The determinants of the municipal debt policy in Spain

2004 ◽  
Vol 16 (4) ◽  
pp. 492-525 ◽  
Author(s):  
Bernardino Benito ◽  
Francisco Bastida
Keyword(s):  
Municipal Debt ◽  
Debt Policy

Debt Strategies of Russian Regions

2015 ◽  
pp. 78-93 ◽  
Author(s):  
A. Tabakh ◽  
D. Andreeva
Keyword(s):  
Management Practices ◽  
Debt Management ◽  
Russian Regions ◽  
Key Drivers ◽  
Municipal Debt ◽  
Debt Policy

The article considers debt management practices by Russian regions and municipalities, within a framework set by federal budgetary legislation and practices of state-controlled banks. Key drivers of regional and municipal debt policy are analyzed, and Russian regions are stratified by their debt policy. Current recession is likely to produce higher level of regional debt and changes in its structure, lowering reliance on market funding and decreasing variations in pursued debt policy.

scholarly journals The Impact of Parties and Elections on Municipal Debt Policy in Mexico

Governance ◽  
2016 ◽  
Vol 30 (4) ◽  
pp. 621-639 ◽  
Author(s):  
Allyson Lucinda Benton ◽  
Heidi Jane M. Smith
Keyword(s):  
Municipal Debt ◽  
The Impact ◽  
Debt Policy

The Determinants of Municipal Debt Policy: A Pooled Time-Series Analysis

1998 ◽  
Vol 16 (2) ◽  
pp. 211-224 ◽  
Author(s):  
R A Cropf ◽  
G D Wendel
Keyword(s):  
Time Series ◽  
Time Series Regression ◽  
General Obligation ◽  
Local Officials ◽  
Municipal Debt ◽  
General Obligation Debt ◽  
Pooled Time Series ◽  
The Impact ◽  
Us Cities ◽  
Debt Policy

Cities have started to rely more on debt in recent decades, in large part in response to changes occurring externally. In this paper the authors analyze the impact of important social, political, and economic factors on municipal debt behavior. They examine the 42 largest US cities from 1980 to 1990, using a pooled time-series regression model. It was found that, generally speaking, these factors had the effect of increasing cities' reliance on revenue debt, which is less accountable to the voters than full-faith and credit debt. It is difficult to say whether local officials have consciously pursued a policy of insulating municipal debt decisions from the voters. However, it is clear that these officials are responding to environmental cues that lead them to prefer revenue debt over general-obligation debt by a large margin. Recent research has shown that cities have historically pursued a ‘politics of circumvention’. With the demand for debt increasing as other means for financing local services are constrained the effects on the polity of these preferences warrant serious attention.

The Risks of Russia's Debt Policy against the Background of the Global Debt Crisis

2012 ◽  
pp. 80-97
Author(s):  
B. Kheifets
Keyword(s):  
Debt Crisis ◽  
Strong Dependence ◽  
Domestic Debt ◽  
Debt Market ◽  
State Paternalism ◽  
High Level ◽  
External Borrowing ◽  
Pension Liabilities ◽  
Policy Problems ◽  
Debt Policy

The paper discusses the debt component of the current global crisis, which becomes stronger in 2011—2012. The Russian economy is analyzed in terms of its debt stability: a thorough analysis shows that it is not quite adequate. This paper presents the main problems that could be exacerbated by the global debt crisis (strong dependence of the budget on the volatility of oil prices, deterioration of conditions for external borrowing and overheat of the domestic debt market, too high public pension liabilities, substantial corporate debt and high level of state paternalism in regard to big business). Some measures to address Russian debt policy problems are proposed.

