Financial structure and capital investment

被引：23

作者：

Rioja, Felix ^{[1
]}

Valev, Neven ^{[1
]}

机构：

[1] Georgia State Univ, Dept Econ, Andrew Young Sch Policy Studies, Atlanta, GA 30303 USA

来源：

APPLIED ECONOMICS | 2012年 / 44卷 / 14期

关键词：

financial development; financial structure; capital accumulation; ECONOMIC-GROWTH; PANEL-DATA; LIQUIDITY; MARKETS; ALLOCATION; SYSTEMS; MODELS;

D O I：

10.1080/00036846.2011.554376

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This article studies the effects of financial structure on the growth of physical capital accumulation. Several theoretical works have proposed that banks are better than stock markets in funding capital investment. We test these theories with panel data for 62 industrial and developing countries using Generalized Method of Moments dynamic panel techniques. Results show that bank based financial systems are indeed associated with faster capital growth. This effect is especially strong in countries where banks can have close links to nonfinancial firms.

引用

页码：1783 / 1793

页数：11

共 50 条

[21] Capital structure with risky foreign investment
Desai, Mihir A.
Foley, C. Fritz
Hines, Jannes R., Jr.
[J]. JOURNAL OF FINANCIAL ECONOMICS, 2008, 88 (03) : 534 - 553
[22] Capital Structure Dynamics: Evaluating Financial Performance through Financial Accountability and Investment Decision: Moderating Influence of Internal Control Systems
Elrayah, Musaddag
Jalingo, Mubarak Usman
[J]. CUADERNOS DE ECONOMIA-SPAIN, 2023, 46 (132): : 79 - 91
[23] Supply of capital and capital structure: The role of financial development
Antzoulatos, Angelos A.
Koufopoulos, Kostas
Lambrinoudakis, Costas
Tsiritakis, Emmanuel
[J]. JOURNAL OF CORPORATE FINANCE, 2016, 38 : 166 - 195
[24] Investment and financial constraints in Indian firms: Does working capital smoothen fixed investment?
Altaf N.
Shah F.A.
[J]. DECISION, 2018, 45 (1) : 43 - 58
[25] Capital Investment Decisions: Moving Beyond Traditional Financial Models
Boedeker, Russell R.
Hughes, Susan B.
Gjerde, Kathy A. Paulson
[J]. JOURNAL OF CORPORATE ACCOUNTING AND FINANCE, 2011, 22 (03): : 53 - 61
[26] The impact of capital shortages on the financial investment sources of family firms
Steinerowska-Streb, Izabella
[J]. FINANCIAL MANAGEMENT OF FIRMS AND FINANCIAL INSTITUTIONS: 11TH INTERNATIONAL SCIENTIFIC CONFERENCE, PTS I-III, 2017, : 790 - 797
[27] Estimation of the Efficiency of Investment by Households in Financial Instruments and Human Capital
Avduevskaia, Ekaterina A.
Kuporov, Yurii Y.
Chepikova, Evgenia M.
[J]. VISION 2020: SUSTAINABLE ECONOMIC DEVELOPMENT AND APPLICATION OF INNOVATION MANAGEMENT, 2018, : 3029 - 3041
[28] Research on Strategies for the Financial Operational Capital Equity Investment Reform
Ju Chengxiao
[J]. PROCEEDINGS OF THE 23RD INTERNATIONAL BUSINESS ANNUAL CONFERENCE (2016), BKS ONE AND TWO, 2016, : 785 - 789
[29] Multinational capital structure and financial flexibility
Singh, K
Hodder, JE
[J]. JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 2000, 19 (06) : 853 - 884
[30] The financial structure influence on the cost of capital
Rodica, Baciu
Petre, Brezeanu
[J]. PROCEEDINGS OF THE 14TH INTERNATIONAL CONFERENCE ACCOUNTING AND MANAGEMENT INFORMATION SYSTEMS (AMIS IAAER 2019), 2019, : 165 - 175

← 1 2 3 4 5 →