Are measures of corporate financial constraints universal? Evidence from Brazil

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2024-10-24 DOI:10.1016/j.frl.2024.106353

Philipe Balan , Lars Norden

引用次数: 0

Abstract

Financial constraints are a major impediment to economic growth. However, virtually all measures are calibrated with U.S. data and it is therefore not clear whether they work in other jurisdictions. Using data from Brazil during 1996–2022, we test how informative the KZ and SA indices are. We estimate panel regression models of corporate asset growth, market-to-book ratio, payout ratio and ROA on these indices. We find both indices exhibit the expected signs and are significantly related to these corporate outcomes. Finally, our models exhibit a better fit when we use data from the post-IFRS adoption period of Brazilian firms.

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企业财务限制措施具有普遍性吗？巴西的证据

金融限制是经济增长的主要障碍。然而，几乎所有的衡量标准都是根据美国数据校准的，因此尚不清楚它们是否适用于其他司法管辖区。我们利用巴西 1996-2022 年的数据，检验了 KZ 和 SA 指数的信息量有多大。我们根据这些指数估计了企业资产增长、市账率、派息率和投资回报率的面板回归模型。我们发现这两个指数都表现出了预期的符号，并且与这些企业结果有显著的相关性。最后，当我们使用巴西企业采用《国际财务报告准则》后的数据时，我们的模型表现出更好的拟合效果。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance