Search

On May 13, 2017, the "Strategy for the Economic Security of the Russian Federation up to 2030" was ratified by the Russian government. This article considers the major question the "Strategy" tries to answer: How can Russia's economic security by achieved and maintained? One major problem facing Russia today is the lack of government regulation of the economy. We consider some of the negative consequences of the lack of regulation, in particular massive deindustrialization. We describe several causes of deindustrialization (e.g., failed privatization and the absence of investment) and propose several ways that government regulation can facilitate the reindustrialization of the national economy (reinvesting resource wealth and creating long-term loans). Finally, we argue that to reverse negative economic trends, Russia must adopt a two-phase strategy to be completed in twelve years (2019–2030), which necessitates the mobilization of major financial and organizational resources. The first six-year phase (2019–2024) covers the massive innovative reconstruction of existing low-profit and negative-profit enterprises, and the second stage (2025–2030) will create large modern enterprises. The main goal for this twelve-year strategy is to bring the Russian economy into the orbit of the industrialized countries and to use the system of innovation accumulated during this time to start the new stage of state-corporate capitalism characterized by industrialization. [ABSTRACT FROM AUTHOR]

This study carried out an analysis of the economic and financial indicators of the company Natura Cosmetics S/A because of the business acquisitions made in the period from 2010 to 2019. Three business combinations were analyzed, in 2012 the acquisition of 65% of the shares of Emeis Holdings Pty Ltd.; in 2016 the acquisition of 35% of the shares of Emeis Holdings Pty Ltd.; and in 2017 the acquisition of 100% of the shares in The Body Shop. The data were obtained from the financial statements and for the analysis of the economic and financial performance, the indicators of liquidity, indebtedness, equity structure and profitability were calculated. The results indicate a deterioration in liquidity indicators, an increase in indebtedness with third parties, a favorable debt profile in the long term, increases in the indicators of fixed assets and equity and, a deterioration in profitability indicators. This study contributes to the topic of mergers and acquisitions, highlighting its impact on business performance. [ABSTRACT FROM AUTHOR]

The current article examines the changes in the capital structure pattern of various industrial groups in India over two time phases. The results of the study indicate statistically significant differences between the capital structure of various industry groups. The majority of Indian companies are following mean industry leverages and thereby envisaging the application of optimal capital structure concept. Also, a decline is witnessed in the debt ratios in Phase II over Phase I. A prominent finding highlights the substitution of long-term debt with short-term debt. Overall results reveal the partial application of pecking order theory in Indian industries. [ABSTRACT FROM AUTHOR]

Drought is one of the recurring features of Indian agriculture, especially in the rain fed areas. It affects not only the national food security but also causes miseries to human life and live stock. The study area, i.e., Ramanathapuram district of Tamilnadu, India (Latitude 9°40′and Longitude 78°70′) has been affected consecutively for the last three years from 2015 to 2018 by drought, due to the failure of rainfall of northeast and southwest monsoons. So, the economic status of the area has declined due to the drought and the people from this district have migrated to other districts to improve their socio-economic status. This district has seven taluks, eleven blocks and four hundred villages. Major physiography units of the district are vast coastal plain, adjacent alluvial plain and a small area of buried pediments. The predominant geological formations are recent alluvium, and laterite followed by mio-pliocene Cuddalore Sandstone, upper cretaceous calcareous sandstone and proterozoic basement rocks. The total thickness of sedimentary rocks may be upto 3000 metre. The shallow aquifer in the district is severely affected by sea water intrusion and the inland salinity of marine sedimentary formations. Since the shallow aquifer is saline, paddy cultivation practices are generally being done through rain fed lake irrigation. According to the Central Ground Water Board report, the deeper groundwater aquifer in this district would give a continuous supply of freshwater. In order to develop agriculture activities and avoid drought management, the following steps are to be undertaken immediately. 1. River linking scheme of westerly debouching, i.e., Western Ghat Rivers in the Arabian Sea with the ephemeral rivers of the study area such as Vaigai, Gundar and Kottakkarai Rivers to improve the recharge of groundwater and prevent sea water intrusion. 2. Delineation of the depth of deeper fresh water in Tertiary and Cretaceous aquifer by sub-surface mapping study through 2D resistivity imaging depth profile study and borehole data. 3. Augmentation of engineering structures in the coastal area will prevent sea water intrusion in the shallow aquifer. 4. To improve the socio-economic status of the farmer and for drought management, a crop insurance scheme should be implemented for farmers. 5. Providing long term loans with subsidy facilities should be implemented for the construction of bore holes to improve crop production by getting fresh water from a deeper aquifer. 6. The study area is located nearer to the sea, so the large scale desalination plant system should be implemented by government organisation to get fresh water for improving agriculture practices. [ABSTRACT FROM AUTHOR]

