Financing in an emerging economy: Does financial development or financial structure matter?

被引：43
作者：
Castro, Fernanda [1 ]
Kalatzis, Aquiles E. G. [1 ]
Martins-Filho, Carlos [2 ]
机构：
[1] Univ Sao Paulo, EESC USP, Sch Engn Sao Carlos, Dept Prod Engn, BR-13566590 Sao Carlos, SP, Brazil
[2] Univ Colorado, Dept Econ, Boulder, CO 80309 USA
来源：
EMERGING MARKETS REVIEW | 2015年 / 23卷
关键词：
Financial constraints; Financial development; Financial structure; Investment decisions; FLOW SENSITIVITY; EQUITY MARKETS; INVESTMENT; GROWTH; CONSTRAINTS; CASH; BANKS;
D O I：
10.1016/j.ememar.2015.04.012
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper investigates the effects of the financial system on a firm's investment decisions using data from 404 Brazilian firms over the 1998-2006 period. We also use country-level data and classify firms as financially constrained and unconstrained according to the MZ and WW indexes. The results show that financial development has a significant impact on a firm's investment Furthermore, the financial structure has an effect on the investment behavior of constrained firms even after controlling for the level of financial development. This finding points to a market-based financial system in order to reduce the constrained firms dependence on internal resources. (C) 2015 Elsevier B.V. All rights reserved.
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页码：96 / 123
页数：28
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