金融危机与资本结构决策——来自新兴市场的经验证据

Q3 Business, Management and Accounting

Journal of Asia-Pacific Business Pub Date : 2023-01-02 DOI:10.1080/10599231.2023.2197395

Bülent Aybar, Seyda Z. Deligonul, Bo An

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引用次数: 1

摘要

摘要本研究分析了新兴市场企业的资本结构决策。我们选取2007-2008年金融危机作为参考，研究其时间行为。我们调查了新兴市场公司在发行债券和股票的决策上是否存在差异，以及它们对全球金融危机的反应是否可以用现有理论来解释。我们的研究结果表明，新兴市场企业的危机行为并不完全符合现有的理论。他们的债务和股权逆转是对立的，也就是说，与上一个极端相反，导致了一种模式在大量债务发行和股权扩张之间交错。

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Financial Crises and Capital Structure Decisions: Empirical Evidence from Emerging Markets

ABSTRACT This study analyzes emerging market firms’ capital structure decisions. We select the reference as 2007–2008 financial crisis and study the temporal behavior. We investigate if EM firms differ in decisions of issuing debt and equity and if their responses to the global financial crisis are explicable with the existing theories. Our findings suggest that the crisis behavior of EM firms is not fully conformable with the extant theories. Their debt and equity reversals are antithetical, that is in the reverse direction from the last extreme point, driving a pattern to stagger between substantial debt issues followed by equity expansions.

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来源期刊

Journal of Asia-Pacific Business Business, Management and Accounting-Business and International Management

CiteScore

2.50

自引率

0.00%

发文量

期刊介绍： Present circumstances underscore the need to improve the understanding of conducting business with and within the Asia-Pacific countries. The Journal of Asia-Pacific Business™ provides a blend of cutting-edge knowledge and practical applications on business management and marketing strategy. In the Journal of Asia-Pacific Business™, you will find articles and feature sections that provide a pragmatic view of the business environment in this dynamic region. This essential resource offers readers a good blend of descriptive, conceptual, and theoretical articles dealing with current topics.