scholarly journals CORPORATE LEVERAGE TRANSMISSION UNDER INFORMATION ASYMMETRY: EVIDENCE FROM NON-FINANCIAL FIRMS OF PAKISTAN

2020 ◽  
Vol 10 (4) ◽  
pp. 176-184 ◽  
Author(s):  
Zeeshan Ahmed ◽  
Qasim Saleem ◽  
Abdul Qadir Bhatti ◽  
Bilal Ahmed
Keyword(s):  
Information Asymmetry ◽  
Financial Firms

scholarly journals Capital Market Frictions, Leasing and Hedging

2020 ◽  
Vol 3 (2) ◽  
pp. p45
Author(s):  
Vasantha Rao Chigurupati
Keyword(s):  
Information Asymmetry ◽  
Empirical Evidence ◽  
Market Microstructure ◽  
Capital Market ◽  
Financial Derivatives ◽  
Market Frictions ◽  
Estimation Techniques ◽  
Financial Firms ◽  
Theoretical Predictions ◽  
Key Variables

This paper examines the hitherto unexplored effect of lease intensity on hedging. Using a sample of 218 small and large non-financial firms drawn from 2006 to 2010, we find that firms leasing more of their Property, Plant and Equipment (PPE) use less financial derivatives, consistent with the theoretical predictions of Rampini and Viswanathan (2010). Further, using broad market microstructure based measures of information asymmetry, we offer empirical evidence consistent with theory that firms with higher information asymmetry hedge more. These results are robust to several alternative measurements of key variables, different regression specifications, estimation techniques and corrections for endogeneity.

scholarly journals Bank information monopolies: Evidence from Tunisia

2008 ◽  
Vol 6 (1-3) ◽  
pp. 357-370
Author(s):  
Dorra Ellouze ◽  
Ezzeddine Abaoub
Keyword(s):  
Information Asymmetry ◽  
Adverse Selection ◽  
Public Debt ◽  
Bank Debt ◽  
Rent Extraction ◽  
Debt Structure ◽  
Financial Firms ◽  
Bank Financing ◽  
Information Monopoly ◽  
Bank Equity

The purpose of this paper is to examine the problem of bank information monopoly using detailed information on the debt structure of 47 Tunisian non-financial firms over the 1998-2003 period. We find that bank debt is negatively related to agency costs of moral hazard and adverse selection. We argue that there is a potential hold-up problem leading firms that are exposed to information asymmetry to limit bank financing in order to avoid rent extraction from banks. Further, our results suggest that this hold-up problem can be resolved either by issuing public debt or by bank equity participation.

Creditors' governance, information asymmetry and debt diversification: evidence from India

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Nemiraja Jadiyappa ◽  
Garima Sisodia ◽  
Anto Joseph ◽  
Santosh Shrivastsava ◽  
Pavana Jyothi
Keyword(s):  
Information Asymmetry ◽  
Univariate Analysis ◽  
Supporting Evidence ◽  
Financial Policies ◽  
Content Type ◽  
Financial Firms ◽  
Significant Difference ◽  
The Difference ◽  
Lending Decisions

PurposeThe governing role of bank-appointed directors (BADs) on the boards of non-financial firms has a potential to reduce information asymmetry between the firm and non-bank lenders. This should increase the confidence of other creditors in firm activities, thus performing the certification role. Therefore, the purpose of this paper is to empirically examine the certification role of BADs.Design/methodology/approachThe authors test their hypotheses by using a panel of Indian non-financial firms. Our approach involves examining whether there is a significant difference in the number of different debt sources, the dispersion of debt among different debt sources, and leverage for BAD and Non_BAD Firms. The authors use univariate analysis and multivariate regression models to test the difference.FindingsThe authors find that firms with BADs on their board have (1) access to a higher number of different debt sources, (2) debt distributed evenly among different sources and (3) a higher debt ratio. Overall, our study provides supporting evidence for the certification role that BADs play on the boards of non-financial firms.Originality/valueThe authors contribute to the literature in two aspects. First, to the best of our knowledge, this is the only study that examines the effect of the governing role of banks on the lending decisions of non-bank lenders. Second, our study is associated with the growing body of the governance literature in the emerging markets context by examining the interaction of financial policies and governance in an institutional framework, which is very different from that of the developed world.

