Public infrastructure and economic growth: a new approach applied to East Asian economies

2002 ◽  
Vol 24 (5) ◽  
pp. 411-435 ◽  
Author(s):  
Eric C Wang
Keyword(s):  
Economic Growth ◽  
East Asian ◽  
Public Infrastructure ◽  
New Approach ◽  
Asian Economies ◽  
East Asian Economies

scholarly journals GLOBAL FINANCIAL CRISES AND ECONOMIC GROWTH : EVIDENCE FROM EAST ASIAN ECONOMIES

2012 ◽  
Vol 15 (2) ◽  
pp. 35-54
Author(s):  
Arisyi F. Raz ◽  
Tamarind P. K. Indra ◽  
Dea K. Artikasih ◽  
Syalinda Citra
Keyword(s):  
Economic Growth ◽  
Financial Crisis ◽  
Financial Crises ◽  
Global Financial Crisis ◽  
East Asian ◽  
Economic Fundamentals ◽  
Short Period ◽  
Asian Economies ◽  
East Asian Economies ◽  
The Impact

As economies become more integrated in the midst of globalization, financial crisis that occurs in one country can easily transmit to other countries, becoming global financial catastrophe in a short period of time. In such event, strong economic fundamentals are particularly important to defend a country from the contagious effect of the crisis. As evidence, due to the fragile economic fundamentals and lacking government credibility, East Asian economies were easily attacked by the crisis in 1997 once the sentiment deteriorated. Nevertheless, the region had learned its lessons in 1997 thereby proofing its resilience in facing the global financial crisis that struck in 2008 by improving its economic fundamentals as well as policymakers’ credibility. This paper starts with theories on economic growth and financial crisis. Further, it empirically examines to what extent the financial crises in 1997 and 2008 affect East Asian economies by using panel data econometrics. The evidence shows that, even though both crises have contributed adverse impacts on East Asian economies, the magnitude of the 2008 crisis was relatively less severe than that in 1997. Finally, this study also provides further discussions regarding how East Asian economies had successfully minimized the impact of the global crisis in 2008. Keywords: Global Financial Crises; East Asian Economies; Economic Growth;Financial Market; Random and Fixed EffectsJEL Classification: C330, E440, G010

scholarly journals Are Family Firms More Levered? An Analysis of Family and Non-Family Firms

SAGE Open ◽  
2021 ◽  
Vol 11 (2) ◽  
pp. 215824402110223
Author(s):  
Jahanzaib Haider ◽  
Abdul Qayyum ◽  
Zalina Zainudin
Keyword(s):  
Family Firms ◽  
East Asian ◽  
Ordinary Least Squares ◽  
Maturity Structure ◽  
The Family ◽  
Asian Economies ◽  
The Board Of Directors ◽  
East Asian Economies ◽  
Combined Data

This study analyzes the leverage policies of the family and non-family firms of eight East Asian Economies (Hong Kong, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore, and Taiwan) by using combined data of 690 family and non-family firms with 3,224 firm–years over the period 2006–2010. This study has used an ordinary least squares (OLS) regression for analyzing the data for the first question, while for the second question, logit regression has been used as the dependent variable (a binary variable). Prior research on family and non-family firms has revealed that family firms issue less (high) debt than non-family firms. Our analysis on a sample of East Asian Economies discloses that family firms have significantly different leverage levels than non-family firms, but their signs are not consistent. On the contrary, when the owner works as CEO/Chairman or member of the Board of Directors, then the family firms issue less debt than the non-family firms. Besides that, this study adds a new question that has not been addressed in the prior studies. The new question has focused on the speed of leverage adjustment. It is found that family firms and non-family firms regarding their debt maturity structure (short-term debt and long-term debt), the speed of leverage adjustments, and their decision to issue securities (i.e., debt vs. equity) are not significantly different. This study concluded that though family firms have a strong influence on each economy, but in South-East Asian countries, leverage policies of the family firms are not much different than that of non-family firms.

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