Corporate debt overhang and investment : firm-level evidence / Eduardo Borensztein, Lei Sandy Ye
Mitwirkende(r): Resource type: Ressourcentyp: Buch (Online)Buch (Online)Sprache: Englisch Reihen: World Bank E-Library Archive | Policy research working paper ; 8553Verlag: Washington, D.C. : World Bank Group, Development Economics, Development Prospects Group, August 2018Beschreibung: 1 Online-Ressource (circa 31 Seiten) : IllustrationenSchlagwörter: Genre/Form: Andere physische Formen: Erscheint auch als: Corporate Debt Overhang and Investment; Firm-Level Evidence. Druck-Ausgabe Washington, D.C : The World Bank, 2018DOI: DOI: 10.1596/1813-9450-8553Online-Ressourcen: Zusammenfassung: This paper investigates empirically the linkages between corporate debt overhang and investment activity at the firm level for a cross section of large-sized emerging market and developing economies. It analyzes the extent to which investment may be discouraged by high levels of debt that put at risk future profits, as well as firm dimensions that may sharpen the debt-investment link. Using balance sheet data from a broad set of emerging market and developing economy firms, the analysis suggests that corporate debt overhang imposes a sizable effect on investment at the firm level. This linkage is more pronounced for large firms and highly leveraged firms. The analysis also finds evidence of a nonlinear effect, in which debt overhang discourages investment more severely under high levels of indebtednessPPN: PPN: 1031671374Package identifier: Produktsigel: ZDB-1-WBA | ZDB-110-WBODieser Titel hat keine Exemplare
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