Financial Sector Dynamics and Firms’ Capital Structure

Bartiloro, Laura; Iasio, Giovanni di

doi:10.1007/978-3-642-23111-7_6

Cited by 3 publications

(3 citation statements)

References 14 publications

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“…There is also evidence that the growth of the financial sector has largely been self-referential, as the rise in claims and obligations has mainly arisen among financial firms. For instance Bartiloro and Di Iasio (2012) argue that non-financial corporations have only partially taken advantage of the large increase in the financial sector in the last 15 years. They analyse the way in which differences in financial systems are reflected in firms' capital structure.…”

Section: Evidence On the Exaggerated Growth Of The Financial Sectormentioning

confidence: 99%

Industrial change, financial system and coherent industrial policy

Bianchi¹,

Labory²

2016

rei

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Le débat sur les relations entre les secteurs financiers et non financiers de l’économie est un vieux débat. Schumpeter (1911) soutint qu’un système financier efficient et efficace a un impact positif sur la croissance économique. Récemment, ce débat a été ravivé par la crise financière, qui a révélé la croissance extraordinaire du secteur financier dans les dernières décennies, l’écart croissant entre les sphères financière et réelle de l’économie, et la financiarisation des entreprises. En fait, le secteur financier est devenu si important et réalise des profits si élevés qu’il est légitime de se demander si cette tendance n’a pas limité les changements structurels des secteurs industriels, en limitant ses ressources non seulement financières mais aussi humaines, étant donné que l’évidence est que beaucoup d’ingénieurs ont préféré travailler dans le secteur financier pour obtenir des salaires plus élevés que dans l’industrie. Pendant ce temps, les industries ont connu des changements structurels importants, impliquant la nécessité d’importants investissements à tel point qu’elles ont appelé les gouvernements à réaliser des politiques industrielles pour soutenir ces changements, conduisant à un « retour » des politiques industrielles. L’objectif de cet article est d’analyser les effets de cette financiarisation sur les secteurs industriels et les implications en termes de politiques industrielles. Ces dernières devraient comprendre des mesures qui induisent le secteur financier à se refocaliser sur l’approvisionnement des industries en ressources financières. Les politiques financières et macroéconomiques doivent être cohérentes avec les politiques industrielles de sorte que toutes les parties du système économique puissent se combiner pour s’engager sur un sentier de développement soutenable.

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Section: Evidence On the Exaggerated Growth Of The Financial Sectormentioning

confidence: 99%

Industrial change, financial system and coherent industrial policy

Bianchi¹,

Labory²

2016

rei

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show abstract

“…An important issue facing financial managers and researchers today is the significant relationship between a firm's capital structure, cost of capital, and firm value (Brealey & Myers, 1984; Higgins, 1977; Miller, 1977). Research has suggested that a firm's capital structure can influence its overall cost of capital and the value of its stock price (Bartiloro & di Iasio, 2012; Friend & Lang, 1988). Risk factors such as high leverage levels and an unbalanced structure can generate negative market perceptions and discourage investments, impacting stock value (Myers & Majluf, 1984).…”

Section: Introductionmentioning

confidence: 99%

How hotel firm value fluctuates with alternative leveraging strategies

Chen

Valenzuela

Capener

2023

American J Econ Sociol

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This study empirically examines the impact of leverage and capital structure on firm value for the US hotel industry from 1991 to 2017. We find strong evidence that leverage positively relates to firm value for firms in the hotel industry. This relationship is most robust for hotel firms with low financial health, consistent with the theory that firms signal positive information through capital structure. We also find that the relationship between leverage and firm value was weakened during the financial crisis, particularly for firms close to financial distress. Our results suggest that hotel management, creditors, and investors should pay attention to the magnifying effect of leverage on firm performance and the impact of financial crises on the value of debt. This study's empirical results also support the idea that firms in the hotel industry signal to outside investors through debt.

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“…1.Empirical evidence with possible impact of civil unrest on capital structure is still scarce; however, there are few studies considering financial crisis and its effect (Bartiloro & Iasio, 2012; Fosberg & Richard, 2012). The relations between these variables and capital structure can be negative or positive, depending on countries’ specifics and capital structure.…”

mentioning

confidence: 99%

Role of Country-specific Factors on Capital Structure Decision—Evidence from Sri Lankan Listed Firms

Buvanendra

Sridharan

Thiyagarajan

2016

Global Business Review

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Capital structure is a very significant area in strategic financial decision making of firms. Several factors, both internal and external, influence a firm's choices of capital structure. It is found that the research on this topic has mainly covered industrialized countries. Very little is known about the decision-making process on capital structure of firms in developing countries. The aim of this study is to investigate for the period 2000-2013, using panel data, the role of long-run effect of country-specific factors, such as prime lending rate, rate of inflation, gross domestic product (GDP) growth, size of capital market, corporate tax and civil unrest on capital structure choices among Sri Lankan firms listed in Colombo Stock Exchange (CSE).

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Financial Sector Dynamics and Firms’ Capital Structure

Cited by 3 publications

References 14 publications

Industrial change, financial system and coherent industrial policy

Industrial change, financial system and coherent industrial policy

How hotel firm value fluctuates with alternative leveraging strategies

Role of Country-specific Factors on Capital Structure Decision—Evidence from Sri Lankan Listed Firms

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