国家治理状况如何影响企业融资安排:来自选定亚洲经济体的经验证据

IF 3.1 Q2 BUSINESS
B. Subhani, Umer Farooq, Khurram Ashfaq, M. Tabash
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引用次数: 0

摘要

目的本研究旨在探讨国家层面治理对公司融资结构的潜在影响。设计/方法/方法由于内生性问题,使用了两步系统广义矩法。从2007年到2016年,整个样本包括中国、印度、巴基斯坦、新加坡和韩国五个经济体的3761家公司。结果表明,在有充分治理安排的政府下,债务融资选择并不有利。然而,国家治理和股权融资之间存在着直接而重要的联系,因为在适当的治理安排中,信息不对称的可能性很小,企业认为股权是一种更合适、更安全的融资工具。相比之下,在治理不善的经济体中,企业更喜欢贸易信贷融资,这证实了贸易信贷与充分治理之间的不利联系。实际含义在决定公司融资时,国家治理应被视为一个敏感问题。原创性/价值这种变量排列以前没有在文献中进行过分析,这表明该研究具有新颖性。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
How country governance situation affect firm financing arrangements: empirical evidence from selected Asian economies
Purpose This study aims to explore the potential impact of country-level governance in corporate financing structures. Design/methodology/approach A two-step system generalized method of moment was used due to the endogeneity issue. The whole sample comprises 3,761 firms in five economies – China, India, Pakistan, Singapore and South Korea – from 2007 to 2016. Findings The results indicate that the debt option for financing is not favorable under governments with an adequate governance arrangement. However, there is a direct and significant link between country governance and equity financing because in adequate governance arrangements, the possibilities of information asymmetry are minimal and businesses consider equity a more appropriate and safer financing instrument. In contrast, firms prefer to trade-credit financing in poor governance economies, which confirms an adverse link between trade credit and adequate governance. Practical implications The country’s governance should be considered a sensitive matter when deciding about corporate financing. Originality/value This arrangement of variables has not been previously analyzed in the literature, suggesting the study’s novelty.
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来源期刊
CiteScore
5.60
自引率
18.80%
发文量
35
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