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Financial decisions and investment outcomes in developing countries : the role of institutions

Author: Rima Turk Ariss; International Monetary Fund. Middle East Center for Economics and Finance.
Publisher: Washington, D. C.: International Monetary Fund, [2015]. ©2015
Series: IMF working paper, WP/15/38.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
This paper analyzes how differences in legal origin, judicial efficiency, and investor protection affect firm leverage and earnings volatility across developing countries. Using a large number of developing countries, four main findings are highlighted. First, firms in civil legal origin countries rely more on debt financing compared to firms in common law countries, and they exhibit lower earnings volatility.  Read more...
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Details

Genre/Form: Electronic books
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Rima Turk Ariss; International Monetary Fund. Middle East Center for Economics and Finance.
OCLC Number: 912312941
Notes: "February 2015."
"IMF-Middle East for Economics and Finance (CEF)."
Description: 1 online resource (41 pages) : illustrations
Contents: Cover; Abstract; Contents; I. Introduction; II. Literature Review and Hypotheses Development; A. Laws and Corporate Decisions; B. Investor Protection and Corporate Decisions; III. Empirical Design; A. Description of Variables; B. Data and Univariate Results; C. Methodology; IV. Baseline Findings; A. Multivariate Results for Financial Decisions; B. Multivariate Results for Investment Outcomes; V. Model Extension: The Effect of Exchange Listing; VI. Robustness Checks; VII. Conclusion; References; References; Tables; Table 1. Variables Definition Table 2.Tests of Differences in Means Financial Decisions, Investment Outcomes, and Table 3. Descriptive Statistics; Table 4. Pairwise Correlations of Main Variables; Table 5. Institutional Arrangements and Financial Decisions; Table 6. Institutional Arrangements and Investment Outcomes using Risk 1; Table 7. Institutional Arrangements and Investment Outcomes using Risk 2; Table 8. Firm Distribution by Exchange; Table 9. Institutional Arrangements, Financial Decisions, and Investment Outcomes: Table 10. Institutional Arrangements, Financial Decisions, and Investment Outcomes: Effect of Exchange Listing II Table 11. Institutional Arrangements, Leverage, and Risk Taking: Two-Stage Least; Table 12. Institutional Arrangements, Financial Decisions, and Investment Outcomes:; Table 13. Institutional Arrangements, Financial Decisions, and Investment Outcomes:; Appendixes; Appendix
Series Title: IMF working paper, WP/15/38.
Responsibility: Rima Turk.

Abstract:

This paper analyzes how differences in legal origin, judicial efficiency, and investor protection affect firm leverage and earnings volatility across developing countries. Using a large number of developing countries, four main findings are highlighted. First, firms in civil legal origin countries rely more on debt financing compared to firms in common law countries, and they exhibit lower earnings volatility. Second, under weak judicial enforcement, firms tend to borrow more but they take less risk. Third, stronger creditor rights increase debt financing and reduce earnings volatility. Fourth, firm listing on a developed stock exchange shifts the capital structure towards more equity financing, and it increases the firm's ability to borrow more when the judicial system is inefficient. The results reinforce the importance of strengthening laws and institutions as well as deepening capital markets in developing countries to improve financing conditions and investment outcomes.

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