دانلود مقاله ISI انگلیسی شماره 96285
ترجمه فارسی عنوان مقاله

محدودیت های مالی، محیط سرمایه گذاری کلان و بهبود پس از بحران شرکت ها

عنوان انگلیسی
Financial constraints, macro-financing environment and post-crisis recovery of firms
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
96285 2018 32 صفحه PDF
منبع

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

Journal : International Review of Economics & Finance, Volume 55, May 2018, Pages 54-67

ترجمه کلمات کلیدی
بهبود عملکرد شرکت ها، بحران مالی، محدودیت های مالی، محیط مالی متمرکز، مدل پروبیت،
کلمات کلیدی انگلیسی
Firms' performance recovery; Financial crisis; Financial constraints; Macro-financing environment; Probit model;
پیش نمایش مقاله
پیش نمایش مقاله  محدودیت های مالی، محیط سرمایه گذاری کلان و بهبود پس از بحران شرکت ها

چکیده انگلیسی

This paper is the first to define the recovery of firms' performance after the 2007–2008 global financial crisis. Based on this definition, we present stylized facts on firm recovery using data on firms from 106 countries in the aftermath of the crisis, and we focus in particular on the relationship between firms' recovery and their financial constraints. Using a probit model, we find that firms with stronger financial constraints tend to experience a more sluggish recovery from the financial crisis than those with weaker constraints. Furthermore, a well-developed bank financing market and a bank-oriented financial structure contribute to firms’ recovery by easing their financial constraints, but the effect of capital market financing is ambiguous. Although expansionary fiscal and monetary policies are helpful for a speedy recovery, only expansionary monetary policies effectively stimulate firms' recovery by easing their financial constraints.