Format:
1 Online-Ressource (circa 31 Seiten)
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Series Statement:
Policy research working paper 8553
Content:
This paper investigates empirically the linkages between corporate debt overhang and investment activity at the firm level for a cross section of large-sized emerging market and developing economies. It analyzes the extent to which investment may be discouraged by high levels of debt that put at risk future profits, as well as firm dimensions that may sharpen the debt-investment link. Using balance sheet data from a broad set of emerging market and developing economy firms, the analysis suggests that corporate debt overhang imposes a sizable effect on investment at the firm level. This linkage is more pronounced for large firms and highly leveraged firms. The analysis also finds evidence of a nonlinear effect, in which debt overhang discourages investment more severely under high levels of indebtedness
Additional Edition:
Erscheint auch als Druck-Ausgabe Borensztein, Eduardo Corporate Debt Overhang and Investment; Firm-Level Evidence Washington, D.C : The World Bank, 2018
Language:
English
Keywords:
Graue Literatur
DOI:
10.1596/1813-9450-8553
URL:
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