Lending activity and credit supply in Croatia during the crisis

Broz, Tanja; Ridzak, Tomislav

doi:10.1016/j.jpolmod.2017.08.004

Cited by 14 publications

(9 citation statements)

References 11 publications

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“…Achieving the projected growth is vital through monetary policy if monetary authorities have relevant insights into how various determinants and historical factors affect money demand both in the short term and in the long-run. This is essentially because the quantity of money affects economic output (Asongu et al 2016;Wang, 2016;Asongu, 2016;Broz and Ridzak, 2017;Rogoff, 2017). The above points motivate this study in the perspective that data with deep historical basis is used to assess the long run stability of money demand in Nigeria in order to provide policy insights into how the demand for money could be influenced by policy to stimulate the much needed economic growth in Nigeria.…”

Section: Introductionmentioning

confidence: 99%

Financial liberalization and long-run stability of money demand in Nigeria

Folarin

Asongu

2019

Journal of Policy Modeling

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A stable money demand function is essential when using monetary aggregate as a monetary policy. Thus, there is need to examine the stability of the money demand function in Nigeria after the deregulation of the financial sector. To achieve this, the study employed CUSUM (cumulative sum) and CUSUMSQ (CUSUM of square) tests after using autoregressive distributive lag bounds test to determine the existence of a long run relationship between monetary aggregates and their determinants. Results of the study show that a long-run relationship holds and that the demand for money is stable in Nigeria. In addition, the inflation rate is found to be a better proxy for an opportunity variable when compared to interest rate. The main implication of the study is that interest rate is ineffective as a monetary policy instrument in Nigeria.

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Section: Introductionmentioning

confidence: 99%

Financial liberalization and long-run stability of money demand in Nigeria

Folarin

Asongu

2019

Journal of Policy Modeling

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“…A notable managerial practice shows that making accurate warnings and preventing corporate financial crisis is an important part of corporate management, and it is the prerequisite for the management to adjust managerial strategies, investment decisions, and financial policies, and to protect the interests of investors and creditors (Broz and Ridzak, 2017 ). The ultimate value of the financial warning system is in the timeliness and effectiveness of the warning information to let the decision-makers and managers take corresponding timely countermeasures (Jemović and Marinković, 2021 ).…”

Section: Literature Review and Hypotheses Developmentmentioning

confidence: 99%

Financial Crisis in Management Stress: From the Perspective of Crisis Anxiety of Others

Liu

Zhu

et al. 2022

Front. Psychol.

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The crisis anxiety of others is a phenomenon that goes hand in hand with the spread of the occupational health pandemic. It is becoming increasingly important to better understand its emergence process, especially in the era of greater uncertainty. This study aims to examine the impact of the external financial crisis on managerial stress among financial employees. The sample consists of 347 senior managers and financial employees from companies in China. The empirical analysis shows that external financial crises have significant effects on anxiety levels, especially external corporate crisis, debt crisis and growth crisis both have mediating effect on the relationship between anxiety level and pressure management and the relationship between external financial crisis and pressure management. This study explores the rules for the emergence of anxiety among corporate managers and expands the scope of environmental factors that need to be discussed in the study of corporate financial management. This study provides theoretical implications for the psychological study of Financial Management and practical implications for corporate financial management.

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“…It turns out that a certain development, usually a major economic event, can turn healthy firms into zombies. This was firstly evidenced by studies conducted by Japanese economists investigating problems related to the Japanese economic stagnation early after the year 2000 (e.g., Ahearne and Shinada 2005;Caballero et al 2008;Kwon et al 2015) and later by researchers from other countries dealing with the effects of the global financial crisis in 2008 on the phenomena of zombie firms (e.g., Broz and Ridzak 2017;Banerjee and Hofmann 2018;Carreira et al 2021). At present, other publications highlight the risk of the proliferation of zombie firms in connection with the economic crisis caused by the COVID-19 pandemic (e.g., Zoller-Rydzek and Keller 2020; Dursun-de Neef and Schandlbauer 2021), which is an important impetus for realizing the need for this research.…”

Section: Introductionmentioning

confidence: 97%

“…Economists and scholars are increasingly addressing this issue (e.g., Kwon et al 2015;Broz and Ridzak 2017;Banerjee and Hofmann 2018;Carreira et al 2021;Copus et al 2022) with the specific focuses of existing research on bank behavior known as "zombie lending" 2 of 11 or "evergreening" (see, e.g., Caballero et al 2008;Shimizu 2012;Acharya et al 2019), on the emergence and role of zombie firms in the context and countries (see, e.g., Urionabarrenetxea et al 2016Urionabarrenetxea et al , 2018De Martiis and Fidrmuc 2017;Blažková and Dvouletý 2022), and on the causes of zombies' survival (see, e.g., Iwaisako et al 2013;Asanuma 2015); however, current developments show that interest in the existence and persistence of these companies in the market is renewed especially after periods of economic crises. It turns out that a certain development, usually a major economic event, can turn healthy firms into zombies.…”

Section: Introductionmentioning

confidence: 99%

Zombie Firms during and after Crisis

Blažková

Chmelíková

2022

JRFM

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The phenomenon of zombie firms is gaining the attention of economists across different countries of the world; the increased interest is particularly evident after periods of economic crises. In our study, we focus on the development of zombie firms in the period before and after the 2008 crisis within two different economies, i.e., Germany and the Czech Republic, to provide insight into how different conditions and the overall economic context affect the fact that companies are more prone to becoming zombie firms. We implemented a difference-in-differences regression model to estimate the treatment effect by comparing the change (difference) in the differences in observed outcomes between these two countries. The data were obtained from two databases—the database Albertina by Bisnode a.s. providing financial statements of enterprises in the Czech Republic, and the database provided by Creditreform AG, which includes annual report data for a large sample of German companies. The dataset of German enterprises included 1,444,698 observations, i.e., 338,923 firms, and the dataset of Czech enterprises included 2,139,462 observations, i.e., 523,542 firms, both across the years 2000–2016, i.e., the data sample covered the period before and after the 2008 crisis. The different development of the share of zombie firms after the great financial crisis between Germany and the Czech Republic was proven as statistically significant. The findings confirm Germany is a country with a more stable economy and with a significantly lower risk of zombie firms’ persistence, while the Czech Republic is at the level of the European average in terms of zombie share. The results also suggest an influence of post-crisis monetary policy on companies and the possible link between low interest rates and a growing share of zombies.

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Lending activity and credit supply in Croatia during the crisis

Cited by 14 publications

References 11 publications

Financial liberalization and long-run stability of money demand in Nigeria

Financial liberalization and long-run stability of money demand in Nigeria

Financial Crisis in Management Stress: From the Perspective of Crisis Anxiety of Others

Zombie Firms during and after Crisis

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