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Financial Market Imperfections and Corporate Decisions: Lessons from the Transition Process in Hungary (Contributions to Economics)
Physica-Verlag Heidelberg | ISBN 3790815810 | 2005-10-26 | PDF | 174 pages | 2.34 MB
The book presents the results of an empirical investigation of the behaviour of Hungarian firms during the transition process focusing in particular on the role of financial market imperfections for corporate capital structure and investment decisions. The results suggest that financial market reforms have succeeded, albeit partially, in hardening firms's budget constraints and improving the efficiency of the credit allocation process. In particular, following the introduction of the banking sector reform and of the new bankruptcy law, budget constraints became more binding for small private firms, while informational costs became less relevant for foreign-owned firms.
1 Introduction
2 Financial market imperfections and corporate decisions: theory and evidente
2.1 Introduction
2.2 Financial market Imperfections, investment and cycles
2.2.1 The Stiglitz view
2.2.2 Agency costs and macroeconomic fluctuations
2.2.3 Assessing the differences
2.2.4 Further developments
2.2.5 Empirical evidente
2.3 Financial market imperfections and corporate capital structure
2.3.1 Asymmetric Information and capital structure choice
2.3.2 Agency costs and capital structure choice
2.3.3 Empirical evidente
3 The transformation of the Hungarian financial System
3.1 Introduction
3.2 Macroeconomic Background
3.3 Liberalisation, privatisation and financial development
3.3.1 Banking and credit
3.3.2 Equity market
3.3.3 Foreign direct investment
3.4 Financial sector reform
3.4.1 The Banking sector reform
3.4.2 The bankruptcy law and its economic effects
3.5 Looking ahead: Hungary and the Euro
3.6 Conclusions
4 Patterns of corporate financial positions
4.1 Introduction
4.2 Related literature
4.3 Methodology
4.4 Sectional distributions in the overall sample
4.5 Sectional distributions by sub-sample
4.6 Distribution dynamics
5 The determinants of corporate capital structure
5.1 Introduction
5.2 The theory
5.3 Data and descriptive statistics
5.4 Methodology
5.5 Results
6 Financial constraints and Investment decisions
6.1 Introduction
6.2 Related literature
6.3 Data description
6.4 Methodology
6.5 Results
7 Conclusions
Data appendix
7.1. Data description
References
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