Search

This study aims to determine the effect of asset structure, firm size, business risk, and liquidity on debt policy. The population used is property and real estate companies listed on the Indonesia Stock Exchange in 2018-2020. This study uses purposive sampling, and there are 45 companies that meet the criteria. This research is a quantitative research with data analysis technique used is multiple regression analysis using IBM SPSS Statistics 25 software as a test tool. The results of the study show that asset structure and firm size have no effect on debt policy, while business risk and liquidity affect debt policy

This study aims to determine the effect of asset structure, firm size, business risk, and liquidity on debt policy. The population used is property and real estate companies listed on the Indonesia Stock Exchange in 2018-2020. This study uses purposive sampling, and there are 45 companies that meet the criteria. This research is a quantitative research with data analysis technique used is multiple regression analysis using IBM SPSS Statistics 25 software as a test tool. The results of the study show that asset structure and firm size have no effect on debt policy, while business risk and liquidity affect debt policy

The study of corporate capital structure is no longer limited to listed, large-scale businesses; rather, the global executive growth of small and medium-sized businesses is a pressing concern that necessitates thorough investigation of the "Capital structure" of such businesses. In the current environment, more research is needed to determine how to create a sophisticated model that will be successful in providing Debt capital towards the health sector businesses. In this regard, the authors attempted to determine the impact of a few firm-specific variables on the debt financing choices made by small and medium-sized health sector companies. To conduct the study, the researchers employed 246 observations for the period 2017-2022, used descriptive statistics, panel unit root test, Wald exogenity and system GMM analysis and concluded that due to the volatility of the debt market, the RBI's interest rate policy, and other variables, SME health sector companies frequently experience financial difficulties. As a result, they are occasionally unable to obtain formal financing. Hence, it is advised that the government, financial institutions, and policymakers adopt a strong SME-focused health sector financing policy in order to increase the sector's financing flexibility and borrower-centricity.

The study of corporate capital structure is no longer limited to listed, large-scale businesses; rather, the global executive growth of small and medium-sized businesses is a pressing concern that necessitates thorough investigation of the "Capital structure" of such businesses. In the current environment, more research is needed to determine how to create a sophisticated model that will be successful in providing Debt capital towards the health sector businesses. In this regard, the authors attempted to determine the impact of a few firm-specific variables on the debt financing choices made by small and medium-sized health sector companies. To conduct the study, the researchers employed 246 observations for the period 2017-2022, used descriptive statistics, panel unit root test, Wald exogenity and system GMM analysis and concluded that due to the volatility of the debt market, the RBI's interest rate policy, and other variables, SME health sector companies frequently experience financial difficulties. As a result, they are occasionally unable to obtain formal financing. Hence, it is advised that the government, financial institutions, and policymakers adopt a strong SME-focused health sector financing policy in order to increase the sector's financing flexibility and borrower-centricity.

The study of corporate capital structure is no longer limited to listed, large-scale businesses; rather, the global executive growth of small and medium-sized businesses is a pressing concern that necessitates thorough investigation of the "Capital structure" of such businesses. In the current environment, more research is needed to determine how to create a sophisticated model that will be successful in providing Debt capital towards the health sector businesses. In this regard, the authors attempted to determine the impact of a few firm-specific variables on the debt financing choices made by small and medium-sized health sector companies. To conduct the study, the researchers employed 246 observations for the period 2017-2022, used descriptive statistics, panel unit root test, Wald exogenity and system GMM analysis and concluded that due to the volatility of the debt market, the RBI's interest rate policy, and other variables, SME health sector companies frequently experience financial difficulties. As a result, they are occasionally unable to obtain formal financing. Hence, it is advised that the government, financial institutions, and policymakers adopt a strong SME-focused health sector financing policy in order to increase the sector's financing flexibility and borrower-centricity.

This study aims to empirically examine the effect of profitability, asset structure, and firm size on debt policy in property and real estate companies listed on the Indonesia Stock Exchange (IDX) for the 2015 – 2020 period. The independent variables used in this study consist of profitability using return on assets (ROA), asset structure are proxied by the value ot total assets divided by fixed assets, and and company size is proxied by the value of Ln of total assets. The dependent variable used is debt policy. The data used as samples in this study are financial reports and annual reports of property and real estate companies listed on the Indonesia Stock Exchange for the period 2015–2020. The sampling method used in this study is a purposive sampling technique with 39 companies that meet the criteria used as samples. study. This research uses panel data regression analysis model. The model used in this study is the random effect model (REM). The results of this study indicate that profitability has a negative and significant effect on debt policy. Asset structure has a positive and insignificant effect on debt policy. Meanwhile, firm size has a positive and significant effect on debt policy.

This study aims to empirically examine the effect of profitability, asset structure, and firm size on debt policy in property and real estate companies listed on the Indonesia Stock Exchange (IDX) for the 2015 – 2020 period. The independent variables used in this study consist of profitability using return on assets (ROA), asset structure are proxied by the value ot total assets divided by fixed assets, and and company size is proxied by the value of Ln of total assets. The dependent variable used is debt policy. The data used as samples in this study are financial reports and annual reports of property and real estate companies listed on the Indonesia Stock Exchange for the period 2015–2020. The sampling method used in this study is a purposive sampling technique with 39 companies that meet the criteria used as samples. study. This research uses panel data regression analysis model. The model used in this study is the random effect model (REM). The results of this study indicate that profitability has a negative and significant effect on debt policy. Asset structure has a positive and insignificant effect on debt policy. Meanwhile, firm size has a positive and significant effect on debt policy.

