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ID: 156455

Financing and monitoring in an emerging economy: can investment efficiency be increased? / Sarwar, Suleman; Khan, Muhammad Kaleem

Sarwar, Suleman	Journal Article
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Summary/Abstract

This study investigates the influence of the financial system on firms' investment efficiency in China. For this purpose, we employ country level data of capital markets and financial institutions along with financial data from 2797 Chinese firms in the period from 1998 to 2015. The firms are priori classified into four groups, by high and low values of financial constraints and agency problems. Results show that financial development influences firms' investments positively either directly or by reducing cash flow sensitivity. The impact remains the same for all types of firms. Moreover, the financial structure has an impact on investment efficiency of firms; this result also remains the same even after controlling levels of financial development. Study contributes that capital market based financial structure impacts investment decisions by reducing financing constraints and agency issue due to its strong monitoring ability.

Key Words

Investments ; Financial Development ; Financial Structure ; Financing Constraints ; Agency Cost

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ID: 139609

On the financial structure and personnel organisation of the Trịnh Lords in seventeenth to eighteenth-century North Vietnam / Ueda, Shin’ya

Ueda, Shin’ya	Article
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Summary/Abstract

After the restoration of the Lê dynasty, the Red River delta region was flooded with military men who set up and controlled irregular departments from the end of the sixteenth to the first half of the seventeenth century. The imperial administration became a shell during the Lê-Trịnh period, with the Trịnh Lords as de facto rulers who constructed their own parallel government on the basis of these local departments. This analysis of contemporary inscriptions indicates that the Trịnh Lords subsequently expanded their administration and secured their rule by absorbing large numbers of Red River delta literati, while retaining many eunuchs in influential financial and military roles. Overall, the Trịnh bureaucracy, comprising of the Lục Phiên and Lục Cung, was a kind of financial organisation combined with a military district system because it harnessed the existing military organisation.

Key Words

Military organisation ; Financial Structure ; North Vietnam ; Personnel Organisation ; Trịnh Lords ; Seventeenth to Eighteenth - Century ;
Red River Delta Region ; Trịnh Bureaucracy

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ID: 068034

Reforming the world bank: Creative destruction / Einborn, Jessica

Einborn, Jessica	Journal Article
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2006.

Key Words

World Bank ; Financial Structure

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