The paper investigates the impact of capital structure and information asymmetry on the value of companies listed on the Warsaw Stock Exchange. The study was conducted using the ordinary least squares (OLS) method on a sample of 273 companies in 2017 and the GMM dynamic paneldata approach with instrumental variables. Data retrieved from the Notoria, Bloomberg and Orbis databases were used. The results show that despite its impact on reducing the cost of capital, increasing debt does not lead to an increase in equity value. Therefore, the benefits of higher short-term leverage are limited and visible only for long-term debt. On the other hand, despite bigger information asymmetry, companies are valued higher, which means that asymmetrical information does not necessarily hurt valuation in the short term but in the long term. The results contribute to the literature on firms' use of leverage under information asymmetry, showing higher trust in cash flow than profits in books. [ABSTRACT FROM AUTHOR]

The article analyzes the impact of debt maturity structure and other factors on investment decisions of enterprises listed on the Vietnam's stock market from 2010 to 2019. Data used in this study are acquired from the financial statements of 558 enterprises listed on both the Ho Chi Minh and Hanoi stock exchanges in the period 2010–2019, from the FiinPro database. S-GMM regression method is utilised to analyze the influence of debt maturity structure and other factors on investment decisions of listed companies. The analysis results shows that the debt maturity structure has a positive impact on the investment decision of the enterprises. Besides, the profitability of total assets and the fixed assets turnover also have a positive impact on the investment decision of the enterprise, while liquidity and cash flow have a negative impact on investment decisions. Based on empirical results, the study proposes some recommendations to help the managers of listed companies to build a reasonable debt maturity structure in the direction of using more long-term debts to increase investment efficiency. At the same time, the study recommends some policy implications for the Government in managing macroeconomic policies in order to create favourable conditions for businesses to access many long-term capital sources. [ABSTRACT FROM AUTHOR]

The study aims to identify the impact that debt structure has on the financial performance of the organizations listed on the Palestinian Exchange (PEX). The sample of the study consists of 41 companies listed in the PEX, excluding the banking sector. The descriptive method is used, in addition to model measurement, to analyze the panel data using the multiple-regression method. The study concludes that the ROA increases when long-term debts are used for financing the assets in the insurance, investment, and industrial sectors. On the other hand, in the service sector, the ROA is negatively affected by the use of long-term debt, and only the industrial companies’ ROA is significantly affected by the total debt. Furthermore, the study finds that the ROA of companies in the insurance and investment sectors is positively impacted by short-term debts. The main recommendation is that companies in the insurance, industrial, and investment sectors should depend on properly balanced long-term debts to increase their revenue. [ABSTRACT FROM AUTHOR]

