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Systemic Banking Crises, Institutional Environment, and Corporate Leverage
| Content Provider | Scilit |
|---|---|
| Author | Öztekin, Özde |
| Copyright Year | 2020 |
| Description | This study examines corporate leverage during systemic banking crises in an international setting, including 85 countries from 1987 to 2017. Using the historically determined component of institutions and exogenous variations in institution building, the analyses show that leverage cyclicality varies substantially across institutional settings. Leverage is strongly countercyclical under more binding constraints on the capital supply, suggesting important supply effects of such crises on leverage. Weak institutions are more conducive to crises and uncertainty. Leverage countercyclicality is more pronounced during crises that coincide with higher uncertainty, whereas leverage is procyclical with stronger legal systems and information sharing in capital markets. |
| Related Links | https://www.cambridge.org/core/services/aop-cambridge-core/content/view/DF6C75F88D5F211462485DEBA283F8A9/S0022109020000861a.pdf/div-class-title-systemic-banking-crises-institutional-environment-and-corporate-leverage-div.pdf |
| Ending Page | 1141 |
| Page Count | 27 |
| Starting Page | 1115 |
| ISSN | 00221090 |
| e-ISSN | 17566916 |
| DOI | 10.1017/s0022109020000861 |
| Journal | Journal of Financial and Quantitative Analysis |
| Issue Number | 3 |
| Volume Number | 57 |
| Language | English |
| Publisher | Cambridge University Press (CUP) |
| Publisher Date | 2020-11-27 |
| Access Restriction | Open |
| Subject Keyword | Journal of Financial and Quantitative Analysis Corporate Leverage |
| Content Type | Text |
| Resource Type | Article |
| Subject | Finance Accounting Economics and Econometrics |
