Financial Constraints versus Financial Flexibility: What Drives Zero-Debt Puzzle in Emerging Markets?
Аннотация
Данное исследование сфокусировано на пробелах в теории формирования структуры капитала, касающихся мотивов выбора нулевого уровня долга. На выборке компаний из 21 страны с развивающимися рынками капитала за период с 2010 по 2015 г. мы проследили, что выбор политики структуры капитала обусловлен в первую очередь мотивом финансовой гибкости. Вторым по значимости мотивом являются финансовые ограничения. Мы определили, что основными детерминантами выбора нулевого долга являются возможности роста, бизнес-риск, доходность компании и наличие у компании денежных средств. Наши результаты показали, что компании с нулевым долгом зачастую малого размера, менее прибыльные, более рисковые и располагают высокими денежными ресурсами. Нами установлено, что внутрикорпоративные факторы более значимы при выборе нулевого долга, чем макроэкономические условия.
Ключевые слова:
финансовые ограничения, финансовая гибкость, нулевой долг, структура капитала
Скачивания
Данные скачивания пока не доступны.
Литература
REFERENCES
Almeida H., Campello M., Weisbach M. S. 2011. Corporate financial and investment policies when future financing is not frictionless. Journal of Corporate Finance 17 (3): 675–693.
Antoniou A., Guney Y., Paudyal K. 2008. The determinants of capital structure: Capital market-oriented versus bank-oriented institutions. Journal of Financial and Quantitative Analysis 43 (1): 59–92.
Arslan-Ayaydin Ö., Florackis C., Ozkan A. 2014. Financial flexibility, corporate investment and performance: Evidence from financial crises. Review of Quantitative Finance and Accounting 42 (2): 211–250.
Bekaert G., Harvey C. R. 2003. Emerging markets finance. Journal of Empirical Finance 10: 3–55.
Benmelech E., Bergman N. K. 2009. Collateral pricing. Journal of Financial Economics 91 (3): 339–360.
Bessler W., Drobetz W., Haller R., Meier I. 2013. The international zero-leverage phenomenon. Journal of Corporate Finance 23: 196–221.
Blau B. M., Fuller K. P. 2008. Flexibility and dividends. Journal of Corporate Finance 14 (2): 133–152.
Bolton P., Freixas X. 2000. Equity, bonds, and bank debt: Capital structure and financial market equilibrium under asymmetric information. Journal of Political Economy 108 (2): 324–351.
Booth L., Aivazian V., Demirguc-Kunt A., Maksimovic V. 2001. Capital structure in developing countries. Journal of Finance 56 (1): 87–130.
Byoun S., Xu Z. 2013. Why do some firms go debt free? Asia-Pacific Journal of Financial Studies 42 (1): 1–38.
Campello M., Giambona E. 2013. Real assets and capital structure. Journal of Financial and Quantitative Analysis 48 (5): 1333–1370.
Chen J. J 2004. Determinants of capital structure of Chinese listed companies. Journal of Business Research 57 (12): 1341–1351.
Cook D. O., Tang T. 2010. Macroeconomic conditionsand capital structure adjustment speed. Journal of Corporate Finance 16 (1): 73–87.
Cornelli F., Portes R., Schaffer M. E. 1996. Capital Structure of Firms in Central and Eastern Europe. London Business School: London.
Dang V. A. 2011. An Empirical Analysis of Zero-leverage Firms: Evidence from the UK. Working paper. Manchester Business School: Manchester.
DeAngelo H., DeAngelo L. 2006. The irrelevance of the MM dividend irrelevance theorem. Journal of Financial Economics 79 (2): 293–315.
DeAngelo H., DeAngelo L. 2007. Capital Structure, Payout Policy, and Financial Flexibility. Working Paper No. FBE 02-06. Marshall School of Business: Los Angeles.
DeAngelo H., DeAngelo L., Whited T. M. 2011. Capital structure dynamics and transitory debt. Journal of Financial Economics 99 (2): 235–261.