This study aims to analyze the impact of investment, debt, and dividend policies on the stock return of the companies listed in the Indonesia Sharia Stock Index (ISSI) from 2016 up to 2020. The sample stocks used in this study covers all the shariah compliant companies that were consistently listed during the study period, involving 158 companies with 790 observations. The proxies of stock return are annualized stock return, Sharpe ratio, and Treynor ratio. Investment policy is represented by price earnings ratio (PER), debt policy by debt to asset ratio (DAR), and dividend policy by dividend yield (DY). The generalized method of moment (GMM) is a regression technique that is employed in this study. The regression model should pass the AR(2) and Hansen tests to avoid autocorrelation and validity issues. This study provides important evidence that investment policy positively affects stock return (annualized stock return and Treynor ratio). In contrast, investment policy negatively affects the Sharpe ratio. Furthermore, there is a significant negative relationship between debt policy and the Sharpe ratio. Lastly, dividend policy is reported to significantly influence stock return, positive with Treynor ratio, while negative with stock return (annualized). The study relates its findings to the relevant theories involving the trade-off, signalling, and the bird in the hand theories.

Tujuan dari penelitian disini ialah untuk menguji seberapa impek dari kebijakan hutang, struktur modal dan ukuran perusahaan atas nilai perusahaan. Subjek untuk penelitian disini yakni perusahaan properti/real estate yang terlesting Bursa Efek Indonesia atau BEI periode 2019 – 2021, sampel diambil melalui metode yang disebut purposive sampling, diperoleh 17 perusahaan dengan kriteria yang terpenuhi. Peneliti menggunakan data sekunder dari laporan keuangan. Dan untuk metode dalam menganalisis peneliti menggunakan regresi linier berganda. Serta hasil dari penelitian ini menunjukkan jika: 1) kebijakan hutang berpengaruh atas nilai perusahaan, 2) struktur modal berpengaruh perusahaan, 3) tetapi, ukuran perusahaan tidak berpengaruh atas nilai perusahaan., The motive of this research is to take a look at how the impact of debt policy, capital structure and company size on firm fee. The topics for the studies here are assets/actual property companies indexed on the Indonesia inventory exchange or BEI for the duration 2019-2021, samples were taken through a technique known as purposive sampling, 17 organizations had been acquired with the standards met. Researchers used secondary data from financial statements. And for the method in reading the researcher the use of more than one linear regression. And the outcomes of this look at suggest that: 1) debt policy has an effect on firm fee, 2) capital structure has an impact on company, 3) however, firm size has no impact on company cost.

Die vorliegende Dissertation befasst sich mit dem Markt für Mittelstandsanleihen, der 2010 in Deutschland etabliert wurde und nur wenige Jahre später, im Zusammenhang mit massiven Anleiheausfällen, zusammengebrochen ist. Ziel der Arbeit ist es zu analysieren, welche Faktoren zum Zusammenbruch des Marktes beigetragen haben könnten, um besser zu verstehen, wie mittelständischen Unternehmen der Zugang zum Kapitalmarkt erleichtert werden kann. Das erste Kapitel analysiert die Entscheidung, sich am Markt für Mittelstandsanleihen zu finanzieren. Verschiedene Theorien versuchen zu erklären, welche Unternehmen sich vorrangig über Banken und welche sich am Kapitalmarkt finanzieren. Entgegen der Theorie haben sich vorwiegend Unternehmen mit schlechterer Kreditwürdigkeit am Markt für Mittelstandsanleihen finanziert. Das zweite Kapitel untersucht, ob der Zugang zum Markt für Mittelstandsanleihen finanzielle Beschränkungen aufheben und so Investitionen anstoßen konnte. Eine alternative Motivation könnte jedoch auch sein, dass Unternehmen sich Geld von gutgläubigen Privatinvestoren geliehen haben, um die Insolvenz zu verschleppen. Emittenten von Mittelstandsanleihen waren zwar finanziell eingeschränkt, investierten jedoch weniger als erwartet. Eine große Anzahl der Emittenten wäre ohne die Mittelstandsanleihe bereits im Jahr der Emission zahlungsunfähig gewesen. Das dritte Kapitel untersucht vor dem Hintergrund der massiven Zahlungsausfälle, ob Investoren in der Lage waren, Unternehmen mit hohem Risiko von solchem mit niedrigerem Risiko zu unterscheiden. Erschwert wurde die korrekte Einschätzung der Risiken durch eine starke Präsenz von Privatinvestoren sowie einer Inflation der Anleiheratings. Die Ergebnisse deuten darauf hin, dass Investoren nicht in der Lage waren, riskante von weniger riskanten Mittelstandsanleihen zu unterscheiden. Dies könnte zum Zusammenbruch des Marktes beigetragen haben, da dieser für hochqualitative Unternehmen letztendlich zu teuer war., This dissertation explores the German market for SME bonds that was established in 2010 and collapsed soon after, when one third of the listed bonds defaulted. The first paper studies the choice to enter the German MBond market. The results show that MBond issuers in contrast to theoretical predictions and prior empirical findings, have lower credit quality. The second paper examines to the extent to which the main goal of the MBond market, alleviating nancial constraints in order to spur firm investment, has been achieved. Indeed, a major fraction of MBond issuers have been finnancially constrained in the year prior to issuance. However, MBond issuers appear to invest less than expected. The results are more in favor of the alternative explanation that MBond issuers timed the market and exploited a window of opportunity to issue junk bonds to retail investors, in order to nance future losses and avoid or postpone bankruptcy. In the light of the high default rate and the final collapse of the market, the third paper analyzes whether investors were able to distinguish between high and low risk MBonds. Rating in ation in the MBond market could have distorted the information channel, hampering investors' risk assessment of the MBonds. The results indicate that di erences in default risk were not adequately reflected in MBond yield spreads. Thus, it appears that MBond investors were not able to distinguish between high and low quality issuers. As a consequence, the MBond market was relatively more expensive for high quality issuers than it was for their low quality counterparts, which may have contributed to the near-total collapse of the market.

