Collateral, Liquidity and Debt Sustainability

Niemann, Stefan; Pichler, Paul

doi:10.1111/ecoj.12384

Cited by 11 publications

(5 citation statements)

References 40 publications

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“…In the context of capital structure, the concept of liquidity reflects the firm's ability to pay off short-term debts that are due with the available cash. A study by Corneli and Tarantino (2016), Korinek and Simsek (2016), Niemann and Pichler (2017) shows an empirical evidence that liquidity ratios negatively affected the firm's debt structure. It implied that the more available cash, the lower the debt ratio.…”

Section: Introductionmentioning

confidence: 99%

Determinants of financing decision: empirical evidence on manufacturing firms in Indonesia

Sutomo

Wahyudi

Pangestuti

et al. 2019

Investment Management and Financial Innovations

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This study aims to contribute to the emergence of the literature focusing on exploring the factors influencing the financing decision, as well as examining the relationship between the firm size, profitability and firm growth towards the corporate debt. Questions such as how relevant firm size, profitability and firm growth to debt are, quantitatively, had not been fully answered in the business literature. The purpose of this study is to fill this large gap by examining the role of the firm size, profitability, investment and firm growth for the corporate debt. This study tries to examine the determinants of debt in the financial literature which include size, growth, business risk, and profitability in accordance with the capital structure theory, in manufacturing firms in Indonesia. The sample contained financial data from 150 firms for the period 2012–2017. The results showed that the manufacturing firms in Indonesia had high debt levels, especially the size, profitability, firm growth and profitability had proven to be the debt determinants, which also confirmed the Pecking Order Theory. This study also found that the management preference of manufacturing firms in Indonesia for risk was the risk-seeker or risk-neutral ones. This finding implies that the choice of funding sources originating from debt still provided greater returns compared to the capital cost needed due to business uncertainties.

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Section: Introductionmentioning

confidence: 99%

Determinants of financing decision: empirical evidence on manufacturing firms in Indonesia

Sutomo

Wahyudi

Pangestuti

et al. 2019

Investment Management and Financial Innovations

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“…Finally, a third branch integrates fiscal policy into dynamic models of endogenous sovereign default from the perspective of optimal taxation with or without commitment (see e.g. Adam and Grill, 2013;Pouzo and Presno, 2015;Niemann and Pichler, 2016).…”

Section: Introductionmentioning

confidence: 99%

“…Section 5.4 below provides further details on this point.5 In Gomez-Oliveros Duran,Niemann, and Pichler (2016), we analyze the role of fiscal policy in shaping the…”

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confidence: 99%

Optimal fiscal policy and sovereign debt crises

Niemann

Pichler

2020

Review of Economic Dynamics

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Optimal fiscal policy and sovereign debt crisesThe Working Paper series of the Oesterreichische Nationalbank is designed to disseminate and to provide a platform for Working Paper series of the Oesterreichische Nationalbank is designed to disseminate and to provide a platform for Working Paper series of the Oesterreichische Nationalbank discussion of either work of the staff of the OeNB economists or outside contributors on topics which are of special interest to the OeNB. To ensure the high quality of their content, the contributions are subjected to an international refereeing process. The opinions are strictly those of the authors and do in no way commit the OeNB.

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“…There have been a number of recent studies on the bank-sovereign link, mostly in non-stochastic models without reference to the business cycle. Within this literature, we are closest to Brutti (2011), Bolton &Jeanne (2011), andNiemann &Pichler (2013) who also account for a liquidity role for government bonds under sovereign risk. We extend this strand of literature by providing a quantification of the liquidity channel in a calibrated and simulated framework at the backdrop of the European sovereign debt crisis.…”

Section: Introductionmentioning

confidence: 99%