Financial Constraints and Firm Value: A Global Perspective
| Autor: | VU THI HUONG GIANG, 武氏香江 |
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| Rok vydání: | 2019 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 107 In this article, I hypothesize and examine empirically association between financial constraints, efficiency, productivity and firm value. Are firms with high level of financial constraints more likely to lessen its value? How efficiency and productivity affect the relationship between financial constraints and firm value? Are there any different in financial constraints-efficiency and productivity interaction effect over various stages. I collect data from Compustat during 1975-2018 period and use Data Development Analysis to measure efficiency and productivity growth are measured by using Data Developed Analysis measurement. My findings suggest that firms with higher level of financial constraints are more plausible to have lower value. I also find that efficiency and productivity help firm to mitigate inverse effect of financing obstacles. Moreover, the join impact of these two indicators vary over distinct firm’s business life cycle. The results are robust when using different methods of defining financial constraints, firm value and different integrations of efficiency inputs – output. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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