The motive of this research is to take a look at how the impact of debt policy, capital structure and company size on firm fee. The topics for the studies here are assets/actual property companies indexed on the Indonesia inventory exchange or BEI for the duration 2019-2021, samples were taken through a technique known as purposive sampling, 17 organizations had been acquired with the standards met. Researchers used secondary data from financial statements. And for the method in reading the researcher the use of more than one linear regression. And the outcomes of this look at suggest that: 1) debt policy has an effect on firm fee, 2) capital structure has an impact on company, 3) however, firm size has no impact on company cost., Tujuan dari penelitian disini ialah untuk menguji seberapa impek dari kebijakan hutang, struktur modal dan ukuran perusahaan atas nilai perusahaan. Subjek untuk penelitian disini yakni perusahaan properti/real estate yang terlesting Bursa Efek Indonesia atau BEI periode 2019 – 2021, sampel diambil melalui metode yang disebut purposive sampling, diperoleh 17 perusahaan dengan kriteria yang terpenuhi. Peneliti menggunakan data sekunder dari laporan keuangan. Dan untuk metode dalam menganalisis peneliti menggunakan regresi linier berganda. Serta hasil dari penelitian ini menunjukkan jika: 1) kebijakan hutang berpengaruh atas nilai perusahaan, 2) struktur modal berpengaruh perusahaan, 3) tetapi, ukuran perusahaan tidak berpengaruh atas nilai perusahaan.

The debt policy is a policy regarding the reduction or addition of debt by the company's management to obtain a source of financing for the company's operations. This study aims to examine the effect of asset structure, profitability and institutional ownership on debt policy. The sample of this study were seven automotive companies listed on the Indonesia Stock Exchange (BEI) for the period 2012-2019 which were selected using purposive sampling method. The data analysis method used in this study is a panel regression model. Based on the results of hypothesis testing, that the asset structure has a significant positive effect on debt policy, while profitability and institutional ownership have a negative and significant effect on debt policy.

Das Wachstum der chinesischen Wirtschaft wurde seit 2008 durch immer höhere Schulden finanziert. Die Gesamtverschuldung des Landes stieg in dieser Zeit um gut 100 Prozent seiner Wirtschaftsleistung. Die zunehmende Schuldenlast bedroht die Stabilität der chinesischen Wirtschaft. Eine Finanzkrise in China wiederum hätte gravierende Folgen für die Weltwirtschaft. Der chinesische Staat reagiert auf das zunehmende Misstrauen der eigenen Bürger durch scharfe Beschränkungen des Kapitalexports. Peking muss sich zwischen einer Stabilisierung der chinesischen Finanz­märkte und der Förderung des Wirtschaftswachstums entscheiden. Beide Ziele werden sich nicht gleichzeitig erreichen lassen. Die Kommunistische Partei Chinas versucht angesichts stagnierender Binnennachfrage, das bisherige Wirtschaftsmodell des Landes, das auf immer höherer Verschuldung basiert, zu exportieren. Das Instrument hierzu ist die Belt-and-Road-Initiative (BRI), auch als "Neue Seidenstraße" bezeichnet. Einige Nehmerländer geraten in eine gefährliche Überschuldungslage, wenn sie Infrastrukturprojekte im Rahmen der BRI finanzieren. Europäische Länder sollten auf Chinas Strategien reagieren und eine eigene Infrastruktur-Initiative insbesondere für asiatische Entwicklungs- und Schwellenländer starten. Deutschland könnte ein solches Projekt finanzieren, das zunächst ein Volumen von etwa 300 Milliarden Euro haben sollte.

In diesem Artikel beschäftigen wir uns mit der Liberalisierung des Finanzmarktes und der Bankenprivatisierung in Südkorea mit dem Schwerpunkt auf der Entwicklung seit der Finanzkrise von 1997/98. Die Analyse bietet eine ganze Reihe wichtiger Erkenntnisse sowohl in Bezug auf die Entstehung und Überwindung der Finanzkrise als auch für den tief greifenden Transformationsprozess, in dem sich Korea seit 1997 befindet. Das Hauptaugenmerk dabei liegt in der politischen Ökonomie der Finanzreformen nach der Krise. Ziel der Analyse ist zu erklären, wie ein abstraktes Konzept "Finanzmarktliberalisierung" konkret als politisches Projekt realisiert wird, und welche Ziele und Interessen hinter der forcierten Finanzmarktliberalisierung stehen. Es wird exemplarisch gezeigt, dass wirtschaftliche Liberalisierung nicht mit Laisser-faire gleichgesetzt werden kann, sondern im Gegenteil auf der Nutzung der gesamten Palette staatlicher Regulierungs- und Interventionsmaßnahmen beruht.

The future of Venezuela depends on a myriad of factors, the nation’s future will be less shaped by the ability of the opposition to negotiate with the regime, but rather, by the unfolding of the current debt default, the associated decision of the military if or when to force a regime change, and the posture of the nation’s two principal financial backers, China and Russia, as the crisis unfolds.

Purpose: This paper aims to empirically investigate the capital structure determinants of small and medium-sized enterprises (SMEs) with a particular focus on short- and long-term debt. Design/methodology/approach: Several methods were used to analyse a sample of 15,897 Swedish SMEs for which complete financial information was available for a four-year period following the 2008 financial crisis, i.e. the 2009-2012 period. Findings: The results indicate that eight explanatory variables - i.e. size, age, growth, proftability, liquidity, asset tangibility, non-debt tax shields and industry affliation - are associated to various extents with SME debt policy. Research limitations/implications - The current study is limited to examining a sample of Swedish SMEs in five industry sectors covering the 2009-2012 period. Further research could examine the generalizability of the present results by considering other countries, industry sectors and periods. Practical implications - As debt policy infuences firm performance, value and survival, SME owners and managers, regulators and financial institutions may beneft from studies considering a relatively large number of capital structure determinants, several of which are linked to short- and long-term debt in various ways. Originality/value: This study is one of the few to examine the determinants of short- and long-term debt in SMEs, which play a fundamental role in the economy, using a large-scale cross-sectional database covering a period following the 2008 financial crisis.

