Political uncertainty and the choice of debt sources
| Autor: | Hamdi Ben-Nasr, Rui Zhong, M. Shahid Ebrahim, Lobna Bouslimi |
|---|---|
| Rok vydání: | 2020 |
| Předmět: |
040101 forestry
Economics and Econometrics Political uncertainty Public debt 050208 finance Creditor Corporate governance media_common.quotation_subject 05 social sciences 04 agricultural and veterinary sciences Monetary economics Bank debt Politics Shareholder National election Debt 0502 economics and business Economics 0401 agriculture forestry and fisheries Positive relationship Finance media_common |
| Zdroj: | Journal of international financial markets, institutions & money, 2020, Vol.64, pp.101142 [Peer Reviewed Journal] |
| Popis: | This paper studies the effect of political uncertainty on the choice of debt sources. We find a positive relationship between political uncertainty stemming from elections and the proportion of bank loans over total debts, especially when elections are closely contested. Furthermore, this relationship is stronger in opaque firms and more financially constrained firms as well as firms from countries with weaker shareholder rights, labor protection, creditor rights and national governance. 2019 Elsevier B.V. Hamdi Ben-Nasr acknowledges the financial support from Qatar University, QUUG-CBE-DFE-17/18-6. Rui Zhong acknowledge research grant from National Natural Science Foundation of China (NNSFC, Project No.71501197). Boyd and Prescott, 1986 J. Boyd E. Prescott Scopus |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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