Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek ISBN 978-3-03943-597-5

The advent of the fourth industrial revolution, Industry 4.0, brings about both opportunities and challenges that are likely to set developed economies even farther apart from emerging economies. This book, through the perspective of researchers in the emerging markets, presents analyses on a number of issues important to entrepreneurial finance, such as debt financing, mergers and acquisitions, stock market efficiency, resource allocation and consumption, and sustainable development.

Technische Universität Braunschweig ISBN 978-3-03943-597-5

The advent of the fourth industrial revolution, Industry 4.0, brings about both opportunities and challenges that are likely to set developed economies even farther apart from emerging economies. This book, through the perspective of researchers in the emerging markets, presents analyses on a number of issues important to entrepreneurial finance, such as debt financing, mergers and acquisitions, stock market efficiency, resource allocation and consumption, and sustainable development. It aims at improving our understanding of the financing needs as well as the financial risks involved in entrepreneurial endeavors in less developed settings in the new era.

Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße ISBN 978-3-03943-597-5

The advent of the fourth industrial revolution, Industry 4.0, brings about both opportunities and challenges that are likely to set developed economies even farther apart from emerging economies. This book, through the perspective of researchers in the emerging markets, presents analyses on a number of issues important to entrepreneurial finance, such as debt financing, mergers and acquisitions, stock market efficiency, resource allocation and consumption, and sustainable development. It aims at improving our understanding of the financing needs as well as the financial risks involved in entrepreneurial endeavors in less-developed settings in the new era.

Niedersächsische Staats- und Universitätsbibliothek Göttingen

The advent of the fourth industrial revolution, Industry 4.0, brings about both opportunities and challenges that are likely to set developed economies even farther apart from emerging economies. This book, through the perspective of researchers in the emerging markets, presents analyses on a number of issues important to entrepreneurial finance, such as debt financing, mergers and acquisitions, stock market efficiency, resource allocation and consumption, and sustainable development. It aims at improving our understanding of the financing needs as well as the financial risks involved in entrepreneurial endeavors in less developed settings in the new era.

Karlsruher Institut für Technologie ISBN 978-3-03943-597-5

The advent of the fourth industrial revolution, Industry 4.0, brings about both opportunities and challenges that are likely to set developed economies even farther apart from emerging economies. This book, through the perspective of researchers in the emerging markets, presents analyses on a number of issues important to entrepreneurial finance, such as debt financing, mergers and acquisitions, stock market efficiency, resource allocation and consumption, and sustainable development.

How does ownership structure affect the financing and dividend decisions of firm?

Purpose Ownership structure deals with internal corporate governance mechanism, which plays important role in minimizing conflict of interests between shareholders and management Ownership structure is an important mechanism that influences the value of firm, financing and dividend decisions. This paper aims to examine the impact of the ownership structures, i.e. managerial ownership, institutional ownership on financing and dividend policy. Design/methodology/approach The authors use panel data of manufacturing firms from both developed and developing countries, and the generalized method of moments (GMM) is applied to analyze the results. The authors collect the data from DataStream for the period of 2010 to 2019. Findings The authors find that managerial ownership and ownership concentration have significant and positive effects on debt financing, but they have significant and negative effects on dividend policy. Institutional ownership shows a positive impact on financing decisions and dividend policy for sample firms. Originality/value This study fills the gap by proving the policy implications for both firms and investors, as managers prefer debt financing, but at the same time try to ignore dividend payment. Therefore, investors may not invest in firms with a higher proportion of managerial ownership and may choose to invest more in institutional ownership, which lowers the agency cost.

Research on the Impact of Social Credit Improvement on the Debt Financing of Agricultural Enterprises

This study takes China’s A-shares agricultural companies as the research subjects and examines the influence of social credit environment on the debt financing of agricultural enterprises. This study has found that the improvement of social credit environment can significantly increase the debt financing scale of agricultural enterprises. After a placebo test, the replacement of explained variables, and the control of industry fixed effects, the results obtained are still significant. The mechanism test found that the scale of the enterprise has a complete intermediary effect; that is, the social credit environment can increase the scale of external financing of agricultural enterprises by increasing the scale of the enterprise. This article focuses on the impact of informal institutions on corporate debt financing, which is conducive to enriching relevant research on agricultural enterprises and has important practical significance for promoting the development of the agricultural industrial chain as well as “village revitalization.”

Debt structure: a solution to the puzzle of capital structure

PurposeThe purpose of this paper is to investigate the relation between debt structure and future external financing and investment. Furthermore, it aims to analyze the association between debt structure and future financial performance.Design/methodology/approachVolume, maturity, possessing collateral and having priority at the settlement date are the dimensions of debt structure that have been employed in this paper. The sample consists of 1,060 firm-year observations from Tehran Stock Exchange corporations during the period 2009–2018.FindingsThe findings reveal that greater reliance on financial leverage (debt volume) and short-term debt are associated with increases in future debt financing as well as future equity financing. Moreover, these two dimensions of debt structure are positively related to future investment. This paper also shows that the positive impact of financial leverage and short-term debt on future financing and investment can finally lead to a favorable financial performance. Regarding other dimensions of debt structure, the results suggest that although collateralized debt with the priority option at the settlement date enhances future external financing, this type of debt can ultimately lead to a reduction in future investment and financial performance. Finally, the findings indicate that uncollateralized debt exacerbates future financial performance.Research limitations/implicationsFinancial performance can be affected by several factors, including available funds, investment amount, investment efficiency and managerial capability. However, this paper only considers the investment amount and external financing as the channels through which debt structure improves future financial performance. This study has the potential to contribute to one of the most important issues in finance and business fields, despite its probable trivial drawbacks.Practical implicationsFinancing strategies as one of the most controversial topics have been meticulously scrutinized in this paper and practical implications are made to facilitate the process of decision-making regarding the optimal type of debt financing.Originality/valueThis study extends the literature by analyzing the direct link between debt structure and firm performance in firms domiciled in developing markets.