IPO of SMEs and Information Asymmetry

2020 ◽  
Vol 11 (2) ◽  
pp. 173-188
Author(s):  
Joo-Hwan Kim ◽  
Jin-Woo Park
Keyword(s):  
Information Asymmetry

Blockchain in Supply Chain: Case Study of Lottemart Ciputat

2019 ◽  
Vol 5 (1) ◽  
pp. 38-49 ◽  
Author(s):  
B. K. Handoyo ◽  
M. R. Mashudi ◽  
H. P. Ipung
Keyword(s):  
Decision Making ◽  
Supply Chain ◽  
Supply Chain Management ◽  
Information Asymmetry ◽  
New Technology ◽  
Business Case ◽  
Analysis Method ◽  
Chain Management ◽  
Production Processes

Current supply chain methods are having difficulties in resolving problems arising from the lack of trust in supply chains. The root reason lies in two challenges brought to the traditional mechanism: self-interests of supply chain members and information asymmetry in production processes. Blockchain is a promising technology to address these problems. The key objective of this paper is to present qualitative analysis for blockchain in supply chain as the decision-making framework to implement this new technology. The analysis method used Val IT business case framework, validated by the expert judgements. The further study needs to be elaborated by either the existing organization that use blockchain or assessment by the organization that will use blockchain to improve their supply chain management.

PENGARUH PARTISIPASI ANGGARAN, ASIMETRI INFORMASI, TEKANAN ANGGARAN DAN KOMITMEN ORGANISASI TERHADAP SENJANGAN ANGGARAN DI PEMERINTAH KABUPATEN BANYUMAS

2017 ◽  
Vol 13 (2) ◽  
pp. 142-153
Author(s):  
Ody Tegar Permana ◽  
Eliada Herwiyanti ◽  
I Wayan Mustika
Keyword(s):  
Organizational Commitment ◽  
Information Asymmetry ◽  
Linear Regression Analysis ◽  
Sample Selection ◽  
Multiple Linear Regression Analysis ◽  
Budgetary Slack ◽  
Budgetary Participation ◽  
Independent Variable ◽  
Spss Software ◽  
Government Institution

This study aims to determine the effect of budgetary participation, information asymmetry, budget pressure, and organizational commitment to budgetary slack. Population in this research is all government institution in Banyumas Regency. The sample selection was conducted by census method. Dependent variable used in this research is budget slack, while the independent variable used in this research is budget participation, information asymmetry, budget pressure, and organizational commitment. The data has been collected through questionnaires, then processed with the help of SPSS software. Based on the results of multiple linear regression analysis concluded that budgetary participation, information asymmetry, and organizational commitment affect the budget slack while budget pressure has no effect. The results of this study increasingly complement previous studies in the field of management accounting, especially in the scope of budgeting.   Penelitian ini bertujuan untuk mengetahui pengaruh partisipasi anggaran, asimetri informasi, tekanan anggaran, dan komitmen organisasi terhadap senjangan anggaran. Populasi dalam penelitian ini adalah seluruh instansi pemerintahan di Kabupaten Banyumas. Pemilihan sampel dilakukan dengan metode sensus. Variabel dependen yang digunakan dalam penelitian ini adalah senjangan anggaran, sedangkan variabel independen yang digunakan dalam penelitian ini adalah partisipasi anggaran, asimetri informasi, tekanan anggaran, dan komitmen organisasi. Data yang telah dikumpulkan melalui isian kuesioner, selanjutnya diolah dengan bantuan software SPSS. Berdasarkan hasil analisis regresi linear berganda disimpulkan bahwa partisipasi anggaran, asimetri informasi, dan komitmen organisasi berpengaruh terhadap senjangan anggaran sedangkan tekanan anggaran tidak berpengaruh. Hasil penelitian ini semakin melengkapi penelitian-penelitian sebelumnya di bidang akuntansi manajemen khususnya di lingkup penganggaran.

Sign in / Sign up

Export Citation Format

Share Document