This study examines the changing role of the public sector in Turkey with regard to housing provision since 1950, and particularly since 2000, and seeks to clarify how public intervention has ...affected housing provision and urban development dynamics in major cities. Three periods may be identified, with central government acting as a regulator in a first period characterized by a ‘housing boom’. During the second period, from 1980 to 2000, a new mass housing law spurred construction activity, although the main beneficiaries of the housing fund tended to be the middle classes. After 2000, contrary to emerging trends in both Northern and Southern European countries, the public sector in Turkey became actively involved in housing provision. During this process, new housing estates were created on greenfield sites on the outskirts of cities, instead of efforts being made to rehabilitate, restore or renew existing housing stock in the cities. Meanwhile, the concept of ‘urban regeneration’ has been opportunistically incorporated into the planning agenda of the public sector, and — under the pretext of regenerating squatter housing areas — existing residents have been moved out, while channels for community participation have been bypassed.
Résumé
Cette étude porte sur l'évolution du rôle du secteur public en Turquie en matière de fourniture de logement depuis 1950, et plus particulièrement depuis 2000. Elle tente de montrer comment l'intervention publique a influencé ce domaine ainsi que la dynamique urbanistique des villes principales. On peut identifier trois périodes, le gouvernement central agissant en régulateur dans un premier temps marqué par un ‘boom du logement’. Durant la période suivante, de 1980 à 2000, une nouvelle loi sur le logement de masse a stimulé la construction, mais les grands bénéficiaires de ce financement ont été plutôt les classes moyennes. à partir de 2000, contrairement aux tendances apparaissant dans les pays européens du Nord et du Sud, le secteur public turc s'est fortement impliqué dans la mise à disposition d'habitations. Ainsi, de grands ensembles se sont élevés sur des terrains ruraux à la périphérie des villes, au détriment de projets de réhabilitation, restauration ou rénovation du parc urbain existant. Dans le même temps, le concept de ‘régénération urbaine’était intégré opportunément au programme d'aménagement du secteur public qui, sous prétexte de régénérer les quartiers squattés, contraignait les habitants à déménager tandis que les canaux de participation communautaire étaient court‐circuités.
Family-controlled firms (FCFs)’ prevalence, strategies, and performance differ across countries. We explain these differences through the lens of informal institutions, suggesting that different ...countries have different levels of appreciation for family business. To capture this effect, we introduce the construct of family business legitimacy (FBL) and an associated index (FBLI). We empirically measure FBLI scores for 83 countries spanning both developed and emerging economies. By combining meta-analytic and archival data, we show that FCFs prevail, follow unique strategies, and outperform non-FCFs in countries with high FBLI scores. As a new contingency variable, FBL advances the literature on the informal institutional embeddedness of organizations and family business.
Stock listing and financial flexibility Schoubben, Frederiek; Van Hulle, Cynthia
Journal of business research,
05/2011, Letnik:
64, Številka:
5
Journal Article
Recenzirano
Odprti dostop
A stock listing usually reflects easy access to external equity financing. Although scant empirical evidence exists on the matter, the literature suggests that the enhanced standing towards creditors ...- which would result in easier access to debt financing - is an extra advantage of being publicly quoted. This paper tests whether a stock listing leads to more flexibility of debt financing, using a data set of listed and comparably large unlisted companies. The data reveals that listing mainly increases the flexible use of debt financing. The difference between listed and unlisted firms is most apparent when investment opportunities tend to arrive in low-cash-flow states. Furthermore, as the unlisted firms in the dataset are all large consolidating business groups, the results indicate that a group structure does not substitute for listing. The results are robust to different estimation methods.
This paper explores the relationship between technological progress and the financial constraints faced by small and medium-sized enterprises (SMEs), as well as the role of digital financial ...inclusion in alleviating these constraints. Our study utilizes a unique dataset of SMEs in a coastal province of China to arrive at the conclusion that technological progress is positively associated with SMEs’ financing gap. This relationship is stronger for SMEs that depend on indirect debt financing. Moreover, digital financial inclusion, especially the depth of digital financial inclusion and digitalization level of financial service, can mitigate the adverse effects of technological progress on SMEs’ financial constraints. The coverage of digital financial inclusion, on the other hand, has no discernible impact.
Plain English Summary
Technological progress can lead to a heightened demand for external funding. Using a comprehensive survey of small and medium-sized enterprises (SMEs), this study examines the relationship between technological progress and the financial constraints faced by SMEs. More importantly, we account for the heterogeneous impact of access to different external financing and find that technological progress will incur a higher level of financial constraints, particularly for firms relying on indirect financing methods. We also find that digital financial inclusion can help to alleviate these financial constraints. The implication of our study is that policymakers should prioritize measures to improve the efficiency of banking systems and enhance lending opportunities for innovative SMEs, while also promoting the growth of digital financial inclusion.
