دانلود مقاله ISI انگلیسی شماره 12608
عنوان فارسی مقاله

بقای شرکت و توسعه مالی: شواهدی از یک پانل از اقتصادهای در حال ظهور آسیا

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
12608 2011 17 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Firm survival and financial development: Evidence from a panel of emerging Asian economies
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Banking & Finance, Volume 35, Issue 7, July 2011, Pages 1736–1752

کلمات کلیدی
بقای شرکت - مشخصات خاص شرکت - توسعه مالی
پیش نمایش مقاله
پیش نمایش مقاله بقای شرکت و توسعه مالی: شواهدی از یک پانل از اقتصادهای در حال ظهور آسیا

چکیده انگلیسی

Using a panel of five Asian economies – Indonesia, Korea, Malaysia, Singapore and Thailand – over the period 1995–2007 we analyze the links between firm survival and financial development. We find that traditionally used measures of financial development play an important role in influencing firm survival. When stock markets become larger or more liquid firms’ survival chances improve. On the contrary, we show that higher levels of financial intermediation can increase firm failures. We also find that the beneficial effects of stock market development are more pronounced during the later years of our sample, while the adverse effects of bank intermediation have declined over time. Finally, large firms are more likely to benefit from developments in financial markets compared to small firms.

مقدمه انگلیسی

Does it matter for firm survival whether a country’s financial system is more or less developed? The idea that the financial system has a central role to play in economic fluctuations is an old one (see Gertler, 1988). Following the seminal work of Goldsmith (1969), several empirical studies have documented the existence of a strong positive link between the functioning of the financial system and various aspects of economic activity such as investment, employment and economic growth (see for instance, King and Levine, 1993, Rajan and Zingales, 1998 and Levine, 2006). These studies, however, remain largely silent about the role of financial development in firms’ survival prospects. Such evidence is important for understanding the mechanism by which financial development affects survival and can better inform policy makers, especially in the context of emerging Asian economies that are undergoing periods of deregulation and redesign (see Hasan et al., 2009).

نتیجه گیری انگلیسی

Using a panel for five Asian economies – Indonesia, Korea, Malaysia, Singapore and Thailand – we find that country-level indicators of financial development have an important role to play in influencing firm survival. When stock markets develop, both in terms of size and liquidity, firms’ survival chances improve. In other words, moving towards a more market-based system is likely to reduce the incidence of business failures. On the contrary, we show that greater banking intermediation can increase firm failures and we argue that bank-based systems in emerging Asian markets are inherent to bank runs and therefore could impede firms’ survival prospects.

خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.