DeAngelo H., Masulis R. W. 1980. Leverage and dividend irrelevancy under corporate and personal taxation. Journal of Finance 35 (2): 453–464.
Deb S. G., Banerjee P. 2015. Equity performance of zero-debt firms vis-à-vis their leveraged counterparts. Global Business Review 16 (5): 800–811. https://doi.org/10.1177/0972150915591458
Delcoure N. 2007. The determinants of capital structure in transitional economies. International Review of Economics & Finance 16 (3): 400–415.
Devos E., Dhillon U., Jagannathan M., Krishnamurthy S. 2012. Why are firms unlevered? Journal of Corporate Finance 18 (3): 664–682.
Diamond D. W. 1991. Monitoring and reputation: The choice between bank loans and directly placed debt. Journal of Political Economy 99 (4): 689–721.
Djankov S., McLiesh C., Shleifer A. 2007. Private credit in 129 countries. Journal of Financial Economics 84 (2): 299–329.
Easterbrook F. H. 1984. Two agency-cost explanations of dividends. American Economic Review 74 (4): 650–659.
Fama E. F., French K. R. 2002. Testing tradeoff and pecking order predictions about dividends and debt. Review of Financial Studies 15 (1): 1–33.
Fama E. F., French K. R. 2005. Financing decisisons: Who issues stock? Journal of Financial Economics 76 (3): 549–582.
Fan J. P. H., Titman S., Twite G. 2012. An international comparison of capital structure and debt maturity choices. Journal of Financial and Quantitative Analysis 47 (1): 23–56.
Farre-Mensa J., Ljungqvist A. 2016. Do measures of financial constraints measure financial constraints? Review of Financial Studies 29 (2): 271–308.
Fischer E. O., Heinkel R., Zechner J. 1989. Dynamic capital structure choice: Theory and tests. Journal of Finance 44 (1): 19–40.
Gatchev V. A., Spindt P. A., Tarhan V. 2009. How do firms finance their investments? The relative importance of equity issuance and debt contracting costs. Journal of Corporate Finance 15 (2): 179–195.
Ghoul S. El, Guedhami O., Kwok C., Zheng X. 2018. Zero-leverage puzzle: An international comparison. Review of Finance 1063–1120. https://doi.org/10.1093/rof/rfw065
Gomes A. 2000. Going public without governance: Managerial reputation effects. Journal of Finance 55 (2): 615–646.
Graham J. R., Leary M. T. 2011. A review of empirical capital structure research and directions for the future. Annual Review of Financial Economics 3 (November): 309–345.
Hackbarth D., Mauer D. C. 2012. Optimal priority structure, capital structure, and investment. Review of Financial Studies 25 (3): 748–796.
Hadlock C. J., Pierce J. R. 2010. New evidence on measuring financial constraints: Moving beyond the KZ index. Review of Financial Studies 23 (5): 1909–1940.
Hu C., Jiang W., Lee C. 2013. Managerial flexibility and the wealth effect of new product introductions. Review of Quantitative Finance and Accounting 41 (2): 273–294.
Hussain Q., Nivorozhkin E. 1997. The capital structures of listed companies in Poland. The IMF Working Paper No. 97/175; 1–27.
Jensen M. C. 1986. Agency costs of free cash flow, corporate finance, and takeovers. The American Economic 76 (2): 323–329.
Jensen N., Meckling W. 1976. Theory of the firm: Managerial behavior, agency costs, and capital structure. Journal of Financial Economics 3 (4): 305–360.
Jõeveer K. 2006. Sources of Capital Structure: Evidence from Transition Countries. Available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1130306
De Jong A., Kabir R., Nguyen T. T. 2008. Capital structure around the world: The roles of firm- and country-specific determinants. Journal of Banking and Finance 32 (9): 1954–1969.
De Jong A., Verbeek M., Verwijmeren P. 2012. Does financial flexibility reduce investment distortions? Journal of Financial Research 35 (2): 243–259.
Kaplan N., Zingales L. 1997. Do investmentcash flow sensitivities provide useful measures of financing constraints? Quarterly Journal of Economics 112 (1): 169–215.