Purpose of the article: The issue of capital or financial structure is still a very current topic, the beginning of which dates back to the middle of the last century. Despite such a long time, there is still no universal theory that would help us understand the behaviour of companies in this area. This is due to the fact that each industry, sector, economy, and even the company itself has a different strategy, and therefore a different financial structure. Unfortunately, it is not possible for researchers to analyse all the companies in the world individually, but it is at least possible to examine individual industries and economies. The purpose of this research is to expand knowledge about the financial structure in the industry - Accommodation and Food Service activities in 8 selected countries of Central and Eastern Europe during the period 2010-2018. A total of 23,991 companies are analysed, which are divided into medium and large. Due to the fact that research in this industry in selected economies was not found, this research could significantly expand knowledge about the financial structure in selected economies and the sizes of companies individually. Methodology/methods: Two methods were chosen to meet the aim - the least squares method and the Generalized Method of Moments. It is a comparison of two regression analyses, a simple one, in which several assumptions must be met, and a modified one, in which only one test follows to verify the credibility of the resulting model. Scientific aim: The aim of this research is to determine whether profitability, liquidity, asset structure, non-debt tax shield, the GDP growth rate, inflation rate, and reference interest rate affect the level of total, long-term and short-term debt. Findings: The main finding of the research is the limitation in the use of the least squares method in terms of fulfilling the basic assumptions and the fact that both internal and external determinants have an influence on the formation of financial structure, however, in terms of significance, the influence of external determinants clearly prevails. Conclusions: The main conclusion is that non-corporate determinants have the most significant impact on the level of indebtedness, with the influence of the reference interest rate clearly dominating in terms of the value of coefficients; while in terms of the frequency of coefficients the GDP growth rate is significant. [ABSTRACT FROM AUTHOR]

Purpose: The demand-side view of creditor rights posits a negative association between creditor rights and corporate borrowings. The purpose of this paper is as follows: first, the author examines whether the demand-side effect is more pronounced amongst firms with excess promoter shareholding. Subsequently, the authors analyze the impact of high promoter holdings on investment decisions owing to bankruptcy reforms. Design/methodology/approach: To answer the above questions, the authors exploit the passage of the Insolvency and Bankruptcy Code (IBC) (2016) that strengthens the creditor rights of lenders, which impacts the borrowings and financing activities of Indian corporates. Using a panel of listed Indian firms over the period of 2012–2019, the authors analyze how the IBC affects firms' borrowings and financing decisions with excess promoter holdings. Findings: The authors find that bankruptcy reforms led to a statistically significant decline in the use of borrowed funds (primarily secured and long-term debt) by firms with high concentrated holdings. The analysis also indicates that firms with excess promoter ownership face an increased cost of debt due to bankruptcy reforms. As a result, firms with excess promoter holdings curtail their investments. Overall, the results indicate that India's bankruptcy reforms significantly affect the firms' financing and investment decisions with highly concentrated ownership. Originality/value: While past research has explored the relationship between bankruptcy reforms and demand for/supply of debt, the authors provide novel empirical evidence on the role of promoter holdings that affects the relationship between bankruptcy law and financing and investment decisions. To the best of the author's knowledge, this study is the first to investigate the role of ownership structure in the context of bankruptcy reforms by using a quasi-natural experiment. [ABSTRACT FROM AUTHOR]

Copyright of Revista Evidenciação Contábil & Finanças is the property of Revista Evidenciacao Contabil & Financas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Foco (Interdisciplinary Studies Journal) is the property of Revista Foco and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In the United States, the question of which is a better form of governance and leadership – elected or appointed – is considered to be a relevant issue in public administration. Many studies have advocated the appointed form in terms of professional management and fiscal performance. However, there is limited knowledge about the application of this form of government to school districts that are the main issuers in the municipal bond market, but financially rely on state governments. We discuss whether the type of education board in the school district (i.e. appointed or elected boards) affect debt positions. We expect school districts with citizen-elected boards to be more likely to reduce debt positions due to the reelection concerns of board members. Using a panel dataset of New Jersey school districts from 1997 to 2016, we are able to estimate the impact of board type on the cumulative debt of a board. The findings offer evidence that, when compared to appointed school boards, elected school boards are more likely to reduce their long-term debt and interest payments, as well as long-term debt as a percentage of own-source revenue. [ABSTRACT FROM AUTHOR]

