Financial system development and financing patterns of firms: Evidence from Ukraine*

IF 1.2 Q4 BUSINESS

Journal of East-West Business Pub Date : 2020-01-02 DOI:10.1080/10669868.2019.1630045

Olena Oliynyk-Dunn, M. Wasilewski, S. Kvasha, V. Adamenko

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引用次数: 6

Abstract

Abstract We examined the financial system development of Ukraine from 2010 to 2016 using integral indicator. In addition, we explored the effect of the financial system development on the financing of firms in Ukraine. The results of the study displayed a negative tendency in the development of the Ukrainian financial system from 2010 to 2016. The regression model revealed that the integral indicator of the financial system’s development is substantially interconnected with the average rate of hryvnia to the US dollar. The results of the paper showed that the financial structure of Ukrainian firms changed significantly during the analyzed period. The share of external financing rose extremely not due to an increase in bank loans but due to informal sources. Despite the general negative changes in the financial system development and financing patterns, the study did not find arguments to support the hypothesis of the existence of a strong statistical relationship between them. Instead, we identified additional significant sources of financing for firms that are not related to the development of the financial system and those that do not meet traditional notions of financing patterns.

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金融体系发展与企业融资模式：来自乌克兰的证据*

摘要本文采用积分指标对乌克兰2010 - 2016年金融体系发展情况进行了研究。此外，我们还探讨了金融体系发展对乌克兰企业融资的影响。研究结果显示，2010年至2016年乌克兰金融体系的发展呈负向趋势。回归模型显示，金融体系发展的整体指标与格里夫纳对美元的平均汇率存在本质上的相互关联。研究结果表明，在分析期内，乌克兰企业的财务结构发生了显著变化。外部融资的份额急剧上升，不是由于银行贷款的增加，而是由于非正式来源。尽管金融体系发展和融资模式总体上发生了消极变化，但该研究没有找到证据来支持两者之间存在强烈统计关系的假设。相反，我们为那些与金融体系发展无关的公司以及那些不符合传统融资模式概念的公司确定了额外的重要融资来源。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of East-West Business BUSINESS-

CiteScore

2.10

自引率

26.70%

发文量

期刊介绍： Journal of East-West Business is a quarterly journal that deals with contemporary and emerging aspects of business studies, strategies, development, and practice as they relate to the Russian Federation, the new republics of the Commonwealth of Independent States, and Eastern/Central Europe-and business relationships with other countries of the world. The Journal of East-West Business is international in scope and treats business issues from comparative, cross-cultural, and cross-national perspectives. The journal features an Editorial Advisory Board that represents the Russian Federation, Eastern/Central European, and Baltic states in this new business arena.