King’wara R. 2015. The relationship between financial flexibility and dividend payouts: A case of listed firms in Kenya. European Journal of Business and Management 7 (3): 51–58.
Klapper L. F., Sarria-Allende V., Sulla V. 2002. Small- and Medium-size Enterprise Financing in Eastern Europe. World Bank Policy Research Working Paper No. 2933.
Korteweg A. 2010. The net benefits to leverage. Journal of Finance 65 (6): 2137–2170.
Kraus A., Litzenberger R.H. 1973. A statepreference model of optimal financial leverage. Journal of Finance 28 (4): 911–922.
Lamont O., Polk C., Saá-Requejo J. 2001. Financial constraints and stock returns. Review of Financial Studies 14 (2): 529–554.
Leary M. T., Roberts M. R. 2010. The pecking order, debt capacity, and information asymmetry. Journal of Financial Economics 95 (3): 332–355.
Lee H., Moon G. 2011. The long-run equity performance of zero-leverage firms. Managerial Finance 37 (10): 872–889.
Lemmon M. L., Zender J. F. 2010. Debt capacity and tests of capital structure theories. Journal of Financial and Quantitative Analysis 45 (5): 1161–1187.
Marchica M.-T., Mura R. 2010. Financial flexibility, investment ability, and firm value: Evidence from firms with spare debt capacity. Financial Management 39 (4): 1339–1365.
Meulbroek L. K. 2002. Senior manager’s guide to integrated risk management. Journal of Applied Corporate Finance 14 (4): 56–70.
Mitton T. 2008. Why have debt ratios increased for firms in emerging markets? European Financial Management 14 (1): 127–151.
Muradoğlu Y. G., Sivaprasad S. 2012. Using firm-level leverage as an investment strategy. Journal of Forecasting 31 (3): 260–279.
Myers S. C. 1977. Determinants of corporate borrowing. Journal of Financial Economics 5 (July): 147–175.
Myers S. C., Majluf N. S. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13 (2): 187–221.
Nivorozhkin E. 2005. Financing choices of firms in EU accession countries. Emerging Markets Review 6 (2): 138–169.
Nivorozhkin E. 2007. Capital structures in emerging stock markets: The case of Hungary. The Developing Economies 40 (2): 166–187.
Nivorozhkin E. 2015. Black spots’ in capital structure studies: The case of non-existing debt. Journal of Corporate Finance Research 9 (6): 5–23.
Opler T. et al. 1999. The determinants and implications of corporate cash holdings. Journal of Financial Economics 52 (1): 3–46.
La Porta R. et al. 1998. Law and finance. Journal of Political Economy 106 (6): 1113–1155.
La Porta R. et al. 2000. Investor protection and corporate governance. Journal of Financial Economics 58 (1): 3–27.
La Porta R., Lopez-De-Silanes F., Shleifer A., Vishny R. 2002. Investor protection and corporate valuation. Journal of Finance 57 (3): 1147–1170.
Rajan G., Zingales L. 1995. What do we know about capital structure? Some evidence from international data. Journal of Finance 50 (5): 1421–1460.
Stiglitz J. E., Weiss A. 1981. Credit rationing in markets with imperfect information. American Economic Review 71 (3): 393–410.
Strebulaev I. A., Yang B. 2013. The mystery of zero-leverage firms. Journal of Financial Economics 109 (1): 1–23.
Опубликован
2018-10-19
Как цитировать
Iliasov, D. V., & Kokoreva, M. S. (2018). Financial Constraints versus Financial Flexibility: What Drives Zero-Debt Puzzle in Emerging Markets?. Российский журнал менеджмента, 16(3), 407–434. https://doi.org/10.21638/spbu18.2018.305
Выпуск
Раздел
Теоретические и эмпирические исследования
Статьи журнала «Российский журнал менеджмента» находятся в открытом доступе и распространяются в соответствии с условиями Лицензионного Договора с Санкт-Петербургским государственным университетом, который бесплатно предоставляет авторам неограниченное распространение и самостоятельное архивирование.