Purpose: This paper aims to empirically investigate the capital structure determinants of small and medium-sized enterprises (SMEs) with a particular focus on short- and long-term debt. Design/methodology/approach: Several methods were used to analyse a sample of 15,897 Swedish SMEs for which complete financial information was available for a four-year period following the 2008 financial crisis, i.e. the 2009-2012 period. Findings: The results indicate that eight explanatory variables - i.e. size, age, growth, proftability, liquidity, asset tangibility, non-debt tax shields and industry affliation - are associated to various extents with SME debt policy. Research limitations/implications - The current study is limited to examining a sample of Swedish SMEs in five industry sectors covering the 2009-2012 period. Further research could examine the generalizability of the present results by considering other countries, industry sectors and periods. Practical implications - As debt policy infuences firm performance, value and survival, SME owners and managers, regulators and financial institutions may beneft from studies considering a relatively large number of capital structure determinants, several of which are linked to short- and long-term debt in various ways. Originality/value: This study is one of the few to examine the determinants of short- and long-term debt in SMEs, which play a fundamental role in the economy, using a large-scale cross-sectional database covering a period following the 2008 financial crisis.

Im Herbst 2012 stehen wichtige Weichenstellungen in der Eurozone an: Schon im September entschied das Bundesverfassungsgericht in Karlsruhe vorläufig über die Verfassungsmäßigkeit des Eurorettungsschirms ESM, die Europäische Zentralbank (EZB) kündigte unlimitierte Anleihekäufe an, und die Europäische Kommission legte ihre Vorschläge zur Bankenunion vor. Mitte Oktober findet ein weiterer wichtiger EU-Gipfel statt, und die Troika aus Internationalem Währungsfonds (IWF), EZB und EU wird voraussichtlich Anfang November die Reformfortschritte in Griechenland beurteilen, die wesentlich für das Verbleiben des Landes in der Währungsunion sind. Es gibt viele Reformvorschläge - und ebenso viele offene Punkte. Die vorliegende Analyse gibt Antworten auf vier wichtige und strittige Fragen zur Eurokrise: 1) Entgegen mancher öffentlicher Stimmen - vor allem in Deutschland - sollte Griechenland in der Eurozone gehalten werden und - sofern notwendig - weitere Unterstützungsmaßnahmen erhalten bzw. zeitlich befristete Verlängerungen zur Umsetzung der Reformen gewährt bekommen. 2) Eine Untersuchung der insbesondere von Deutschland geforderten fiskalpolitischen Reformen in der Eurozone macht deutlich, dass diese vor allem symbolische Änderungen sind, die nur wenig Durchschlagskraft besitzen. 3) Darüber hinaus wird aufgezeigt, warum eine gemeinsame europäische Bankenunion sinnvoll ist - und wie diese aussehen könnte. 4) In einem letzten Punkt wird das unbegrenzte Anleiheprogramm der EZB unter die Lupe genommen, das risikoreich, aber unter den gegebenen Umständen sinnvoll ist.

Die Parlamentswahl in Griechenland ist überstanden, die befürchteten Turbulenzen an den Märkten blieben aus. Aber das verschafft Europa nur eine kurze Atempause. Noch hat die EU keine überzeugende Antwort auf ihre Krise gefunden, ein halbherziges Programm zur Linderung der Symptome folgt auf das nächste. Stattdessen wäre es an der Zeit, auf eine umfassende und langfristige Lösung zu setzen. Ein Entwurf dafür liegt mit dem Schuldentilgungspakt längst vor.

Purpose: This paper aims to empirically investigate the capital structure determinants of small and medium-sized enterprises (SMEs) with a particular focus on short- and long-term debt. Design/methodology/approach: Several methods were used to analyse a sample of 15,897 Swedish SMEs for which complete financial information was available for a four-year period following the 2008 financial crisis, i.e. the 2009-2012 period. Findings: The results indicate that eight explanatory variables - i.e. size, age, growth, proftability, liquidity, asset tangibility, non-debt tax shields and industry affliation - are associated to various extents with SME debt policy. Research limitations/implications - The current study is limited to examining a sample of Swedish SMEs in five industry sectors covering the 2009-2012 period. Further research could examine the generalizability of the present results by considering other countries, industry sectors and periods. Practical implications - As debt policy infuences firm performance, value and survival, SME owners and managers, regulators and financial institutions may beneft from studies considering a relatively large number of capital structure determinants, several of which are linked to short- and long-term debt in various ways. Originality/value: This study is one of the few to examine the determinants of short- and long-term debt in SMEs, which play a fundamental role in the economy, using a large-scale cross-sectional database covering a period following the 2008 financial crisis.

Purpose: This paper aims to empirically investigate the capital structure determinants of small and medium-sized enterprises (SMEs) with a particular focus on short- and long-term debt. Design/methodology/approach: Several methods were used to analyse a sample of 15,897 Swedish SMEs for which complete financial information was available for a four-year period following the 2008 financial crisis, i.e. the 2009-2012 period. Findings: The results indicate that eight explanatory variables - i.e. size, age, growth, proftability, liquidity, asset tangibility, non-debt tax shields and industry affliation - are associated to various extents with SME debt policy. Research limitations/implications - The current study is limited to examining a sample of Swedish SMEs in five industry sectors covering the 2009-2012 period. Further research could examine the generalizability of the present results by considering other countries, industry sectors and periods. Practical implications - As debt policy infuences firm performance, value and survival, SME owners and managers, regulators and financial institutions may beneft from studies considering a relatively large number of capital structure determinants, several of which are linked to short- and long-term debt in various ways. Originality/value: This study is one of the few to examine the determinants of short- and long-term debt in SMEs, which play a fundamental role in the economy, using a large-scale cross-sectional database covering a period following the 2008 financial crisis.

Purpose: This paper aims to empirically investigate the capital structure determinants of small and medium-sized enterprises (SMEs) with a particular focus on short- and long-term debt. Design/methodology/approach: Several methods were used to analyse a sample of 15,897 Swedish SMEs for which complete financial information was available for a four-year period following the 2008 financial crisis, i.e. the 2009-2012 period. Findings: The results indicate that eight explanatory variables - i.e. size, age, growth, proftability, liquidity, asset tangibility, non-debt tax shields and industry affliation - are associated to various extents with SME debt policy. Research limitations/implications - The current study is limited to examining a sample of Swedish SMEs in five industry sectors covering the 2009-2012 period. Further research could examine the generalizability of the present results by considering other countries, industry sectors and periods. Practical implications - As debt policy infuences firm performance, value and survival, SME owners and managers, regulators and financial institutions may beneft from studies considering a relatively large number of capital structure determinants, several of which are linked to short- and long-term debt in various ways. Originality/value: This study is one of the few to examine the determinants of short- and long-term debt in SMEs, which play a fundamental role in the economy, using a large-scale cross-sectional database covering a period following the 2008 financial crisis.

