Financial Systems and Enterprise Restructuring in Eastern Europe

被引:3
|
作者
Kim, Byung-Yeon [1 ]
Park, Jieun [2 ,3 ]
机构
[1] Seoul Natl Univ, Dept Econ, 1 Gwanak Ro, Seoul 151746, South Korea
[2] Korea Int Trade Assoc, FTA & Reg Studies, Seoul, South Korea
[3] Korea Int Trade Assoc, Seoul, South Korea
关键词
banks; equity financing; financing sources; restructuring; transition; TRANSITION ECONOMIES; GROWTH; PERFORMANCE; OWNERSHIP; EFFICIENCY; MARKETS; CREDIT; FIRMS;
D O I
10.1080/00128775.2016.1215229
中图分类号
F [经济];
学科分类号
02 ;
摘要
This article investigates the effects of financial systems on enterprise restructuring in twenty-six transition economies from 1999 to 2005. It identifies various sources of financing and estimates their respective impacts on enterprise restructuring. Loans from local commercial banks are found to be more effective than any other form of financing at promoting restructuring. Their effect increases as the size of the firm decreases. There is some evidence that the effectiveness of equity financing in restructuring increases over time, suggesting that the equity mechanism takes root in transition economies only gradually. It is also found that restructuring contributes to firm performance, suggesting a linkage among financing sources, restructuring, and firm performance.
引用
收藏
页码:503 / 520
页数:18
相关论文
共 50 条
  • [1] ENTERPRISE DEBT AND FINANCIAL RESTRUCTURING IN CENTRAL AND EASTERN-EUROPE
    BEGG, D
    PORTES, R
    [J]. EUROPEAN ECONOMIC REVIEW, 1993, 37 (2-3) : 396 - 407
  • [2] The economics of enterprise restructuring in central and eastern Europe
    Aghion, P
    Blanchard, OJ
    Carlin, W
    [J]. PROPERTY RELATIONS, INCENTIVES AND WELFARE, 1997, (115): : 271 - 325
  • [3] Financial sustainability of social enterprise in Central and Eastern Europe
    Staicu, Daniela
    [J]. PROCEEDINGS OF THE INTERNATIONAL CONFERENCE ON BUSINESS EXCELLENCE, 2018, 12 (01): : 907 - 917
  • [4] Introductory overview: issues surrounding bank and enterprise restructuring in Central and Eastern Europe
    Murinde, V
    Mullineux, A
    [J]. ECONOMIC PERFORMANCE AND FINANCIAL SECTOR REFORM IN CENTRAL AND EASTERN EUROPE: CAPITAL FLOWS, BANK AND ENTERPRISE RESTRUCTURING, 1999, : 1 - 20
  • [5] Enterprise restructuring and banking reform: lessons from Eastern Europe since 1990
    Anderson, RW
    [J]. MONETARY POLICY AND TAIWAN'S ECONOMY, 2002, : 183 - 221
  • [6] Governance and enterprise restructuring in Southeast Europe
    Apostolov, Mico
    [J]. INTERNATIONAL JOURNAL OF SOCIAL ECONOMICS, 2013, 40 (08) : 680 - +
  • [7] The development and reform of financial systems in Central and Eastern Europe
    Westin, P
    [J]. SLAVONIC AND EAST EUROPEAN REVIEW, 1998, 76 (02): : 386 - 387
  • [8] Industrial restructuring in Central and Eastern Europe
    Krkoska, L
    [J]. FINANCE A UVER, 2001, 51 (7-8): : 390 - 404
  • [9] Restructuring of firms in central and eastern Europe
    Konings, J
    [J]. ECONOMIC CONVERGENCE AND DIVERGENCE IN EUROPE: GROWTH AND REGIONAL DEVELOPMENT IN AN ENLARGED EUROPEAN UNION, 2003, : 168 - 182
  • [10] FINANCIAL SYSTEMS AND INDUSTRIAL RESTRUCTURING
    RYBCZYNSKI, TM
    [J]. NATIONAL WESTMINSTER BANK QUARTERLY REVIEW, 1988, : 3 - 13