This study examines the factors affecting exchange rate fluctuations in Turkey by employing the quarterly data from 2008 to 2020. In this context, linear and nonlinear unit root tests were used to determine the stationarity levels of the variables. Then, symmetric and asymmetric causality analysis was preferred to ascertain the relationship between the variables. Symmetric causality analysis results indicated a causality relationship from the exchange rate to the long-term debt stock, from the credit default swap (CDS) to the exchange rate, and from the exchange rate to the uncertainty index. The asymmetric causality analysis showed a causality relationship from positive shocks in the short-term debt stock to negative shocks in the exchange rate. Also, it was proven that there exists a causality relationship from negative shocks in the short-term external debt stock to positive and negative shocks in the exchange rate. Another result demonstrated a causality relationship between positive shocks in the exchange rate to negative shocks in the long-term debt stock. In addition, it was found that negative shocks in net capital investment were the cause of negative shocks in the exchange rate, while it was determined that there was a causality relationship from positive shocks in the net reserves to positive shocks in the exchange rate. In conclusion, the asymmetric causality relationship from positive shocks in CDS to positive shocks in exchange rates was detected. [ABSTRACT FROM AUTHOR]

In 2016, China implemented an environmental protection tax (EPTL2016) to promote the transformation and upgrading of heavily polluting industries through tax leverage. Using panel data of China's listed companies, this study assesses the treatment effects of the EPTL2016 on the transformation and upgrading of heavily polluting firms by incorporating the intermediary role of the financial market. The empirical findings show that the EPTL2016 significantly reduced the innovation investment and productivity of heavily polluting firms but had no significant effect on fixed-asset investment. Additionally, EPTL2016 reduced the supply of bank loans to heavily polluting firms and increased the value of growth options for private enterprises and the efficiency of the supply of long-term loans to heavily polluting firms. Although the environmental policy of EPTL2016 benefits the transformation and upgrading of heavily polluting industries in many aspects, it generally hinders the industrial upgrading because of the reduction of bank loans. [ABSTRACT FROM AUTHOR]

The paper takes listed companies in the heavily polluting industry from 2009–2017 as a research sample to explore whether heavy pollution enterprises' environmental protection investment helps their debt financing under the institutional background of China's continuous implementation of green credit policy. It is found that, in general, the environmental protection investment of heavy pollution enterprises helps them to obtain more and relatively long-term new loans; in terms of time, this effect is more evident after the release of China's Green Credit Guidelines in 2012; in addition, the level of regional environmental pollution, the level of financial development and the green fiscal policy also have a moderating effect on this. This paper enriches the study of the economic consequences of corporate environmental protection investment from the perspective of debt financing. It examines the effects of the implementation of China's green credit policy and other institutional factors to provide a reference for the heavy pollution enterprises' environmental protection investment and the implementation of green credit policy by local governments in China. [ABSTRACT FROM AUTHOR]

Purpose -- The article consists of analyzing the behavior of the determinants of the capital structure of Chilean companies between 2007 and 2016. The objective of this study was achieved through a typology of research based on bibliographic, documentary, exploratory and explanatory, considering annual financial reports from Economática in the chosen period. Design/methodology/approach -- As this is a research study with a quantitative approach, the statistical tools used were descriptive analysis, Pearson correlation, variance inflation factor (VIF) and panel regression. Findings -- The results show that Chilean companies (240) have higher and costly long-term debt. These companies have high averages in current liquidity, return to shareholders, growth in sales and assets and market-to-book (MTB). Long-term debt was highlighted with an explanatory power of 85%. Current liquidity was highlighted as being significant in most of the indebtedness proposed in the survey, failing to register brands like this in expensive short-term and long-term indebtedness. It is noticed that flip flops companies are more prone to the pecking order theory (POT). The gap occupied by this study is linked to research involving South American countries, especially the Chilean market, and the determinants of the capital structure. Originality/value -- As future research, it is suggested to include other types of variables related to indebtedness and the same action for its determinants, in addition to the speed technique of adjusting corporate debts. [ABSTRACT FROM AUTHOR]

