, and economic development on firms’ access to finance in Latin America and Caribbean region. Based on firm- and country-level data from the World Bank databases, we employ an ordered logit model to understand the direct and moderating role of institutional, financial, and economic development in determining firms’ financial obstacles. The results show that older, larger, facing less competition and regulation burden, foreign owned, and affiliated firms report lower obstacles to finance. Second, better macro-fundamentals help to lessen the level of obstacles substantially. Third, the role of institutions in promoting firms’ inclusive finance is quite different to the role of financial development and economic growth. JEL Classification: E02; G10; O16; P48

查看原文本刊更多论文

拉丁美洲和加勒比公司的融资渠道:制度、金融和经济发展的作用是什么?

本文考察了拉丁美洲和加勒比地区制度、金融和经济发展对企业融资渠道的影响。基于来自世界银行数据库的企业和国家层面的数据，我们采用有序logit模型来理解制度、金融和经济发展在决定企业财务障碍方面的直接和调节作用。结果显示，规模较大、竞争和监管负担较轻的外资控股公司及其附属公司的融资障碍较低。其次，宏观基本面的改善有助于大幅降低障碍水平。第三，制度在促进企业普惠金融中的作用与金融发展和经济增长的作用存在较大差异。JEL分类:E02;十国集团;O16;P48

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Journal of Emerging Market Finance BUSINESS, FINANCE-

CiteScore

1.80

自引率

33.30%

发文量

期刊介绍： The Journal of Emerging Market Finance is a forum for debate and discussion on the theory and practice of finance in emerging markets. While the emphasis is on articles that are of practical significance, the journal also covers theoretical and conceptual aspects relating to emerging financial markets. Peer-reviewed, the journal is equally useful to practitioners and to banking and investment companies as to scholars.