Purpose: This paper aims to empirically investigate the capital structure determinants of small and medium-sized enterprises (SMEs) with a particular focus on short- and long-term debt. Design/methodology/approach: Several methods were used to analyse a sample of 15,897 Swedish SMEs for which complete financial information was available for a four-year period following the 2008 financial crisis, i.e. the 2009-2012 period. Findings: The results indicate that eight explanatory variables - i.e. size, age, growth, proftability, liquidity, asset tangibility, non-debt tax shields and industry affliation - are associated to various extents with SME debt policy. Research limitations/implications - The current study is limited to examining a sample of Swedish SMEs in five industry sectors covering the 2009-2012 period. Further research could examine the generalizability of the present results by considering other countries, industry sectors and periods. Practical implications - As debt policy infuences firm performance, value and survival, SME owners and managers, regulators and financial institutions may beneft from studies considering a relatively large number of capital structure determinants, several of which are linked to short- and long-term debt in various ways. Originality/value: This study is one of the few to examine the determinants of short- and long-term debt in SMEs, which play a fundamental role in the economy, using a large-scale cross-sectional database covering a period following the 2008 financial crisis.

The purpose of this study is to provide empirical evidence about the effect of debt policy on the company’s value where the size of the company as a moderating variable. This study was performed on companies listed in Indonesia Stock Exchange in 2012-2015. The total sample of 88 companies with a total number of observations as much as 352 observations. The analysis technique used is the moderated regression analysis (MRA). The company's value in this study is proxied by the price book value (PBV), while the debt policy is proxied by debt to equity ratio (DER), and the size of the company is proxied by the natural logarithm of total assets. Based on the analysis found that the debt policy significant positive effect on the value of the company, which weakens the relationship between the size of the company's debt policy on the value of the company.

The purpose of this research was to study the significant effect of Managerial Ownership and Dividend Policy to Debt Policy The Non-Financial sector on Listed Companies in Indonesian Stock Exchange in 2015. The method used is quantitative descriptive survey method with a descriptive and statistical analysis and regression approach. The research using the secondary data obtained from the reference center Indonesia Stock Exchange in 2015. Variable X as the independent variable is Managerial Ownership in measured by Managerial Ownership Ratio (MOWN) and Dividend Policy in measured by Dividend Payout Ratio (DPR). Meanwhile variable Y is proxied by Debt to Equity Ratio (DER). The sampling technique was conducted by random sampling. The attainable population in this research were all manufacture companies listed on the Indonesian Stock Exchange and the sample used by the computation Isaac Michael is 47 companies.The simple linier regression and resulted Ŷ=0,780+0,018X1+0,122X2. The result of this research concluded that Managerial Ownership has not affect the Debt Policy where Thitung of Managerial Ownership is 0,625 smaller than Ttabel amounted to 2,000 and Dividend Policy in has positive and significant effect the Debt Policy where Thitung of Dividend Policy is 2,192 and Ttabel amounted to 2,000. In simultan. The Influence Between Managerial Ownership and Dividend Policy with Debt Policy is not significantly related. The ability of the Managerial Ownership and Dividend Policy explain Debt Policy is 10,30%. Keyword : Managerial Ownership, Dividend Policy, Debt Policy

The purpose of this research was to study the significant effect of Managerial Ownership and Dividend Policy to Debt Policy The Non-Financial sector on Listed Companies in Indonesian Stock Exchange in 2015. The method used is quantitative descriptive survey method with a descriptive and statistical analysis and regression approach. The research using the secondary data obtained from the reference center Indonesia Stock Exchange in 2015. Variable X as the independent variable is Managerial Ownership in measured by Managerial Ownership Ratio (MOWN) and Dividend Policy in measured by Dividend Payout Ratio (DPR). Meanwhile variable Y is proxied by Debt to Equity Ratio (DER). The sampling technique was conducted by random sampling. The attainable population in this research were all manufacture companies listed on the Indonesian Stock Exchange and the sample used by the computation Isaac Michael is 47 companies.The simple linier regression and resulted Ŷ=0,780+0,018X1+0,122X2. The result of this research concluded that Managerial Ownership has not affect the Debt Policy where Thitung of Managerial Ownership is 0,625 smaller than Ttabel amounted to 2,000 and Dividend Policy in has positive and significant effect the Debt Policy where Thitung of Dividend Policy is 2,192 and Ttabel amounted to 2,000. In simultan. The Influence Between Managerial Ownership and Dividend Policy with Debt Policy is not significantly related. The ability of the Managerial Ownership and Dividend Policy explain Debt Policy is 10,30%. Keyword : Managerial Ownership, Dividend Policy, Debt Policy

The purpose of this study is to provide empirical evidence about the effect of debt policy on the company’s value where the size of the company as a moderating variable. This study was performed on companies listed in Indonesia Stock Exchange in 2012-2015. The total sample of 88 companies with a total number of observations as much as 352 observations. The analysis technique used is the moderated regression analysis (MRA). The company's value in this study is proxied by the price book value (PBV), while the debt policy is proxied by debt to equity ratio (DER), and the size of the company is proxied by the natural logarithm of total assets. Based on the analysis found that the debt policy significant positive effect on the value of the company, which weakens the relationship between the size of the company's debt policy on the value of the company.