Using a novel information asymmetry index based on measures of adverse selection developed by the market microstructure literature, we test whether information asymmetry is an important determinant ...of capital structure decisions, as suggested by the pecking order theory. Our index relies exclusively on measures of the market's assessment of adverse selection risk rather than on ex ante firm characteristics. We find that information asymmetry does affect the capital structure decisions of U. S. firms over the sample period 1973-2002. Our findings are robust to controlling for conventional leverage factors (size, tangibility, Q ratio, profitability), the sources of firms' financing needs, and such firm attributes as stock return volatility, stock turnover, and intensity of insider trading. For example, we estimate that on average, for every dollar of financing deficit to cover, firms in the highest adverse selection decile issue 30 cents of debt more than firms in the lowest decile. Overall, this evidence explains why the pecking order theory is only partially successful in explaining all of firms' capital structure decisions. It also suggests that the theory finds support when its basic assumptions hold in the data, as should reasonably be expected of any theory.
In this paper, we examine whether managers time their debt-equity choices to exploit market mispricing. Controlling for the level of external financing and corporate investment activities, we find ...evidence consistent with the market timing hypothesis. We find managers issue more equity relative to debt when analysts are relatively optimistic about firms’ long-term growth prospects. Moreover, equity issuers earn lower returns than debt issuers at subsequent earnings announcements. Controlling for research and development (R&D) investment, we find that, consistent with the market timing hypothesis and inconsistent with the extant empirical literature, the debt-equity composition of external financing predicts year-ahead stock return.
We use a proprietary data set of financial statements collected by banks to examine whether economic growth is related to the use of financial statement verification in debt financing. Exploiting the ...distinct economic growth and contraction patterns of the construction industry over the years 2002–2011, our estimates reveal that banks reduced their collection of unqualified audited financial statements from construction firms at nearly twice the rate of firms in other industries during the housing boom period before 2008. This reduction was most severe in the regions that experienced the most significant construction growth. These trends reversed during the subsequent housing crisis in 2008–2011 when construction activity contracted. Moreover, using bank- and firm-level data, we find a strong negative (positive) relation between audited financial statements during the growth period, and subsequent loan losses (construction firm survival) during the contraction period. Collectively, our results reveal that macroeconomic fluctuations produce temporal shifts in the overall level of financial statement verification and temporal shifts in verification are related to bank loan portfolio quality and borrower performance.
Crowdfunding (CF) in a social entrepreneurship (SE) context is praised in media narrations for its multifaceted potential. From an academic point of view, little has been written about CF as a whole, ...and enquiries from the SE sphere are mostly concerned with donation-based CF. This paper first reviews extant literature on financing social ventures and CF. Based upon the findings, the author draws up a schema of CF's inner workings and subsequently discusses it in an SE context. From this model, a research agenda consisting of eight themes is derived: types and utility functions; corporate governance; investor relations, reporting and risk; opportunity recognition; networking; legitimacy; financial metrics and legal and regulatory hurdles.
Under the sustainability strategy, a company’s ability to enhance its financing capacity through improvements in environmental, social, and governance (ESG) performance is crucial for fostering ...high-quality development. This study empirically examines the impact of corporate ESG performance on commercial credit financing (CCF) using data from China’s A-share listed companies between 2009 and 2021. The findings of the panel regression analysis revealed a significant positive correlation between a company’s ESG performance and CCF. Further analysis of the influencing mechanisms indicates that a company’s ESG performance can increase its likelihood of obtaining CCF by reducing environmental, social, and governance risks. Specifically, we found that ESG performance facilitates access to CCF by promoting green innovation, enhancing social reputation, and mitigating operational risk. This study expands and enriches the theory of informal financing of enterprises while incorporating the more comprehensive assessment criteria for sustainable development.
Can managers influence the liquidity of their firms' shares? We use plausibly exogenous variation in the supply of public information to show that firms actively shape their information environments ...by voluntarily disclosing more information than regulations mandate and that such efforts improve liquidity. Firms respond to an exogenous loss of public information by providing more timely and informative earnings guidance. Responses appear motivated by a desire to reduce information asymmetries between retail and institutional investors. Liquidity improves as a result and in turn increases firm value. This suggests that managers can causally influence their cost of capital via voluntary disclosure.
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