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161223 ||| eng |
| 020 |
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|a 9781498359054
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| 100 |
1 |
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|a Turk, Rima
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| 245 |
0 |
0 |
|a Financial Decisions and Investment Outcomes in Developing Countries
|b The Role of Institutions
|c Rima Turk
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2015
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| 300 |
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|a 41 pages
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| 651 |
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4 |
|a India
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| 653 |
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|a Revenue administration
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| 653 |
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|a Labour
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| 653 |
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|a Public finance & taxation
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| 653 |
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|a Taxes
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| 653 |
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|a Wages, Compensation, and Labor Costs: General
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| 653 |
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|a Value of Firms
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| 653 |
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|a Saving and Capital Investment
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| 653 |
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|a Average effective tax rate
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| 653 |
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|a Exports and Imports
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| 653 |
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|a International Lending and Debt Problems
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| 653 |
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|a International economics
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| 653 |
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|a Economic Development: Financial Markets
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| 653 |
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|a Legal support in revenue administration
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| 653 |
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|a External debt
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| 653 |
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|a Debts, External
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| 653 |
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|a Labor
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| 653 |
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|a International Financial Markets
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| 653 |
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|a Taxation, Subsidies, and Revenue: General
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| 653 |
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|a Capital and Ownership Structure
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| 653 |
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|a Goodwill
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| 653 |
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|a Tax policy
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| 653 |
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|a Income tax systems
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| 653 |
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|a Tax administration and procedure
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| 653 |
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|a Wages
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| 653 |
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|a Financial Risk and Risk Management
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| 653 |
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|a Taxation
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| 653 |
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|a Financing Policy
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| 653 |
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|a Public Finance
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| 653 |
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|a Income economics
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| 653 |
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|a Debt financing
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| 653 |
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|a Revenue
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| 653 |
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|a Income tax
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| 653 |
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|a Corporate Finance and Governance
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
0 |
|a 10.5089/9781498359054.001
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| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2015/038/001.2015.issue-038-en.xml?cid=42734-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
0 |
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|a 330
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| 520 |
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|a This paper analyzes how differences in legal origin, judicial efficiency, and investor protection affect firm leverage and earnings volatility across developing countries. Using a large number of developing countries, four main findings are highlighted. First, firms in civil legal origin countries rely more on debt financing compared to firms in common law countries, and they exhibit lower earnings volatility. Second, under weak judicial enforcement, firms tend to borrow more but they take less risk. Third, stronger creditor rights increase debt financing and reduce earnings volatility. Fourth, firm listing on a developed stock exchange shifts the capital structure towards more equity financing, and it increases the firm’s ability to borrow more when the judicial system is inefficient. The results reinforce the importance of strengthening laws and institutions as well as deepening capital markets in developing countries to improve financing conditions and investment outcomes
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