scholarly journals Financialization, financial development and investment. Evidence from European non-financial corporations

2018 ◽  
Vol 18 (3) ◽  
pp. 681-718 ◽  
Author(s):  
Daniele Tori ◽  
Özlem Onaran
Keyword(s):  
Financial Development ◽  
Balance Sheets ◽  
Fixed Assets ◽  
Negative Effect ◽  
Negative Impacts ◽  
Financial Income ◽  
Investment In Fixed Assets ◽  
Physical Investment ◽  
Positive Effect ◽  
Finance Growth Nexus

Abstract This article provides estimations of the effects of different financial channels on physical investment in Europe using the balance sheets of publicly listed non-financial corporations (NFCs) for the period 1995–2015. The evidence suggests that both financial payments and financial income have an adverse effect on investment in fixed assets. The negative impacts of increasing financial income are non-linear with respect to company size: they crowd out investment in large companies, and have a positive effect on the investment of relatively smaller companies. Similar to the recent literature on finance-growth nexus, we find an inverted U-shaped relationship between financial development and companies’ investment. However, in contrast to the existing literature, we also find that a higher degree of financial development in the country is associated with a stronger negative effect of financial income on investment.

Financial Structure and Corporate Investment in Europe

2018 ◽  
Author(s):  
Brunella Bruno ◽  
Alexandra D'Onofrio ◽  
Immacolata Marino
Keyword(s):  
Heterogeneous Reactions ◽  
Financial Friction ◽  
Internal Resources ◽  
Fixed Assets ◽  
Maturity Structure ◽  
Negative Effect ◽  
Investment In Fixed Assets ◽  
Positive Effect ◽  
Country Specific

Investment in fixed assets declined over the crisis period in all countries. We implement an econometric analysis to explore the differential impact of leverage and debt maturity structure on investment, finding that in crisis years (i) leverage exerts a strong and negative effect on investment, and (ii) firms with more long-term debt invest less. We uncover heterogeneous reactions to the crisis due to the level of debt and its maturity, sorting firms by country-specific and firm-specific characteristics. Firms which cut back most investment in crisis years (conditional on the level of leverage and maturity) are (i) small and (ii) located in Eurozone periphery countries. Factors that alleviate financial friction and shield investment include multiple bank relationships and the ability to generate internal resources (cash flow). We find no evidence of a positive nexus between cash and investment, and little evidence of a positive effect on investment of access to capital markets.

scholarly journals PENGARUH FINANCIAL DEVELOPMENT TERHADAP PERTUMBUHAN EKONOMI DI INDO

2020 ◽  
Vol 2 (1) ◽  
pp. 75
Author(s):  
Nia Putri Kunanti ◽  
Melti Roza Adry
Keyword(s):  
Economic Growth ◽  
Money Supply ◽  
Financial Development ◽  
Linear Regression Analysis ◽  
Trade Openness ◽  
Control Variable ◽  
Secondary Data ◽  
Negative Effect ◽  
Private Credit ◽  
Positive Effect

This study aims to determine how the influence of financial development on economic growth in Indonesia. Financial development indicators are M2 money supply, bank assets, private credit and trade openness. Where inflation and trade openness as a control variable and economic growth as the dependent variable. The data used in this study are secondary data from 2005 quarter 1 to 2018 quarter 4 which were collected through documentation and related agencies. This study uses multiple linear regression analysis and error correction models. The results of this study indicate that: (1) the money supply M2 has a negative effect on economic growth in Indonesia; (2) Bank assets have a negative effect on economic growth in Indonesia; (3) Private credit has a positive effect on economic growth in Indonesia; (4)) trade openness has a positive effect on economic growth in Indonesia.

scholarly journals An Evaluation of Two Hands-On Lab Styles for Plant Biodiversity in Undergraduate Biology

2014 ◽  
Vol 13 (3) ◽  
pp. 493-503
Author(s):  
John M. Basey ◽  
Anastasia P. Maines ◽  
Clinton D. Francis ◽  
Brett Melbourne
Keyword(s):  
Learning Cycle ◽  
Plant Biodiversity ◽  
Mixed Effect ◽  
Mixed Effect Models ◽  
Perceived Difficulty ◽  
Hands On ◽  
Negative Effect ◽  
Negative Impacts ◽  
Multiple Choice Exam ◽  
Positive Effect

We compared learning cycle and expository formats for teaching about plant biodiversity in an inquiry-oriented university biology lab class (n = 465). Both formats had preparatory lab activities, a hands-on lab, and a postlab with reflection and argumentation. Learning was assessed with a lab report, a practical quiz in lab, and a multiple-choice exam in the concurrent lecture. Attitudes toward biology and treatments were also assessed. We used linear mixed-effect models to determine impacts of lab style on lower-order cognition (LO) and higher-order cognition (HO) based on Bloom's taxonomy. Relative to the expository treatment, the learning cycle treatment had a positive effect on HO and a negative effect on LO included in lab reports; a positive effect on transfer of LO from the lab report to the quiz; negative impacts on LO quiz performance and on attitudes toward the lab; and a higher degree of perceived difficulty. The learning cycle treatment had no influence on transfer of HO from lab report to quiz or exam; quiz performance on HO questions; exam performance on LO and HO questions; and attitudes toward biology as a science. The importance of LO as a foundation for HO relative to these lab styles is addressed.

