金砖国家的零债务之谜：区分金融灵活性和金融约束假说

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2024-05-31 DOI:10.1016/j.ememar.2024.101163

Paolo Saona , Pablo San-Martin , Eleuterio Vallelado

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引用次数: 0

摘要

本研究采用双变量 probit 模型分析了金砖国家企业的零债务决策。主要假设是财务灵活性和财务约束。在需求方面，我们的研究结果表明，管理者的债务规避、早期生命周期阶段、增长机会、偿付能力和所有权集中都是导致企业不负债的原因。同样，一个国家的制度质量也与企业的无债状况相关。在供给方面，债权人会为市场繁荣、经济自由的国家中财务记录不佳的公司提供资金。导致零债务的金融灵活性和限制与新兴国家的企业和制度特征相关。

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The zero-debt puzzle in BRICS countries: Disentangling the financial flexibility and financial constraints hypotheses

This study analyzes the zero-debt decisions of BRICS firms using a bivariate probit model. The leading hypotheses are financial flexibility and financial constraints. On the demand-side, our findings reveal that managerial debt aversion, early lifecycle stage, growth opportunities, solvency, and concentrated ownership contribute to the lack of debt. Similarly, a country's institutional quality correlates with firms' debt-free status. On the supply-side, creditors fund companies with poor financial records in countries with robust markets and economic freedom. Financial flexibility and restrictions leading to zero debt are linked to firm and institutional characteristics in emerging countries.

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.