Debt Equity (DER) is a policy taken by the management to obtain financial resources earmarked for operational activities of the company. This research analyzes the influence of managerial ownership, institutional ownership, firm size, firm growth, free cash flow and profitability on the debt policy of the firm. A total of 39 companies were chosen as sample. Multiple-regression is used to analyze data in this study. The results showed that managerial ownership, institutional ownership, the company's growth and profitability significantly and negatively related to debt policy. The size of the company has a positive effect on debt policy and free cash flow doesn't have effect to the debt policy.

The Van Rompuy Report and also additional proposals made by the European Commission outlined steps for a "genuine Economic and Monetary Union". This article explains, assesses and comments on the proposals made. Moreover, it outlines what could be recommendations in order to achieve a "genuine Economic and Monetary Union". For this purpose, details of the Interim Report are systematically evaluated. We also deal with different governance visions emerging from the ongoing euro area crisis and starts from different views of the "North and the South" of the euro area on this issue. This contribution argues that there is an alternative option to the notion of cooperative fiscal federalism involving fiscal union, bailouts and debt mutualisation: competition-based fiscal federalism accompanied by a properly defined banking union. In order to be a successful one, any deal will have to come up with a successful recipe of how to (re-)create trust between European citizens and their elected governments.

"Lateinamerika war Ende 2001 mit insgesamt über US$ 820 Mrd. im Ausland verschuldet und haftete damit für mehr als 30% der externen Kreditverpflichtungen aller Entwicklungsländer; für den Schuldendienst müssen im lateinamerikanischen Durchschnitt fast 50% der Exporterlöse verwendet werden. Mehrere Länder der Region gelten als "ernsthaft verschuldet". Die argentinische Regierung musste zum Jahreswechsel 2001/02 die internationale Zahlungsunfähigkeit erklären, da die "Schuldenfalle" der Auslandsverschuldung von über US$ 150 Milliarden zugeschnappt war. Auch in anderen lateinamerikanischen Ländern sehen kritische Beobachter jetzt wieder die Ingredienzen einer drohenden Schuldenkrise beisammen: Auslandsschulden jenseits der Schuldendienstfähigkeit, hohe Leistungsbilanzdefizite und unzureichende Wettbewerbsfähigkeit auf dem devisenbringenden Weltmarkt. Für mehrere lateinamerikanische Volkswirtschaften birgt eine Fortführung der Strategie des "Verschuldungswachstums" erhebliche Risiken." (Autorenreferat)

"In den vergangenen Wochen hat die kollektive Befindlichkeit der Argentinier zwischen der rückwärts gewandten Traurigkeit und Melancholie des Tango und dem Prinzip Hoffnung mit Blick auf die Zukunft geschwankt. Seit August 1998 lähmt eine wirtschaftliche Rezession das Land. Dies führt dazu, dass trotz wirtschaftlicher Erfolge zu Beginn der 90er Jahre die Gesamtbilanz für die Dekade ambivalent ausfällt. Weite Sektoren der argentinischen Gesellschaft waren vom sozialen Abstieg betroffen. Die Hoffnungen, die mit der neuen Regierung de la Rua nach zehn Jahren Menemismus verknüpft wurden, haben sich im wirtschaftlichen und sozialen Bereich im ersten Amtsjahr nicht erfüllt." (Brennpunkt Lat.am/DüI)

Am 24. Februar 2015 beschlossen die Finanzministerinnen und Finanzminister der Eurogruppe, die Laufzeit der Finanzhilfen aus dem zweiten Griechenlandpaket bis Ende Juni des Jahres zu verlängern. Auch der Deutsche Bundestag billigte diese Entscheidung mit klarer Mehrheit. Nun kann Griechenland kommende Fälligkeiten an den IWF und die EZB bedienen. Allerdings wurde unmittelbar nach der Einigung geargwöhnt, dass auch nach Ablauf des aktuellen Programms weitere beträchtliche Hilfen an Athen geleistet werden müssten, um eine dennoch nicht auszuschließende Insolvenz abzuwenden. Der spanische Wirtschaftsminister de Guindos sprach von 30 bis 40 Milliarden Euro; Eurogruppenpräsident Dijsselbloem bot Griechenland kurzfristige Hilfen zur Überbrückung plötzlicher Engpässe an. Das wirft die Frage auf, ob und wenn ja wann das Land zum Wachstum und damit zur Kreditaufnahme auf dem privaten Finanzmarkt zurückkehren dürfte. (Autorenreferat)

Das Jahr 2015 wird ein Schicksalsjahr für die Europäische Zentralbank. Zu erwarten ist, dass sie von Ende Januar an Staatsanleihen der Mitgliedsländer aufkaufen wird. Die EZB geht damit bedeutende Risiken ein und wird abhängig von der Fiskalpolitik der Mitgliedstaaten. Wie das Beispiel Griechenland zeigt, wird die Zentralbank – ebenso wie andere staatliche Kreditgeber – mit einem solchen Schritt erpressbar. Regierungen können mit Einstellung des Schuldendienstes drohen und die EZB so zwingen, die Finanzierung fortzusetzen. Die Begründung dafür, in die Finanzierung von Mitgliedstaaten einzusteigen, ist zudem fadenscheinig. Die angeblichen Deflationsgefahren sind gering: Preisrückgänge gibt es bei Äpfeln und Heizöl, nicht jedoch bei Werkzeugmaschinen und langlebigen Konsumgütern. Mehr und mehr wird zugleich deutlich, dass die mit der lockeren Geldpolitik einhergehende Abwertung des Euro vielen Handelspartnern Europas – von der Schweiz bis zu den USA – gewaltige Nachteile beschert. (Autorenreferat)

The purpose of this study is to examine the relationship between debt level and performance among small and medium-sized enterprises (SMEs). Design/methodology/approach– Unlike the vast majority of previous research, this study uses three-stage least squares (3SLS) and fixed-effects models to analyse a comprehensive, cross-sectoral sample of 15,897 Swedish SMEs operating in five industry sectors during the 2009-2012 period. Findings– This study confirms that debt ratios, in terms of trade credit, short-term debt and long-term debt, negatively affect firm performance in terms of profitability. As a high debt ratio seems to increase the agency costs and the risk of losing control of the firm, SME owners and managers tend to finance their businesses with equity capital to a fairly high degree.