The information demands of a globalized society are forcing businesses to produce financial statements that meet the requirements of all stakeholders. The purpose of the article was to assess what information entities disclose in the financial statements prepared in accordance with IAS and IFRS, and what conflicts arise. Theoretical and methodological aspects of the results of scientists prove the importance of information disclosure in the financial statements prepared in accordance with IFRS. At the same time, the issue of disclosure of information in the financial statements remains open, taking into account the needs of current activities of enterprises. In view of this, there is a need to: study the provision of users of financial statements with information, the disclosure of which provides for international standards; testing hypotheses about the need to study the differences between the types of financial statements provided for in IFRS and IAS and reviewing the long-term liability in the event of early repayment. Based on the analysis, it is established that the information required for disclosure in the financial statements determines the type of financial statements. The conducted research testifies to the presence of gaps in IFRS in the order of compilation and information content of the combined reporting. It is proposed that the combined financial statements be prepared by entities that for one reason or another do not meet the requirements of IFRS 10. It is established that an important condition for reliable reflection in the Statement of financial position information on long-term credit is the need to analyze during the year. It is proposed to consider part of the long-term loan in the form of payments, which must be repaid within twelve months from the date of reporting, as a current liability. This approach requires reclassifying existing credit from long-term to current liabilities, which will lead to further changes in cash flow estimates, adjusting the carrying amount of liabilities. The results of the study can be used by practitioners in various sectors of the economy in the formation of financial statements in accordance with IFRS. [ABSTRACT FROM AUTHOR]

Motivated by the rising consensus that corporate engagement in climate change actions holds the key for society's transition into environmentally resilient economy, the study examines whether a firm's commitment to climate change action and its carbon risk exposure shape the firm's debt financing policy. Based on insights drawn from signaling, corporate reputation, and agency theories, we develop models that link corporate commitment to climate change actions and a firm's carbon risk exposure with its debt financing decisions. Using data drawn from S&P 500 companies, for years 2015 to 2019, we find a robust evidence that firms that engage in higher levels of commitment to climate change actions issue a higher proportion of debt with longer terms to maturity, even after controlling for their carbon risk exposure. However, we do not find a robust evidence corroborating an association between firms' carbon risk exposure and their debt financing policy. These findings are consistent with arguments that high‐commitment firms enjoy positive reputation, better credit rating, and reduced agency and information asymmetry costs, allowing them to gain easier access to long‐term debt markets. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Financial Politic & Economic Reviews / Finans Politik & Ekonomik Yorumlar is the property of Journal of Financial Politic & Economic Reviews / Finans Politik & Ekomomik Yorumlar and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper analyzes local government use of short‐term debt. Though long‐term debt, largely used for capital projects, is relatively well‐researched, predictors for the use of short‐term debt need to be further developed. We hypothesize that governments with limited cash reserves and expenditure flexibility are more likely to use short‐term debt. Further, we expect that governments use short‐term debt as an instrument to manage market timing for long‐term debt. Using a heterogeneous sample of New York local governments, our analysis finds more illiquidity, declining prior year surplus, more salary expenditures, larger capital spending, and the timing of long‐term debt increase the likelihood of using short‐term debt. Applications For Practice: Evidence supports that local governments use short‐term debt in conjunction with increases in long‐term debt, revealing an additional cost of issuing long‐term debt.Policies established to manage the issuance of short‐term debt can acknowledge that lack of illiquidity, higher capital project costs, increasing long‐term debt, and more frequent short‐term debt issuance are more likely to increase short‐term debt burdens.Long‐term debt management policies can include provisions for more short‐term debt issuance. [ABSTRACT FROM AUTHOR]

The paper sets out to examine the military spending-public debt nexus in the case of Greece. Unlike previous studies that exclusively focus their analyses in the post-WWII period, the empirical investigation conducted herein covers almost the entire two hundred years of the modern Greek state. The estimations using an ARDL framework cover the period 1848–2018 as well as sub-periods therein. To the best of our knowledge, this is the first paper to approach this issue in the case of Greece with such a long-term perspective. In broad terms, the findings do not unearth a statistically traceable effect of defence expenditures on public debt accumulation. The results indicate that this was very much driven by debt dynamics and the need to draw funds to service existing loans. This finding is consistent across both the entire period under scrutiny here as well as the various sub-periods. [ABSTRACT FROM AUTHOR]

