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Author: Eugene Nivorozhkin Publisher: ISBN: 9789516868526 Category : Capital investments Languages : en Pages : 31
Book Description
This paper uses a dynamic unrestricted capital structure model to examine the determinants of the private companies' target financial leverage and the speed of adjustment to it in two transition economies, the Czech Republic and Bulgaria. We explicitly model the adjustment of companies' leverage to a target leverage, and this target leverage is itself explained by a set of factors. The panel data methodology combines cross-section and time-series information. The results indicate that the Bulgarian corporate credit markets were less supply-constrained than those of the Czech Republic during the period under investigation. Bulgarian companies adjusted much faster to the target leverage than Czech firms. The speed of adjustment related positively to the distance between target and observed ratio for Bulgarian companies while the relationship was neutral for Czech companies. The conservative policies of Czech banks and the exposure control were likely responsible for the slower adjustment among the larger companies while the opposite were true for Bulgarian banks and companies. Published in: Economics of Planning vol 37, no 1 (2004) pp. 25-45, ISSN 0013-0451.
Author: Eugene Nivorozhkin Publisher: ISBN: 9789516868526 Category : Capital investments Languages : en Pages : 31
Book Description
This paper uses a dynamic unrestricted capital structure model to examine the determinants of the private companies' target financial leverage and the speed of adjustment to it in two transition economies, the Czech Republic and Bulgaria. We explicitly model the adjustment of companies' leverage to a target leverage, and this target leverage is itself explained by a set of factors. The panel data methodology combines cross-section and time-series information. The results indicate that the Bulgarian corporate credit markets were less supply-constrained than those of the Czech Republic during the period under investigation. Bulgarian companies adjusted much faster to the target leverage than Czech firms. The speed of adjustment related positively to the distance between target and observed ratio for Bulgarian companies while the relationship was neutral for Czech companies. The conservative policies of Czech banks and the exposure control were likely responsible for the slower adjustment among the larger companies while the opposite were true for Bulgarian banks and companies. Published in: Economics of Planning vol 37, no 1 (2004) pp. 25-45, ISSN 0013-0451.
Author: Harald Hagemann Publisher: Routledge ISBN: 1134158025 Category : Business & Economics Languages : en Pages : 345
Book Description
In the words of Robert M. Solow traverse analysis "is the easiest part of skiing, but the hardest part of economics". The aim of this volume is to assess the state and scope of modern traverse analysis as it had been initiated by John Hicks in his pioneering contribution Capital and Time (1973). The analysis of an economy which originally had been in a growth equilibrium which was disturbed by technical progress is one of the most challenging problems in economics. This book takes Hicks’ work as the point of departure for theoretical work on the macroeconomic theory of capital dynamics along transition non-steady state paths The original contributions in this volume explore the manifold theoretical roots of traverse analysis in classical and post-classical literature, its features as a specific method of economic dynamics, and its applications in a variety of fields from monetary economics to development and international economics. The essays thereby focus on the ways ahead from Capital and Time that have been suggested and actively pursued by a number of scholars in recent years. Its central theme is the role of capital structures as critical factors in determining the actual dynamics of any given economic system. This volume is inspired by the belief that this state of affairs is not a satisfactory one, and outlines a new agenda for capital theory. Contributors include Edwin Burmeister, Jean-Luc Gaffard and Heinz Kurz.
Author: Emilio Colombo Publisher: Springer Science & Business Media ISBN: 364257372X Category : Business & Economics Languages : en Pages : 233
Book Description
Financial Markets play an important role in economic development, channeling saving to investments and facilitating growth. In Eastern Europe financial markets were initially much underdeveloped, and lacked the skills and infrastructure they needed to be efficient, having not acquired them in the pre-transition era. The book offers a both theoretical and empirical analysis of financial markets in transitional economies. It investigates financial markets in Hungary, the Czech Republic, and Poland, and their role in the developments in the 1990s.
Author: Aleksandr V. Gevorkyan Publisher: Routledge ISBN: 1317567943 Category : Business & Economics Languages : en Pages : 317
Book Description
This interdisciplinary study offers a comprehensive analysis of the transition economies of Central and Eastern Europe and the former Soviet Union. Providing full historical context and drawing on a wide range of literature, this book explores the continuous economic and social transformation of the post-socialist world. While the future is yet to be determined, understanding the present phase of transformation is critical. The book’s core exploration evolves along three pivots of competitive economic structure, institutional change, and social welfare. The main elements include analysis of the emergence of the socialist economic model; its adaptations through the twentieth century; discussion of the 1990s market transition reforms; post-2008 crisis development; and the social and economic diversity in the region today. With an appreciation for country specifics, the book also considers the urgent problems of social policy, poverty, income inequality, and labor migration. Transition Economies will aid students, researchers and policy makers working on the problems of comparative economics, economic development, economic history, economic systems transition, international political economy, as well as specialists in post-Soviet and Central and Eastern European regional studies.
Author: Karin Joeveer Publisher: ISBN: Category : Languages : en Pages : 29
Book Description
This study explores the significance of firm-specific, institutional, and macroeconomic factors in explaining variation in leverage using a sample of firms from nine Eastern European countries. Country-specific factors are the main determinants of variation in leverage for small unlisted companies, while firm-specific factors explain most of the variation in leverage for listed and large unlisted companies. Around half of the variation in leverage related to country factors is explained by known macroeconomic and institutional factors, while the remainder is explained by unmeasurable institutional differences (e.g. law and enforcement). These findings are in line with the results for Western European countries in Jotilde;eveer (2005) and show that country characteristics are not more significant determinants of leverage in these transition economies.
Author: H. Stüting Publisher: Springer ISBN: 1403937842 Category : Business & Economics Languages : en Pages : 329
Book Description
This book investigates the concepts and instruments for managing change in companies striving towards a market orientation in transition economies. The focus is on the identification of factors, which have led to the considerable success of certain corporations, in spite of the very dynamic environment in transition countries since 1989. The analysis considers problems and solutions for all the relevant stakeholder relationships. Although the case study is largely based on Poland, the book also contains research on the economic, political and social context of doing business in Central and Eastern Europe.
Author: Eugene Nivorozhkin
Author: 
Author: Eugene Nivorozhkin
Author: Eugene Nivorozhkin
Author: Harald Hagemann
Author: Ralph De Haas
Author: Emilio Colombo
Author: Aleksandr V. Gevorkyan
Author: Karin Joeveer
Author: H. Stüting
Author: Karin Jõeveer