В статье рассматриваются особенности долговой политики уральских регионов в контексте реализации основных направлений бюджетной, налоговой и долговой политики Российской Федерации. Показано, что формирование долговой стратегии регионов зависит не только от внутренних факторов - специфики экономического развития и связанной с ней бюджетной обеспеченностью регионов, но и от внешних, таких как особенности федеральной политики в разных экономических условиях. Сформулирован прогноз развития долговой политики уральских регионов и рекомендации по определению приоритетных инструментов финансирования обязательств., In the article, we analyzed current debt and fiscal policies executed by regional administrations of the regions in Ural Federal District and a neighboring Perm Region. It was shown, that formation of debt strategy of the region depends mostly not on internal drivers - such as level of economic development and related revenues - but heavily depends on federal policy and actions. Forecast of debt policies of covered regions was given, and recommendations on appropriate instruments for debt funding proposed.

The main purpose of this thesis is to examine the simultaneous determination of debt, dividend, and inside ownership policies in Sweden. We apply a simultaneous equation model estimated with 3SLS. The results reveal a positive two-way causal relationship between debt and dividend polices. We also find a two-way causal relationship between inside ownership and dividend policies, but dividends affect inside ownership in a positive way while inside ownership affects dividends in a negative way. Further, we find a relationship between inside ownership and debt policies, but any causality appears to run from inside ownership to debt in a negative way. This study supports the notion that the convergence of interest and the entrenchment theory are not mutually exclusive. We also show that a SEM estimated with 3SLS is justified empirically over the OLS and that the difference between using 3SLS compared to 2SLS is negligible in our model.

The main purpose of this thesis is to examine the simultaneous determination of debt, dividend, and inside ownership policies in Sweden. We apply a simultaneous equation model estimated with 3SLS. The results reveal a positive two-way causal relationship between debt and dividend polices. We also find a two-way causal relationship between inside ownership and dividend policies, but dividends affect inside ownership in a positive way while inside ownership affects dividends in a negative way. Further, we find a relationship between inside ownership and debt policies, but any causality appears to run from inside ownership to debt in a negative way. This study supports the notion that the convergence of interest and the entrenchment theory are not mutually exclusive. We also show that a SEM estimated with 3SLS is justified empirically over the OLS and that the difference between using 3SLS compared to 2SLS is negligible in our model.

In scientific article determines problem of the imbalance of regional budgets are available in economics approaches to achieve it in the context of world historical development, as well as evaluated the impact on the level of risk of an imbalance of regional budgets based on of the developed model and highlight the principles of public debt management.

"Unter der Demographisierung eines sozialen Problems wird üblicherweise die Ausweisung eines durch soziale Konflikte erzeugten Problems als demographisch erzeugtes und demographisch bewältigbares Problem verstanden. Die Verfasser möchten kontrastierend hierzu darlegen, dass nur spezifische, in einer konstruktivistischen Sichtweise nur schwer bearbeitbare Problemlagen demographisiert werden. Ihre Annahme ist, dass eine Demographisierung sozialer Probleme die größten Erfolgschancen in Zeiten einer inflationistischen Krise der Macht (im Sinne von Parsons) hat. Eine realistischere, langfristigere Sicht der Problembewältigung kann damit durchgesetzt werden, gegenüber einer überoptimistischen Sicht der Leugnung von (langfristigen) Problemen und Krisen. Es wird davon ausgegangen, dass in der Regel soziale Problemlagen nicht demographisch bewältigt werden können, nur eine Steigerung institutioneller Adaptionsfähigkeit hilft hier weiter. Dieses komplexe Demographisierungsmodell soll an einem empirischem Beispiel erläutert werden: der Demographisierung von Problemen der Kommunalpolitik. Im Fall der Kommunalpolitik setzt eine Demographisierung der Problembeschreibung der Kommunen ('schrumpfende Städte') in den 2000er Jahren ein. Die Schwächung der Kommunalpolitik aus einer konstruktivistisch anspruchsinflationären Logik heraus setzt schon seit der zweiten Hälfte der 1970er Jahre ein: Einnahmeverfall durch Steuersenkungen, Übertragung von zusätzlichen Aufgaben ohne bundes- oder landesstaatliche Refinanzierung und steigende Sozialhilfeausgaben aufgrund einer Petrifizierung des Arbeitsmarktes führen zu wachsenden Schulden. Stadt-Umland-Wanderungen von Gewerbe und Bewohnern verstärken die Probleme der Reproduktion autonomer Kommunalpolitik. Der Höhepunkt dieser kurzsichtigen Verschuldungspolitik ist noch nicht erreicht. Eine Demographisierung der Probleme der Kommunalpolitik dämpft Erwartungen: bei demographischen Schrumpfungsprozessen steigen die Pro-Kopf-Ausgaben z.B. für Infras

It analyzes the system of financing political parties in Costa Rica, which according to the regulatory framework and is governed by a mixed model, so that the assets of these are fed by direct government funding, contributions, donations or contributions from their members and assets and resources that allow its statutes and not prohibited by law., Analiza el régimen de financiamiento de los partidos políticos en Costa Rica, el cual y según el marco normativo se rige por un modelo mixto, por lo que los patrimonios de estos se alimentan por el financiamiento público directo, las contribuciones, donaciones o aportes de sus miembros y los bienes y recursos que autoricen sus estatutos y no prohíba la ley.

The paper presents the current state of municipal indebtedness in the Czech Republic. Further, there is a model design for the analysis of the municipal debt in the Pardubice region. Regression analysis is used for the modelling. The influence of economic and political factors on the debt of municipalities is analyzed.