Pengaruh Keputusan Investasi, Kebijakan Hutang Dan Kebijakan Dividen Terhadap Nilai Perusahaan

2019 ◽  
Vol 1 (1) ◽  
pp. 1
Author(s):  
Ivan Somantri ◽  
Hadi Ahmad Sukardi
Keyword(s):  
Firm Value ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Investment Decisions ◽  
Sampling Technique ◽  
Mining Sector ◽  
Dividend Policies ◽  
Negative Effect ◽  
Debt Policy ◽  
Debt Policies

This study aims to determine how to influence simultaneously and partially investment decisions, debt policy and dividend policy on firm value in mining sector companies listed on the Indonesia Stock Exchange for the period 2013-2017. The research method used in this study is descriptive and associative methods. The population in this study were mining sector companies listed on the Indonesia Stock Exchange in the period 2013-2017, which amounted to 43 companies. The sampling technique used in this study is non probability sampling with purposive sampling method, so that the number of samples obtained is 8 companies. While the data analysis used in this study is panel data regression analysis with the fixed effect method. The results of the study show that partially investment decisions and debt policies have a positive effect on firm value. While dividend policy has a negative effect on firm value. In addition, the results of the study simultaneously show that investment decisions, debt policies and dividend policies affect the value of the company. The amount of investment decisions, debt policy and dividend policy in contributing influence to earnings management is 34.14%.

PENGARUH FAMILY OWNERSHIP, PERUBAHAN TARIF PAJAK DAN KEBIJAKAN HUTANG TERHADAP NILAI PERUSAHAAN

2017 ◽  
Vol 9 (2) ◽  
Author(s):  
Elfina Astrella Sambuaga
Keyword(s):  
Ownership Structure ◽  
Tax Reform ◽  
Stock Exchange ◽  
Family Ownership ◽  
Corporate Debt ◽  
Tax Rates ◽  
Manufacturing Companies ◽  
The Impact ◽  
The Relationship ◽  
Debt Policy

<p>This study aims to provide empirical evidence related to the influence of family ownership, tax reform on corporate debt policy, and further prove the impact on the firm value.This study examined the effect of changes in tax rates in 2009 and 2010 on the relationship between family ownership structure and corporate debt policy. The population of this research is manufacturing companies listed in Indonesia Stock Exchange for 8 consecutive years (2006-2013), with the period of observation for 7 years (2007-2013). A period of 8 years was taken to see a company that is consistently listed on the Stock Exchange prior to the end of the observation period. The result of this study shows that tax reform from progressive tax rates to a flat rate does not affect the relationship between family ownership structure and corporate debt policy. In contrast to the year 2009, changing rate from 28% to 25% in late 2010 was a significant effect on the debt policy with the company of family ownership. Based on the results, it was found that family ownership and debt policy significantly affect the company's enterprise value. It can be concluded, the higher the family ownership, the company's value would be diminished. Instead, the company's value will increase when the company adds to its debt policy.</p><p>Keywords : debt policy, family ownership, firm value, tax reform.</p>

scholarly journals Factors Explaining Debt Firm Policy: A Comparison between Five Intercontinental Countries

2017 ◽  
Vol 7 (1) ◽  
pp. 285
Author(s):  
Ben Said Hatem
Keyword(s):  
South Africa ◽  
Capital Structure ◽  
Firm Growth ◽  
Debt Ratio ◽  
Firm Age ◽  
Growth Opportunities ◽  
Short Term ◽  
Return On Assets ◽  
Debt Policy

We test the factors explaining the debt policy of firms across five continents. To this end, we examine samples from South Africa, Australia, Brazil, India and Spain over a period of 8 years from 2003 to 2010. The results manipulate differences in debt policy for all countries (except for the variable Return on Assets, ROA). As for the effect of activity sectors on firm debt policy, higher performance led to lower firm debt ratios. Furthermore, we concluded some differences in other variables. Higher tangibility ratios for firms from South Africa, India and Spain led to higher capital structure ratios. Larger firms from Brazil led to lower short term debt ratio. We could not find evidence on the effect of firm growth opportunities in Brazil and India. Furthermore, we concluded to a positive and a statistically significant effect of liquidity ratio for Australia and India, and a positive and a statistically significant effect of firm age for firms from Spain.

Sign in / Sign up

Export Citation Format

Share Document