Country-level governance quality, ownership concentration, and debt maturity: A comparative study of Brazil and Chile

2017 ◽  
Vol 25 (4) ◽  
pp. 236-254 ◽  
Author(s):  
Henrique Castro Martins ◽  
Eduardo Schiehll ◽  
Paulo Renato Soares Terra
Keyword(s):  
Comparative Study ◽  
Debt Maturity ◽  
Ownership Concentration ◽  
Country Level ◽  
Governance Quality

scholarly journals Corporate debt maturity and economic development

2019 ◽  
Vol 15 (5) ◽  
pp. 669-687 ◽  
Author(s):  
Celia Álvarez-Botas ◽  
Víctor M. González-Méndez
Keyword(s):  
Developing Countries ◽  
Economic Development ◽  
Financial Crisis ◽  
Firm Size ◽  
Debt Maturity ◽  
Corporate Debt ◽  
Content Type ◽  
Country Level ◽  
The Relationship ◽  
Bank Concentration

Purpose The purpose of this paper is to analyse the effect of economic development on the influence of country-level determinants on corporate debt maturity, bearing in mind firm size and the period of financial crisis. Design/methodology/approach The authors employ panel data estimation with fixed effects to examine the role of economic development in influencing the relationship between country-level determinants on corporate debt maturity. The paper uses a sample of 30,727 listed firms, belonging to 39 countries, over the period 2005–2012. Findings Corporate debt maturity increases with the efficiency of the legal system and bank concentration and decreases with the weight of banks in the economy. However, the importance of these country determinants is greater in developing than in developed countries. The authors also show that firm size in developed and developing countries influences country determinants of corporate debt maturity. Finally, the results reveal that the financial crisis has affected the debt maturity of firms differently in developed and developing countries, with the effect of bank concentration lengthening debt maturity, this effect being more pronounced in developing countries. Practical implications The findings provide useful insights to guide policy decisions providing access to long-term financing, as corporate debt maturity depends on economic development, institutional environment, banking structure and firm size. Originality/value This study incorporates economic development in explaining the relationship between country-level determinants and corporate debt maturity.

scholarly journals Firm- and country-level antecedents of corporate governance compliance and disclosure in MENA countries

2018 ◽  
Vol 33 (6/7) ◽  
pp. 558-585 ◽  
Author(s):  
Ahmed A. Sarhan ◽  
Collins G. Ntim
Keyword(s):  
Corporate Governance ◽  
Best Practice ◽  
Least Square ◽  
Content Type ◽  
Mena Countries ◽  
Practice Recommendations ◽  
Country Level ◽  
Voluntary Compliance ◽  
Analysis Technique ◽  
Governance Quality

Purpose This paper aims to investigate the level of compliance with, and disclosure of, corporate governance best practice recommendations and the firm- and country-level factors that can explain discernible differences in the level of compliance with, and disclosure of, corporate governance best practice recommendations in a number of Middle Eastern and North African (MENA) countries. Design/methodology/approach The authors use the widely used content analysis technique to examine the level of compliance with, and disclosure of, corporate governance best practice recommendations in a sample of listed corporations in MENA countries. In addition, the authors use the ordinary least square multiple regression analysis technique to examine the firm- and country-level antecedents of the level of compliance with, and disclosure of, corporate governance best practice recommendations. The findings are generally robust to different types of firm- and country-level factors, alternative measures and potential endogeneity problems. Findings The findings of this study are two-fold. First, the level of voluntary compliance with, and disclosure of, corporate governance best practice recommendations among MENA listed corporations is low and differs substantially across firms. Second, the evidence suggests that firm- and country-level factors, including religiosity, national governance quality and macroeconomic factors, have a positive and significant impact on voluntary compliance with, and disclosure of, corporate governance best practice recommendations. Originality/value To the best of the authors’ knowledge, this paper is the first to examine both the potential firm- and country-level factors affecting voluntary compliance with, and disclosure of, corporate governance best practice recommendations among MENA listed corporations from a neo-institutional theoretical perspective. The results of our study provide regulators and policymakers with the impetus to encourage greater efforts towards pursuing reforms that seek to improve national governance quality, economic environment and positive religious practices.

scholarly journals Analyzing the Factors of Firm Liquidity in Chemical Products and Pharmaceuticals Sector of Pakistan

2018 ◽  
Vol 1 (1) ◽  
pp. 1-7
Author(s):  
Rana Yassir Hussain ◽  
Hira Irshad ◽  
Shahzad Akhtar ◽  
Hina Ismail
Keyword(s):  
Capital Structure ◽  
Negative Influence ◽  
Debt Maturity ◽  
Standard Errors ◽  
Current Ratio ◽  
Firm Level ◽  
Macroeconomic Variables ◽  
Listed Firms ◽  
Country Level ◽  
Chemical Products

Current study aims at identifying the firm level and country level determinants of liquidity in listed firms of chemical products and pharmaceutical sector at PSX. The data sample consists of 36 firms over a period of five years ranging from 2013 to 2017. A panel OLS regression with robust standard errors is used to estimate the relationships. Results proved a positive and significant impact of debt maturity, profitability and risk on liquidity. Capital structure and asset tangibility turned out as significant negative influencer of current ratio. All the three macroeconomic variables had a significant role in defining liquidity position. However, GDP influenced liquidity positively but KIBOR and CPI had negative influence.

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