Corporate Investment in Bank-Dependent Companies in Crisis Time

IF 0.5 Q4 ECONOMICS

Central European Journal of Economic Modelling and Econometrics Pub Date : 2023-01-01 DOI:10.2478/ceej-2023-0001

E. Bukalska, Ilona Skibińska-Fabrowska

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Abstract

Abstract The aim of this paper is to ascertain corporate investment reaction in bank-dependent companies in times of crisis. Our investigation covers the differences in corporate investment reaction due to the global financial crisis (GFC) of 2007–2009 and the COVID-19 crisis of 2020–2021. We utilized panel data of companies present on the Warsaw Stock Exchange during the GFC and COVID-19 crisis—932 firm-year observations. We found a negative relationship between bank dependence (static ratio) and corporate investment, but a statistical significance was found only for the GFC period. We also found a positive relationship between bank dependence (dynamic ratio) and corporate investment, but statistical significance was found only for the GFC period. Additionally, we found that during the COVID-19 crisis, the level of corporate investment was at its lowest level, but the biggest drop was noticeable during the GFC when compared to the pre-GFC period. Our article contributes to the existing research by being part of the research on corporate investment and capital structure. It consists of the research on one of the determinants of the corporate investment and capital structure decisions—macroeconomic turbulence manifested in economic crises.

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危机时期银行依赖型企业的企业投资

摘要本文的目的是确定银行依赖企业在危机时期的企业投资反应。我们的调查涵盖了2007-2009年全球金融危机(GFC)和2020-2021年COVID-19危机期间企业投资反应的差异。我们使用了在全球金融危机和COVID-19危机期间在华沙证券交易所上市的公司的面板数据- 932公司年观察。我们发现银行依赖(静态比率)与企业投资之间存在负相关关系，但只有在全球金融危机期间才有统计学意义。我们还发现银行依赖性(动态比率)与企业投资之间存在正相关关系，但仅在全球金融危机期间才有统计学意义。此外，我们发现，在2019冠状病毒病危机期间，企业投资水平处于最低水平，但与全球金融危机前相比，全球金融危机期间的降幅最大。本文作为企业投资与资本结构研究的一部分，对已有的研究有所贡献。它包括对企业投资和资本结构决策的决定因素之一——经济危机中表现出来的宏观经济动荡的研究。

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

Central European Journal of Economic Modelling and Econometrics ECONOMICS-

CiteScore

0.60

自引率

0.00%

发文量

期刊介绍： The Central European Journal of Economic Modelling and Econometrics (CEJEME) is a quarterly international journal. It aims to publish articles focusing on mathematical or statistical models in economic sciences. Papers covering the application of existing econometric techniques to a wide variety of problems in economics, in particular in macroeconomics and finance are welcome. Advanced empirical studies devoted to modelling and forecasting of Central and Eastern European economies are of particular interest. Any rigorous methods of statistical inference can be used and articles representing Bayesian econometrics are decidedly within the range of the Journal''s interests.