'In diesem zweiteiligen Bericht werden die Präsenz Rußlands in den wichtigsten Wirtschaftssektoren der GUS-Länder analysiert, die vorhandenen Probleme aufgezeigt und die Perspektiven einer Festigung der Position Rußlands in den Staaten der Gemeinschaft bewertet. Dabei werden der Platz Rußlands in den Außenhandelsbeziehungen der GUS-Länder, die Präsenz russischen Kapitals im Bereich der materiellen Produktion sowie im Finanzsektor dieser Länder eingehend untersucht. Besondere Beachtung wird der Verschuldung der GUS-Länder bei Rußland als einem Expansionsfaktor geschenkt. Die Formen russischer Präsenz in den wichtigsten Wirtschaftsbereichen der Staaten der Gemeinschaft sowie die zukünftige potentielle Ausrichtung dieser Präsenz werden beschrieben. Die Folgen der Finanzkrise in Rußland werden, soweit dies bereits möglich ist, unter dem Aspekt des Ausbaus der ökonomischen Position in der GUS betrachtet. Als Quellen dienten: Datenmaterial des Zwischenstaatlichen Statistischen Komitees der GUS, des Goskomstat der Rußländischen Föderation (RF), Informationen von Wirtschaftsbehörden (des GUS-Ministeriums, des Ministeriums für Wirtschaft u.a.) sowie wissenschaftliche Untersuchungen und Periodika aus Rußland und anderen GUS-Ländern.' (Textauszug), 'This two-part report analyses Russia's presence in the most important economic sectors in the countries of the CIS, indicates the problems present, and assesses the prospects for Russia consolidating its position in the countries of the Commonwealth. It studies in detail the place Russia holds in the foreign-trade relations of the CIS member countries, the presence of Russian capital in the material production sector and the finance sector in these countries. Particular attention is paid to the CIS countries' debts with Russia as a factor of expansion. The report describes the forms of Russian presence in the most important economic sectors of the countries of the Commonwealth and the potential future orientation of that presence. It examines the consequences of the financial crisis in Russia, as far as these can be discerned at this time, from the aspect of the expansion of Russia's economic position within the CIS. The sources used were: data material from the Inter-State Statistical Committee of the CIS, the Goskomstat of the Russian Federation (RF), information received from the authorities concerned with economic affairs (the CIS Ministry, the Ministry of the Economy, etc.), and academic studies and journals from Russia and other countries of the CIS.' (extract)

The U.S. defense industry provides a natural experiment for examining how changes in growth opportunities affect the level and structure of corporate debt. The growth opportunities of defense firms, compared with other firms, increased substantially during the Reagan defense buildup of the early 1980s but then declined significantly with the end of the cold war and associated defense budget cuts in the late 1980s and early 1990s. We examine how the level and Structure of corporate debt changed for a sample of 61 defense firms and a benchmark sample of 61 manufacturing firms during 1980-95, a period spanning the changes in growth opportunities. The debt levels of weapons manufacturers, which were most affected by the changes in growth opportunities, increased significantly as their growth opportunities declined. In addition, these firms lengthened the maturity structure of their debt, decreased the ratio of private to public debt, and decreased the use of senior debt as their growth opportunities declined. The results complement other studies that have found cross-sectional relations between proxies for growth opportunities and leverage variables and validate the prominent role played by growth opportunities in the theory of corporate finance. (C) 2002 Elsevier Science B.V. All rights reserved.

The U.S. defense industry provides a natural experiment for examining how changes in growth opportunities affect the level and structure of corporate debt. The growth opportunities of defense firms, compared with other firms, increased substantially during the Reagan defense buildup of the early 1980s but then declined significantly with the end of the cold war and associated defense budget cuts in the late 1980s and early 1990s. We examine how the level and Structure of corporate debt changed for a sample of 61 defense firms and a benchmark sample of 61 manufacturing firms during 1980-95, a period spanning the changes in growth opportunities. The debt levels of weapons manufacturers, which were most affected by the changes in growth opportunities, increased significantly as their growth opportunities declined. In addition, these firms lengthened the maturity structure of their debt, decreased the ratio of private to public debt, and decreased the use of senior debt as their growth opportunities declined. The results complement other studies that have found cross-sectional relations between proxies for growth opportunities and leverage variables and validate the prominent role played by growth opportunities in the theory of corporate finance. (C) 2002 Elsevier Science B.V. All rights reserved.

Background: A company’s choice of capital structure is influenced by the access to internal and external capital but also by the opportunities and threats that the management perceives in the environment and the management’s attitude towards risk. How an individual perceives and interpret the environment depends on the cognitive structures, which are shaped by personality, background and earlier experiences. Accordingly cognitive structures can be expected to influence the choice of capital structure. Purpose: Out of a cognitive perspective we intend to study the relationship between the way a company views it’s environment and what capital structure it chooses to have, in order to contribute to an increased understanding about what lies behind a company’s capital structure policy. Delimitations: Debt policy refers to the choice of capital structure. Cognition is briefly presented as a phenomena and in relation to risk judgement in decision processes. Realization: Our empirical studies are based on information from the annual reports of H&M, JC and Lindex from the period of 1989-2000. Results: The studied companies have a very similar view on the environment and their capital structures are relatively similar since all of them have a high share of equity. Consequently the choice of capital structure can be said to be influenced by the company’s view on the environment even though this is not the only influencing factor.

The U.S. defense industry provides a natural experiment for examining how changes in growth opportunities affect the level and structure of corporate debt. The growth opportunities of defense firms, compared with other firms, increased substantially during the Reagan defense buildup of the early 1980s but then declined significantly with the end of the cold war and associated defense budget cuts in the late 1980s and early 1990s. We examine how the level and Structure of corporate debt changed for a sample of 61 defense firms and a benchmark sample of 61 manufacturing firms during 1980-95, a period spanning the changes in growth opportunities. The debt levels of weapons manufacturers, which were most affected by the changes in growth opportunities, increased significantly as their growth opportunities declined. In addition, these firms lengthened the maturity structure of their debt, decreased the ratio of private to public debt, and decreased the use of senior debt as their growth opportunities declined. The results complement other studies that have found cross-sectional relations between proxies for growth opportunities and leverage variables and validate the prominent role played by growth opportunities in the theory of corporate finance. (C) 2002 Elsevier Science B.V. All rights reserved.