scholarly journals CORPORATE OWNERSHIP, KARAKTERISTIK EKSEKUTIF, DAN INTENSITAS ASET TETAP TERHADAP PENGHINDARAN PAJAK

2019 ◽  
Vol 12 (3) ◽  
pp. 361
Author(s):  
Umi Sulistiyanti ◽  
R. Andro Zylio Nugraha
Keyword(s):  
Stock Exchange ◽  
Tax Avoidance ◽  
Secondary Data ◽  
Managerial Ownership ◽  
Observation Data ◽  
Corporate Ownership ◽  
Manufacturing Companies ◽  
Fixed Assets ◽  
Negative Effect ◽  
Positive Effect

Tax avoidance is a legal action carried out by corporate taxpayer to reduce, minimize, and alleviate the tax burden in the manner permitted by law. Nowdays, there are a lot of tax avoidance cases in Indonesia. Indonesia is ranked 11th largest with the highest tax avoidance cases with an estimated value of 6.48 billion US dollars. This study aims to analyze the Influence of corporate ownership, executive characteristics, and the intensity of fixed assets on tax avoidance.The research’s population of this study were 152 manufacturing companies listed in Indonesia Stock Exchange (IDX) in 2015,2016, and 2017. This research samples were 62 companies or 167 observation data selected by purposive sampling method. The data used secondary data that obtained from Indonesia Stock Exchange (IDX) and it was analyzed by multiple regression.The results of the study show that Family Ownership and Institutional Ownership have no effect on Tax Avoidance. While managerial ownership has a positive effect on Tax Avoidance. Executive characteristics and Intensity of Fixed Assets have negative effect on Tax Avoidance.

scholarly journals DIRECTIONS OF INVESTMENT IN ENVIRONMENTAL PROTECTION IN POLAND

2020 ◽  
Vol XXII (2) ◽  
pp. 111-124
Author(s):  
Irena Kropsz-Wydra
Keyword(s):  
Environmental Protection ◽  
Wastewater Management ◽  
Water Protection ◽  
Upward Trend ◽  
Fixed Assets ◽  
Average Share ◽  
Total Investment ◽  
Environmental Guidelines ◽  
Investment In Fixed Assets ◽  
Positive Effect

The main objective is the analysis of changes in the level of investment outlays incurred for fixed assets serving environmental protection in Poland by investment directions. The adopted time horizon is the period 2002-2018. The investment directions of implemented investment outlays directed to fixed assets in environmental protection were analyzed from a regional perspective, showing the average share of investment outlays by investment directions in voivodships and the average dynamics of changes. A positive effect was the increase in the value of total outlays directed to fixed assets serving environmental protection and within individual investment directions in the field of environmental protection. It has been shown that in the structure of environmental guidelines in Poland and its voivodships, the most financial resources were directed to wastewater management and water protection, atmospheric air and climate protection, as well as waste management. In Poland, after 2004, there was a clearly outlined upward trend taking into account the dynamics of the level of total investment in fixed assets for environmental protection. There was also a growing dynamic of changes in the structure of directions of investment outlays implemented for fixed assets in environmental protection in Poland and individual voivodships. The effect of this was an increase in the share of total investment expenditure incurred for environmental protection in relation to GDP and total expenditure in the national economy, as well as an increase in expenditure per capita.

scholarly journals Pengaruh Corporate Social Responsibility (CSR) dan Karakteristik Perusahaan terhadap Praktik Penghindaran Pajak Perusahaan yang Terdaftar di Bursa Efek Indonesia

Owner ◽  
2022 ◽  
Vol 6 (1) ◽  
pp. 541-553
Author(s):  
Androni Susanto ◽  
Veronica Veronica
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Stock Exchange ◽  
Tax Avoidance ◽  
Sampling Technique ◽  
Significant Positive Effect ◽  
Fixed Assets ◽  
Negative Effect ◽  
Corporate Social ◽  
Positive Effect

This study aims to analyze the effect of Corporate Social Responsibility (CSR) and company characteristics on corporate tax avoidance. The sampling technique used was purposive sampling. The sample of this research is the financial statements and sustainability reports of 73 companies listed on the Indonesia Stock Exchange (IDX) for the 2016-2020 period. The analytical method used is multiple linear regression. The results of this study indicate that CSR has a significant positive effect on current taxes, which means that companies that are responsible to stakeholders tend to avoid tax avoidance practices or pay more taxes. CSR, ROA and firm size have a significant negative effect on tax avoidance. Leverage and intangible assets have a significant positive effect on tax avoidance. Other company characteristics variables such as fixed assets, operating cash flow, sales growth have no significant effect on tax avoidance.

scholarly journals “FINANCE AND GROWTH” RE-VISITED

2020 ◽  
Vol 08 (01) ◽  
pp. 2050001
Author(s):  
LIZETHE MÉNDEZ-HERAS ◽  
STEVEN ONGENA
Keyword(s):  
Economic Growth ◽  
Financial Development ◽  
Financial Services ◽  
Research Agenda ◽  
Growth Regressions ◽  
Primary Determinant ◽  
Almost All ◽  
The Relationship ◽  
Positive Effect ◽  
Finance Growth Nexus