We analyse the money-financed fiscal stimulus implemented in Venice during the famine and plague of 1629–31, which was equivalent to a 'net-worth helicopter money' strategy – a monetary expansion generating losses to the issuer. We argue that the strategy aimed at reconciling the need to subsidize inhabitants suffering from containment policies with the desire to prevent an increase in long-term government debt, but it generated much monetary instability and had to be quickly reversed. This episode highlights the redistributive implications of the design of macroeconomic policies and the role of political economy factors in determining such designs. [ABSTRACT FROM AUTHOR]

The objective of this article is to present, according to the Order of the Minister of Public Finance No. 1802/2014 for the approval of the Accounting regulations regarding the individual annual financial statements and consolidated annual financial statements, as subsequently amended and supplemented, the recognition of the long-term debt, the summary of accounting regulations regarding these balance sheet elements, the accounting for different transactions and events related to long-term debt, as well as the impact of these transactions and events on the balance sheet and the statement of cash flows.

Using the staggered introduction of fast-track debt recovery courts in India, we estimate the causal effect of a reduction in debt contract enforcement costs on financing and asset maturity. A reduction in enforcement costs is associated with an increase in long-term debt and a decrease in short-term debt and trade credit. The increase in debt maturity is confined to firms that borrow from multiple lenders, have abnormally short debt maturity structures before the reform, and to smaller firms. Firms also reduce the number of banking relationships, and increase the proportion of long-term assets after the reform. [ABSTRACT FROM AUTHOR]

In this study, we examined the impact of changes in creditors' rights on the financial policy of Indian firms in a quasi-natural experimental set up. Using the implementation of Insolvency and Bankruptcy Code (IBC) in 2016 as an exogenous policy shock, we investigated the changes in quantitative (leverage) and qualitative (debt maturity and debt heterogeneity) aspects of the financial policy. Overall, our findings indicated that the strengthening of creditors' rights had a negative impact on debt ratio and debt heterogeneity and a positive impact on long-term debt maturity structure. These results were observed mainly in those firms that had a high probability of bankruptcy in the pre-implementation period. [ABSTRACT FROM AUTHOR]

The unaffordability of legal assistance is a widespread problem in New Zealand, as it is in many other common law countries. One way legal assistance is made more accessible is by lawyers offering discounting and payment plans. There is very limited research about how these practices operate and whether they are effective at delivering services to people in need. This article reports the results of a mixed-methods study to investigate New Zealand lawyers' attitudes to these services, the extent to which they offered them, and how they were structured. The data showed that most lawyers offered discounts and payment plans. The decision to offer these services was generally made on a case-by-case basis and to clients who individual lawyers, in their discretion, considered worthy cases. The amount of the discount was often benchmarked to the legal aid rate but this could still put legal fees out of reach for many clients. While payment plans could offer liquidity for clients to access justice, they could also be problematic, drawing clients into long term debt. Starting with the client's budget and determining legal fees from that starting point delivers more affordable legal services than the emphasis on discounting and payment plans. [ABSTRACT FROM AUTHOR]

