Institutions and financial frictions: Estimating with structural restrictions on firm value and investment

被引:10
作者
Claessens, Stijn [1 ,2 ,3 ,4 ]
Ueda, Kenichi [5 ,7 ]
Yafeh, Yishay [3 ,4 ,6 ]
机构
[1] Int Monetary Fund, Res Dept, Washington, DC 20431 USA
[2] Univ Amsterdam, NL-1012 WX Amsterdam, Netherlands
[3] CEPR, Washington, DC USA
[4] ECGI, Brussels, Belgium
[5] Int Monetary Fund, Money & Capital Markets Dept, Washington, DC 20431 USA
[6] Hebrew Univ Jerusalem, Sch Business Adm, IL-91905 Jerusalem, Israel
[7] Univ Tokyo, Fac Econ, Bunkyo Ku, Tokyo 1130033, Japan
关键词
Financial friction; Investment; Tobin's Q; Institutions; Investor protection; CORPORATE GOVERNANCE; ADJUSTMENT COSTS; MARKETS; INFORMATION; ALLOCATION; DECISIONS; AGGREGATE; QUALITY; GROWTH; CREDIT;
D O I
10.1016/j.jdeveco.2014.05.004
中图分类号
F [经济];
学科分类号
02 ;
摘要
Using an enhanced version of the standard investment model, we estimate how institutions affect financial frictions at the firm (micro) level and, through the required rate of return, at the country (macro) level. Based on some 78,000 firm-year observations from 40 countries over the period 1990-2007, we show that good shareholder rights lower financial frictions, especially for firms with large external finance relative to their capital stock (e.g., small, growing or distressed firms). However, creditor rights generally do not affect financial frictions. It thus appears that in explaining cross-country differences in firm investment, frictions related to shareholder rights (e.g., shirking or "tunneling") are more relevant than debt-related frictions (e.g., limited liability or collateral constraints). (C) 2014 Elsevier B.V. All rights reserved.
引用
收藏
页码:107 / 122
页数:16
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