Financial health and obesity Guariglia, Alessandra; Monahan, Mark; Pickering, Karen ...
Social science & medicine (1982),
20/May , Letnik:
276
Journal Article
Recenzirano
We use individual-level panel data from the English Longitudinal Survey of Ageing over the period 2004–2013 to investigate the links between financial health and obesity. We find that having no debt ...(high savings) is associated with a 3.6 (1.6) percentage point lower probability of having a Body Mass Index in excess of 30. Our results are robust to using different estimation methods, to measuring financial health with a subjective indicator, and adiposity with waist circumference. A lower rate of time preference and lower stress levels may be mechanisms which help to explain the association between good financial health and obesity.
•We investigate the links between financial health and obesity.•We focus on the middle aged and elderly in England.•No debt is related with a 3.6 percentage point (pp) lower chance of being obese.•High savings are associated with a 1.6 pp lower probability of being obese.•Mechanisms may be a lower rate of time preferences and lower stress levels.
This paper uses a panel of 224,604 Chinese firms over the period 2004–2009 linked with a set of unique city-level financial development data to examine how financial development affects the way ...corporate inventory investment is financed. We find that financial development enhances the use of interest-bearing loans and discourages the use of trade credit in financing inventory investment. These effects are more pronounced after the 2007 property rights reform, as well as for privately-owned firms, small firms, firms with no political connections, and firms located in coastal regions. Our results are robust to using a variety of different specifications, as well as different measures of financial development and estimation methods.
•We use a large panel of Chinese firms to study how inventory investment is financed.•Loans (L) and trade credit (TC) are positively associated with inventory investment.•Local financial development encourages firms to switch away from TC and towards L.•These effects are stronger for more financially constrained firms.•They are also stronger after the 2007 property rights reform.
The interpretation of the correlation between cash flow and investment is controversial. Some argue that it is caused by financial constraints, others by the correlation between cash flow and ...investment opportunities that are not properly measured by Tobin’s Q. This paper uses UK firms’ contracted capital expenditure to capture information about opportunities available only to insiders and thus not included in Q. When this variable is added to investment regressions, the explanatory power of cash flow falls for large firms, but remains unchanged for small firms. This suggests that the significance of cash flow stems from its role in capturing the effects of credit frictions.
Using data for 30 Chinese provinces over the period 1989–2003, this study examines the relationship between finance, and real GDP, capital, and total factor productivity growth. We find that ...traditionally used indicators of financial development and China-specific indicators measuring the level of state interventionism in finance are generally negatively associated with growth and its sources, while indicators measuring the degree of market driven financing in the economy are positively associated with them. These effects have been gradually declining over time, and are weaker for high FDI recipients, suggesting that FDI may be used to alleviate the costs associated with the inefficient banking sector.
Journal of Comparative Economics
36 (4) (2008) 633–657.
Abstract We are the first to explore the role of inventories as a trade credit driver in an economic/financial crisis setting. To this end, we make use of a panel of 198,024 manufacturing firms from ...eleven euro‐area countries over the period 2006–2022. We find an inverse relationship between the stock of inventories and trade credit extended, which is magnified during the recent sovereign debt crisis. These results are robust to using different definitions of trade credit extended and of the crisis. Furthermore, we find that the association between inventories and trade credit extended is driven by financially constrained firms and firms producing differentiated products.
This paper addresses an interesting phenomenon in China’s investment pattern: despite high aggregate investment and remarkable economic growth, negative investment is commonly found at the ...microeconomic level. Using a large firm-level data set mainly made up of unlisted companies, we show that private firms undertake negative investment in order to raise capital. We also find that, owing to overinvestment and misinvestment in the past, state-owned firms have had to restructure by getting rid of obsolete capital in the face of increasing competition and hardening budget constraints. Finally, rapid economic growth counterweighs both effects for all types of firms, with a larger impact in the private and foreign sectors. Thus, the needs to redeploy resources and to overcome capital market imperfections help to explain the negative investment of many Chinese firms.
Abstract
Using a panel of unlisted Italian banks over the period 2006–2018, we examine the extent to which a law that mandatorily introduced female quotas in the boards of Italian listed companies in ...2012 had spillover effects on the boards of unlisted banks, which were not required to comply with the quota. Our results show that both the probability of having at least one woman on the board and the proportion of women on the boards of unlisted banks have been rising significantly after the passing of the law. These findings, which are robust to estimating different specifications and to using different estimation techniques, suggest that the quota law contributed to generating a fairer attitude towards women and, more in general, a change in social norms on gender equality. This may have, in turn, generated isomorphic pressures on unlisted banks, inducing them to mimic the board composition of their listed counterparts.
Financial factors and exporting decisions Greenaway, David; Guariglia, Alessandra; Kneller, Richard
Journal of international economics,
11/2007, Letnik:
73, Številka:
2
Journal Article
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Is financial health a determinant of export market participation? Is it an outcome? Using a panel of 9292 UK manufacturing firms over the period 1993–2003, we explore the links between firms' ...financial health and their export market participation decisions. We find that exporters exhibit better financial health than non-exporters. Yet, when we differentiate between continuous exporters and starters, we see that this result is driven by the former. Starters generally display low liquidity and high leverage, possibly due to the sunk costs which need to be met to enter export markets. Furthermore, we find no evidence that firms enjoying better ex-ante financial health are more likely to start exporting, and strong evidence that participation in export markets improves firms' financial health.
Using a large panel of Chinese listed companies over the period 2004-2010, we document that both export propensity and intensity increase with managerial ownership up to a point of around 23-27% and ...decrease thereafter. In addition, we find a negative association between state ownership and export intensity. Finally, we observe that the larger their board of directors, the lower firms' export propensity and intensity, and that firms with a higher proportion of independent directors in the board are generally less likely to export. These findings are mainly driven by privately controlled firms during the post-2006 period.
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