Purpose: We examine how business group affiliation affects corporate debt maturity. Design/methodology/approach: This study employs the financial data of all listed Indian companies obtained from the CMIE database for 2011–2018. The ordinary least square, firm-fixed effect and Fama–Macbeth regression methods are used for empirical analysis. We use propensity score matching and difference-in-difference method to address endogeneity issues. Further, two-stage least square (2SLS) regression is performed to mitigate the endogeneity that stems from simultaneity between debt maturity and leverage. Findings: Using Indian firms, we report that group affiliation is positively associated with corporate debt maturity; group firms use more long-term debt compared to similar standalone firms. We also observe that the positive effect of group affiliation on debt maturity is more pronounced in business group firms associated with a group having more resources and having unrelated diversification. However, information asymmetry and moral hazard problems weaken the impact of group affiliation on debt maturity structure of a firm. Overall, our results are consistent with co-insurance benefits that are an argument for the presence of business groups in emerging markets. Originality/value: This study contributes to the existing literature by testing the role of group affiliation on corporate debt maturity decisions in the Indian market context where market imperfections persuade firms to borrow from banks. This is also the first study on determinants of corporate debt maturity that distinguishes between public and private debt. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of the study is to examine the effect of corporate social responsibility (CSR) on debt financing (natural logarithm of debt and leverage ratios) of listed firms. Design/methodology/approach: Using content analysis for data extraction, the study examines listed firms on the Bombay Stock Exchange (BSE) from 2010 to 2019 financial year. It uses a quantile regression and panel fixed effect regression as the model's application. Findings: The study shows that CSR expenditure has a positive and strong correlation with debt financing (i.e. natural logarithm of long-term and short-term debts). The first findings show that CSR expenditure has a negative and statistically significant association with total leverage ratio, using conditional mean and median percentile. However, there is a positive and statistically significant association between CSR expenditure and long-term leverage ratio at the 25th and 50th percentile. The second findings show that CSR expenditure has a positive and statistically significant association with long-term debt but an insignificant association with short-term debt and total debt under a conditional mean average. The application of quantile regression addresses the values that fall outside the confidence interval and therefore document a positive and statistically significant association between CSR expenditure and debt financing (short-term debt, long-term debt and total debt) at the 25th, 50th and 75th percentile. Originality/value: The introduction of quantile regression gives a novelty in CSR and debt financing study, which to the best of the authors' knowledge, has not received any attention. Similarly, firms have better information on how to position their CSR expenditure to attract providers of debt financing. [ABSTRACT FROM AUTHOR]

We provide evidence on leverage and debt maturity targeting in a large international setting. There are key differences in the relative importance of institutional factors in explaining actual as opposed to target capital structures. Targets and target deviations are plausibly influenced by the institutional environment. Firms from countries with strong legal institutions target lower leverage and higher long-term debt, whereas better-functioning financial systems result in lower target leverage and long-term debt. Financial crisis has shifted the desired structure of the securities toward shorter maturities and has led to more prevalent target deviations. Better institutions significantly decrease the likelihood of target deviations. [ABSTRACT FROM AUTHOR]

Research background: We examine the dividend payout policies across companies listed on the main stock exchanges in Brazil, Russia, India, China, and South Africa (BRICS). Unlike the highly developed capital markets, the literature regarding dividend policy on BRICS' stock exchanges is scarce. Purpose of the article: The purpose of this paper is threefold: verification of the existence of dividend smoothing pattern; selection of the significant drivers that affect both dividend levels and dividend smoothing; examination of differences between dividend policy of cross- and single-listed companies. Methods: Based on a dataset of 564 companies that paid dividends for at least 11 consecutive years in the period of 1995-2015, we apply a GMM two-step estimator to assess the speed of dividend adjustment (SOA) coefficient. Further we employ the linear panel regression to indicate the individual and market determinants of the dividend levels and SOAs. In the latter case, we base on time series of the SOAs obtained from the rolling estimation technique. Finally, we conduct separate estimations for cross-listed companies. Findings & value added: We confirm a moderate level of dividend smoothing within BRICS countries. Among the firm-level characteristics affecting the SOA the most important are: ownership dispersion, age and size of a firm, retained earnings, leverage, long term debt, asset tangibility, liquidity risk ratio, and issuing the depositary receipts (DR). Two relevant market factors are found: market capitalisation and turnover in relation to GDP. Similar characteristics have a significant impact on dividends' levels in the entire sample, whereas in the subsample of cross-listed companies fewer variables are significant. Our paper is the first comprehensive attempt to investigate the dividend policy and determinants of dividend smoothing among BRICS countries. [ABSTRACT FROM AUTHOR]