Raising capital amid economic policy uncertainty: an empirical investigation

Ashraf, Dawood; Khawaja, Mohsin; Bhatti, M. Ishaq

doi:10.1186/s40854-022-00379-w

Cited by 16 publications

(4 citation statements)

References 140 publications

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“…In the period from 2016 to 2019 there are less fluctuations in all of the Divisia monetary aggregates which shows more clearly in the visual boundary recurrence plots with large regions with strong and medium recurrent points. This study provides further support for the results in that the broad Divisia monetary aggregates, exhibiting less fluctuation than the narrow Divisia monetary aggregates, could be used for monetary policy and business cycle analysis and as part of financial monetary policies (see Ashraf et al (2022) and Singh et al (2018)). In particular, the new CFS Divisia monetary aggregates can and should play an important role, either as intermediate targets or indicator variables, for the conduct of monetary policy, in addition to that of the short-term nominal interest rate.…”

Section: Discussionsupporting

confidence: 75%

The credit card-augmented Divisia monetary aggregates: an analysis based on recurrence plots and visual boundary recurrence plots

Andreadis,

Fragkou,

Karakasidis

et al. 2024

Financ Innov

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In this paper, we compare the dynamics of the growth rates of the original Divisia monetary aggregates, the credit card-augmented Divisia monetary aggregates, and the credit card-augmented Divisia inside monetary aggregates. This analysis is based on the methods of recurrence plots, recurrence quantification analysis, and visual boundary recurrence plots which are phase space methods designed to depict the underlying dynamics of the system under study. We identify the events that affected Divisia money growth and point out the differences among the different Divisia monetary aggregates based on the recurrence and visual boundary recurrence plots. We argue that the broad Divisia monetary aggregates could be used for monetary policy and business cycle analysis as they are exhibiting less fluctuation compared to the narrow Divisia monetary aggregates. They could positively affect policy decisions regarding environmental choices and sustainability. We also point out the changes in the monetary dynamics locating the 2008 global financial crisis and the Covid-19 pandemic.

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Section: Discussionsupporting

confidence: 75%

The credit card-augmented Divisia monetary aggregates: an analysis based on recurrence plots and visual boundary recurrence plots

Andreadis,

Fragkou,

Karakasidis

et al. 2024

Financ Innov

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“…Recently, further studies on the impact of the COVID-19 pandemic on policy and economy in general, and entrepreneurship in particular, have been published, including a number of special issues ( Ashraf et al, 2022 ; Belitski et al, 2022 ; Grassi and Fantaccini, 2022 ; Narayan, 2022 ; Taylan et al, 2022 ). These recent publications shed light on the economic effects of the pandemic by looking at the macro- and micro-economic effects on economic policy and the survivability of entrepreneurial start-ups as well as the role of financial support, public funding for well-being in both developed and developing countries.…”

Section: The Literaturementioning

confidence: 99%

Digital entrepreneurial intentions and actions in China during the COVID-19 pandemic with policy implications

Zhu

Liu

et al. 2023

Journal of General Management

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Despite the rapid development of digital start-ups and market expansion in China, there have been challenges for developing digital business in recent years. Unique economic, institutional, and social factors, as well as the recent COVID-19 pandemic, influence the digital entrepreneurs and their businesses. Yet, the literature on the changing digital entrepreneurial behaviour during the COVID-19 pandemic remains limited. The intentions and behaviours of these entrepreneurs in relation to their digital start-ups and the impact caused by exogenous changes require deeper investigation. By adopting an intention-based social cognitive perspective, this study examines the factors influencing digital entrepreneurs’ intentions and actions in managing their start-ups. We also present a holistic framework with regard to the changing entrepreneurial behaviour and policy implications for the development of digital start-ups.

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“…For SOEs with concentrated ownership, managers may prefer to use debt instruments for financing [86]. Especially in periods of economic uncertainty, companies prefer debt financing to avoid equity dilution [87]. Managers of SOEs tend to be opportunistic; have fewer incentives to change the financing costs; and are less likely to adjust financing channels, improve the efficiency of SOEs, or maximize the firm's value [88].…”

Section: Moderating Effect Of Ownership Typementioning

confidence: 99%

Financing Constraints and Corporate Value in China: The Moderating Role of Multinationality and Ownership Type

2022

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Drawing on institutional theory and agency theory, this study examines the relationship between financing constraints and corporate value in China. In addition, we provide solutions for negative effects of financing constraints on corporate value in China. Chinese firms tend to utilize costly informal institutions to gain legitimacy and necessary resources from external stakeholders. This can lead to Chinese firms’ assuming higher financing transaction costs, negatively influencing corporate value. The multinational strategy of Chinese firms can further increase the financial burden of the company, and agency problems of state-owned enterprises (SOEs) can negatively affect the enthusiasm of managers, exacerbating the restraining effects of financing constraints on corporate value. We empirically analyze the non-financial companies listed on the Chinese stock market from 2011 to 2020 by using the methods of fixed effects and dynamic regression, heterogeneity analysis, and instrumental variables. The results show that financing constraints significantly inhibit corporate value. Accounting for the impact of differing degrees of multinationality and different types of ownership in enterprises, we empirically present the positive moderating effects of multinationality and ownership type in reducing corporate value in circumstances of financing constraints. Finally, we suggest ways for Chinese firms to overcome the negative effects of financing constraints on corporate value.

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Raising capital amid economic policy uncertainty: an empirical investigation

Cited by 16 publications

References 140 publications

The credit card-augmented Divisia monetary aggregates: an analysis based on recurrence plots and visual boundary recurrence plots

The credit card-augmented Divisia monetary aggregates: an analysis based on recurrence plots and visual boundary recurrence plots

Digital entrepreneurial intentions and actions in China during the COVID-19 pandemic with policy implications

Financing Constraints and Corporate Value in China: The Moderating Role of Multinationality and Ownership Type

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