Translated title: Essays in Corporate Finance
Authors: Joeveer, Karin ; Jurajda, Štěpán (advisor) ; Ongena, Steven (referee) ; Kotrba, Josef (referee)
Document type: Doctoral theses
Year: 2008
Language: eng
Abstract: This dissertation consists of three essays about firm financing. The first essay detects the bank-firm relationship in a transition country while the second and third essays address the importance of country factors in a company's capital structure decisions. The question of the extent in which the financial sector problems "spill over" to firms is an important issue to study and it is particularly under-explored in the context of transition economies, where the financial systems are fragile. In my first essay I study the effect of an Estonian bank's failure in 1998 on its corporate loan clients by comparing the performance of clients to that of a random sample of other firms. First, I analyze whether bank bankruptcy causes the bankruptcy of client firms. I find that client firms are less likely to survive until 2000 even after controlling for their pre- bank bankruptcy performance. Second, I analyze the behavior of firms' profitability, liquidity, and growth of fixed assets. I find liquidity to be the only variable that decreases for the client firms compared to the control firms after the bank bankruptcy. In my second essay I evaluate the importance of firm-specific, country- institutional and macroeconomic factors in explaining the firm leverage variation simultaneously. I use a large European...

Institution: Charles University Faculties (theses) (web)
Document availability information: Available in the Charles University Digital Repository.
Original record: http://hdl.handle.net/20.500.11956/14546

Permalink: http://www.nusl.cz/ntk/nusl-290578


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Universities and colleges > Public universities > Charles University > Charles University Faculties (theses)
Academic theses (ETDs) > Doctoral theses