FINANCIAL CONSTRAINTS IN POLAND. THE ROLE OF SIZE AND POLITICAL CONNECTIONS

被引：9

作者：

Jackowiez, Krzysztof ^{[1
]}

Kozlowski, Lukasz ^{[1
]}

Mielcarz, Pawel ^{[2
]}

机构：

[1] Kozminski Univ, Dept Banking & Insurance, Warsaw, Poland

[2] Kozminski Univ, Dept Finance, Warsaw, Poland

来源：

ARGUMENTA OECONOMICA | 2016年 / 36卷 / 01期

关键词：

financial constraints; political connection; investment; FIRMS; INVESTMENT; PERFORMANCE; PANEL;

D O I：

10.15611/aoe.2016.1.09

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This article investigates the phenomenon of financial constraints in investment activities. Using a data set covering 2001-2011, we established that, despite the institutional changes and the financial system development, Polish firms remain financially constrained by the internally available funds. Additionally, we explored the impact of size and political connections on financial constraints. Unexpectedly we found that the financial constraints are not affected by either the size or the type nor the strength of political connections.

引用

页码：225 / 239

页数：15

共 29 条

[1] Do some outside directors play a political role? [J].

Agrawal, A ;

Knoeber, CR .

JOURNAL OF LAW & ECONOMICS, 2001, 44 (01) :179-198

[2] The value of local political connections in a low-corruption environment [J].

Amore, Mario Daniele ;

Bennedsen, Morten .

JOURNAL OF FINANCIAL ECONOMICS, 2013, 110 (02) :387-402

[3] The determinants of financing obstacles [J].

Beck, Thorsten ;

Demirguc-Kunt, Ash ;

Laeven, Luc ;

Maksimovic, Vojislav .

JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 2006, 25 (06) :932-952

[4] Political connection and leverage: Some Malaysian evidence [J].

Bliss, Mark A. ;

Gul, Ferdinand A. .

JOURNAL OF BANKING & FINANCE, 2012, 36 (08) :2344-2350

[5] Initial conditions and moment restrictions in dynamic panel data models [J].

Blundell, R ;

Bond, S .

JOURNAL OF ECONOMETRICS, 1998, 87 (01) :115-143

[6]

Boubakri N., 2012, Journal of Financial Research, V35, P397, DOI [10.1111/j.1475-6803.2012.01322.x, DOI 10.1111/J.1475-6803.2012.01322.X]

[7] Big Business Owners in Politics [J].

Bunkanwanicha, Pramuan ;

Wiwattanakantang, Yupana .

REVIEW OF FINANCIAL STUDIES, 2009, 22 (06) :2133-2168

[8] Financial reform and financing constraints: Some evidence from listed Chinese firms [J].

Chan, Kenneth S. ;

Dang, Vinh Q. T. ;

Yan, Isabel K. M. .

CHINA ECONOMIC REVIEW, 2012, 23 (02) :482-497

[9] Chinese firms' political connection, ownership, and financing constraints [J].

Chan, Kenneth S. ;

Dang, Vinh Q. T. ;

Yan, Isabel K. M. .

ECONOMICS LETTERS, 2012, 115 (02) :164-167

[10] Effects of Financial Liberalisation and Political Connection on Listed Chinese Firms' Financing Constraints [J].

Chan, Kenneth S. ;

Dang, Vinh Q. T. ;

Yan, Isabel K. M. .

WORLD ECONOMY, 2012, 35 (04) :483-499

← 1 2 3 →