We test whether the relationship between finance and growth is present in 48 countries over 20 different periods of an equal length of 15 years, starting in 1980 (to 1995) and ending in 1999 (to 2014). We estimate growth regressions using an IV approach and we find that (1) overall financial development had a positive effect on economic growth for almost all our studied periods, (2) the legal system is the primary determinant of the effectiveness of the overall financial system, and (3) financial services were relevant for economic growth even during the financial crisis of 2008. This research is part of a research agenda revisiting the finance–growth nexus using up-to-date empirical methodologies.

scholarly journals HOW DOES FINANCIAL DEVELOPMENT INTERACT WITH ECONOMIC GROWTH IN FIVE ASEAN COUNTRIES?

2019 ◽  
Vol 64 (03) ◽  
pp. 441-460 ◽  
Author(s):  
PHAN THANH CHUNG ◽  
SIZHONG SUN ◽  
DIEM THI HONG VO
Keyword(s):  
Economic Growth ◽  
Financial Development ◽  
Least Square ◽  
Financial Openness ◽  
Least Square Estimation ◽  
Ordinary Least Square ◽  
Financial Deregulation ◽  
Negative Effect ◽  
Asean Countries ◽  
Positive Effect

This study examines the causal relationship between financial development, liberalization and economic growth through technological innovation channel in five South East Asia countries during the period 1980–2012, using a fully modified ordinary least square estimation technique. We find that technological deepening is driven by deepening in the financial system and financial liberalization rather than changes in a country’s market capitalization. We also find a negative effect from the financial openness, and a positive effect from financial deregulation.

scholarly journals PENGARUH INVESTASI TERHADAP PROFITABILITAS ANGGOTA HOLDING PT PUPUK INDONESIA (PERSERO)

2019 ◽  
Vol 11 (02) ◽  
pp. 01-14
Author(s):  
Rahmat Setiawan ◽  
Koko Sudiro
Keyword(s):  
Capital Investment ◽  
Financial Statements ◽  
Investment Policy ◽  
Quantitative Approach ◽  
Significant Positive Effect ◽  
Working Capital ◽  
Fixed Asset ◽  
Fixed Assets ◽  
Negative Effect ◽  
Positive Effect

In anticipation of future competition,, the Ministry of SOE since 2011 has set an aggressive strategy in holding management on PT Pupuk Indonesia (Persero). PT Pupuk Indonesia holding members are directed to be more expansive in improving their performance both by increasing their working capital and fixed assets. This expansion is expected to be able to increase the company's profitability.This research was conducted using a quantitative approach to assess the effect of working capital investment variables and fixed asset investment on the company's profitability variable. Data is obtained from the quarterly financial statements of the holding member of PT Pupuk Indonesia (Persero) during the period after the establishment of a strategic holding in 2011-2016.The results showed that the investment policy on working capital, as measured by the ratio of Current Assets / Total Assets, had a significant positive effect on ROA and ROE. While the investment policy on fixed assets, as measured by the ratio of Fixed Assets / Total Assets, has a significant negative effect on ROA and ROE

scholarly journals Increasing aridity may reduce productivity and soil organic carbon storage with woody plant encroachment

2021 ◽  
Author(s):  
Yunhua Liu ◽  
Junhui Cheng ◽  
Bernhard Schmid ◽  
Jiandong Sheng
Keyword(s):  
Woody Plants ◽  
Woody Plant ◽  
Herbaceous Plants ◽  
Woody Plant Encroachment ◽  
Organic C ◽  
Climate Conditions ◽  
Negative Effect ◽  
Negative Impacts ◽  
Arid Grasslands ◽  
Positive Effect

Abstract Aims We have found a positive effect of woody plants on total plant carbon (C) storage in less arid grassland was shifted to a negative effect in arid grasslands in Xinjiang, a typical arid region in China. In this study, we further assessed the effects of woody plants on aboveground primary productivity (ANPP) and soil organic C (SOC) storage and explored the mediation of climate conditions on these effects. We also aimed to elucidate the reasons for the effects on SOC storage in terms of ANPP and belowground biomass C (BGC). Methods We compared the difference in ANPP and SOC content between pure and wooded grasslands and evaluated the relation between SOC content and ANPP and BGC in six grassland types along the altitude (climatic) gradients. Results In three arid types, woody plants had a negative effect on ANPP due to their more negative impacts on herbaceous plants and lower ANPP. The negative effect on ANPP and BGC led to that on SOC storage in these types. In less arid types, there had a positive effect on ANPP because woody plants had weaker negative impacts on herbaceous plants and higher ANPP. A positive effect on ANPP combined with a neutral impact on BGC contributed to a positive effect on SOC storage in these types. Conclusions Woody plants had a negative effect on ANPP and SOC storage in most arid grasslands in Xinjiang. We predicted that increasing aridity may reduce ANPP and SOC storage with woody plant encroachment in the future.

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