BazEkon - Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie

BazEkon home page

Meny główne

Ghimire Binam (London School of Business and Finance), Giorgioni Gianluigi (University of Liverpool, United Kingdom)
Finance and growth : an investigation into the role of internal, bank and equity finance
The Poznań University of Economics Review, 2013, vol. 13, nr 2, s. 31-46, tab., bibliogr. 24 poz.
Słowa kluczowe
Finanse, Rozwój, Giełda, Banki, Wzrost gospodarczy
Finance, Development, Stock exchange, Banks, Economic growth
This paper has used the findings of the recent World Bank Enterprise Survey to provide some, admittedly tentative, further evidence on the relationship between financial development and economic growth, by incorporating the impact of internal finance. The inclusion of the variable internal finance should go some way to mitigate the possible bias due to the omission of an important variable from empirical work. By doing so, we aimed at providing some further evidence either in favour or against two puzzling results emerging from recent empirical works. The first puzzle regards the negative impact of banks upon growth in the short-term, although the impact reverts to positive on the long-term. This puzzle is reinforced by seemingly contradictory evidence stemming from micro-level studies, which indicate a positive impact of external finance on firms' growth, while empirical tests at macro level do not unanimously support this positive impact. The second puzzle, concerns the relatively stronger impact of stock markets upon growth. Given the objective difficulties and costs encountered in accessing both bank credit and equity as documented in the paper, the above puzzles required further tests. Our, tentative, results provide some evidence that banks still have a negative impact upon short-term growth, while stock markets do not appear to contribute to growth in a significant manner once the effect of internal finance is included. Finally, internal finance itself does not appear to boost growth in a statistically significant manner. These tentative findings are in need of further research. (original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Szkoły Głównej Handlowej w Warszawie
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
Pełny tekst
  1. Ayyagari, M., Demirguc-Kunt, ?., Maksimovic, V., 2010, Formal Versus Informal Finance: Evidence from China, The Review of Financial Studies, vol. 23, no. 8, pp. 3048-3096.
  2. Atje, R., Jovanovic, B., 1993, Stock Markets and Development, European Economic Review, vol. 37, no. 2, pp. 632-640.
  3. Beck, T., Demirguc-Kunt, ?., Laeven, L.U.C., Levine, R., 2008, Finance, Firm Size, and Growth, Journal of Money, Credit & Banking, vol. 40, no. 7, pp. 1379-1405.
  4. Beck, T., Demirgûç-Kunt, ?., Levine, R., Maksimovic, V., 2001, Financial Structure and Economic Development: Firm, Industry, and Country Evidence, in: Demirgûç-Kunt, ?., Levine, R. (eds.), Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets and Development, MIT Press, Cambridge, MA.
  5. Beck, T., Levine, R., 2004, Stock Markets, Banks, and Growth: Panel Evidence, Journal of Banking & Finance, vol. 28, no. 3, pp. 423-442.
  6. Brennan, M., Kraus, ?., 1987, Efficient Financing under Asymmetric Information, Journal of Finance, vol. 42, no. 5, pp. 1225-1243.
  7. Demirgûç-Kunt, ?., Maksimovic, V., 1998, Law, Finance and Firm Growth, The Journal of Finance, vol. 53, no. 6, pp. 2107-2137.
  8. Fama, E.F., French, K.R., 2002, Testing Trade-off and Pecking Order Predictions about Dividends and Debt, Review of Financial Studies, vol. 15, pp. 1-33.
  9. Favara, G., 2003, An Empirical Reassessment of the Relationship Between Finance and Growth, International Monetary Fund, Working Paper no. 23.
  10. Frank, M.Z., Goyal, V.K., 2003, Testing the Pecking Order Theory of Capital Structure, Journal of Financial Economics, vol. 67, pp. 217-248.
  11. Guariglia, ?., Liu, X., Song, L., 2011, Internal Finance and Growth: Miaoeconometric Evidence on Chinese Firms, Journal of Development Economics.
  12. Hudson, P., 2002, The Genesis of Industrial Capital: A Study of the West Riding Wool Textile Industry, Cambridge University Press.
  13. Jong, A. de, Verbeek, M., Verwijmeren, 2010, The Impact of Financial Surpluses and Large Financing Deficits on Tests of the Pecking Order Theory, Financial Management, Summer, pp. 733-756.
  14. Levine, R., 2005, Finance and Growth: Theory, Mechanism and Evidence, in: Aghion, P., Durlauf, S. (eds.), Handbook of Economic Growth, Elsevier, Amsterdam.
  15. Loayza, N.V., Rancière, R., 2006, Financial Development, Financial Fragility, and Growth, Journal of Money, Credit & Banking, vol. 38, no. 4, pp. 1051-1076.
  16. Minier, J., 2009, Opening a Stock Exchange, Journal of Development Economics, no. 90, pp. 135-143.
  17. Myers, S.C., 1984, The Capital Structure Puzzle, Journal of Finance, vol. 39, no. 3, pp. 575-592.
  18. Porta, R. la, Lopez-de-Silanes, F., Shleifer, ?., 2008, The Economic Consequences of Legal Origins, Journal of Economic Literature, vol. 46, pp. 285-332.
  19. Prasad, S.J., Green, C.J., Murinde, V., 2001, Company Financing Capital Structure, and Ownership: A Survey, and Implications for Developing Economies, SUERF Studies, no. 12, Vienna, pp. 1-104.
  20. Saci, K., Giorgioni, G., Holden, Κ., 2009, Does Financial Development Affect Growth? Applied Economics, vol. 41, no. 13, pp. 1701-1707.
  21. Seifert, ?., Gonenc, H., 2008, The International Evidence on the Pecking Order Hypothesis, Journal of Multnational Finance Management, vol. 18, pp. 244-260.
  22. Shen, C.-H., Lee, C.-C., 2006, Same Financial Development yet Different Economic GrowthWhy? Journal of Money, Credit & Banking, vol. 38, no. 7, pp. 1907-1944.
  23. Shyam-Sunder, L., Myers, S.C., 1999, Testing Static Tradeoff against Pecking Order Models of Capital Structure, Journal of Financial Economics, vol. 51, no. 2, pp. 219-244.
  24. Vilasuso, J., Minkler, ?., 2001, Agency Costs, Asset Specificity, and the Capital Structure of the Firm, Journal of Economic Behavior and Organization, vol. 44, no. 1, pp. 55-69.
Cytowane przez
Udostępnij na Facebooku Udostępnij na Twitterze Udostępnij na Google+ Udostępnij na Pinterest Udostępnij na LinkedIn Wyślij znajomemu