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  • Claessens, Stijn
  • Washington, D.C : The World Bank  (14)
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  • 1
    Online Resource
    Online Resource
    Report on the First 10 Years of the Emerging Markets Corporate Governance Research Network (2014)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other papers
    Series Statement: World Bank E-Library Archive
    Abstract: This paper provides an account of the Emerging Markets Corporate Governance Research Network (EMCGN) and its first 10 years of activities. The network was established under the auspices of the Global Corporate Governance Forum (now incorporated into IFC's Corporate Governance Group). The paper describes the history of the EMCGN and its objective (to stimulate research focused on corporate governance in emerging markets as well as transition and developing countries); its structure, which is a joint undertaking of corporate governance research centers and internationally recognized scholars, with IFC Corporate Governance acting as its catalyst; and its modalities: organizing workshops, holding biennial conferences, and disseminating and communicating research. The paper reviews the quantity and quality of EMCGN's output, based on objective research rankings, and its effects on countries in capacity building and policy changes and development, based on the experiences of participants and policymakers exposed to its work. Analysis of publication data shows that EMCGN has been successful in encouraging research on corporate governance in emerging markets in most areas of research identified as critical at the Network's inception and through its interactions with practitioners and policymakers. EMCGN also has been successful in stimulating collaborative research and facilitating dialogue between scholars and the larger corporate governance community. Its impact on policy and practice development, inherently difficult to pinpoint, seems to have been most effective when channeled through efforts of local corporate governance associations with professional members to influence relevant policymakers and when actively using media to communicate the need for key reforms
    DOI: 10.1596/26114
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  • 2
    Online Resource
    Online Resource
    Assessing Firms' Financing Constraints in Brazil (2013)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (31 p)
    Edition: 2013 World Bank eLibrary
    Parallel Title: Claessens, Stijn Assessing Firms' Financing Constraints in Brazil
    Abstract: Firm surveys often indicate that firms complain a lot about lack of access to financial services, but financing constraints are difficult to identify, given demand and supply considerations and with only surveys based on firms' perceptions. Specifically, it is difficult to separate demand for access to finance of viable firms with good growth opportunities from that of firms that are not creditworthy and should not deserve financing. In Brazil, one of the main constraints to finance is related to the high level of interest rates, which affects both bank funding costs as well as bank intermediation spreads and, as such, the cost of finance and hence the demand and supply of bank financing. This paper analyzes a unique loan level data set that covers almost a decade of monthly firm bank information from credit registry information that is not publicly available as well as two cross-sections of Brazil's Investment Climate Assessment surveys in 2004 and 2008 that provide detailed information on firms' micro characteristics as well as perceptions of credit. The data allow identification of how firms' characteristics, banks' characteristics, and macro variables affect firms' demand for credit, banks' supply of credit, and access to credit. The paper finds first that access to finance for firms has improved over the decade for small firms, reflecting the deepening of the credit markets. However, access to credit depends strongly on information availability captured in the positive influence of collateral and credit history. Banks perceive that it is less risky to lend to firms that the banks know or that other banks know. Second, firms' loan demand is inelastic to the interest rate at the individual loan category level, possibly reflecting some screening and pricing; however, when the loans are aggregated, the effect of interest rates becomes significant and negative as expected. Third, firms' loan demand and loan supply are affected by the availability of collateral and, in the case of loan demand, longer maturity. Policy implications point to the importance of reducing asymmetric information between lenders and borrowers and on collateral to alleviate financing constraints for small firms
    DOI: 10.1596/1813-9450-6624
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  • 3
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    Online Resource
    Corporate Governance and Development : An Update (2012)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other papers
    Series Statement: World Bank E-Library Archive
    Abstract: What do we know about the links between economic development and corporate governance in emerging markets? Stijn Claessens and Burcin Yurtoglu have sifted through scores of academic studies on various countries, sectors, and business organizations - from state-owned enterprises to publicly listed companies - to determine how corporate governance can influence economic development and well being, and what is needed to promote good practices. The Focus 10 draws on new evidence that has become available since Focus 1: Corporate Governance and Development was published in 2003. While the paper reviews research literature, it is written to be accessible to the nonacademic audience: board members, investors, government regulators, development professionals, and other CG practitioners. Research findings sited in the Focus include: 1) improved corporate governance practices increase firm share prices; 2) operational performance is higher in better corporate governance countries; 3) well governed companies have less volatile stock prices in times of crisis; 4) companies with boards composed of a higher fraction of outsider or independent directors usually have a higher market valuation; 5) improvements in corporate governance quality lead to higher GDP growth, productivity growth, and the increased ratio of investment to GDP; 6) when a country's overall corporate governance and property rights systems are weak, voluntary and market corporate governance mechanisms have limited effectiveness; 7) large, more concentrated ownership can be beneficial, unless there is a disparity of control and cash flow rights; 8) the quality of shareholder protection positively correlates with the development of countries' capital markets; and 9) better corporate governance leads to a better developed financial system. The paper concludes by identifying several main policy and research issues that require further study. For example, more research is needed on family-owned, state-owned or controlled firms that predominate in many sectors and economies. For more publications on IFC Sustainability please visit www.ifc.org/sustainabilitypublications
    DOI: 10.1596/26874
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  • 4
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    Location Decisions of Foreign Banks And Competitive Advantage (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (21 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Claessens, Stijn Location Decisions of Foreign Banks And Competitive Advantage
    Keywords: Affiliates ; Bank ; Banking ; Banking Sector ; Banks and Banking Reform ; Consolidation ; Country Strategy and Performance ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Integration ; Financial Literacy ; Financial Markets ; Financial Services ; Foreign Banks ; Foreign Direct Investment ; Foreign Entry ; Internation ; International Economics & Trade ; Macroeconomics and Economic Growth ; Private Sector Development ; Affiliates ; Bank ; Banking ; Banking Sector ; Banks and Banking Reform ; Consolidation ; Country Strategy and Performance ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Integration ; Financial Literacy ; Financial Markets ; Financial Services ; Foreign Banks ; Foreign Direct Investment ; Foreign Entry ; Internation ; International Economics & Trade ; Macroeconomics and Economic Growth ; Private Sector Development ; Affiliates ; Bank ; Banking ; Banking Sector ; Banks and Banking Reform ; Consolidation ; Country Strategy and Performance ; Debt Markets ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Integration ; Financial Literacy ; Financial Markets ; Financial Services ; Foreign Banks ; Foreign Direct Investment ; Foreign Entry ; Internation ; International Economics & Trade ; Macroeconomics and Economic Growth ; Private Sector Development
    Abstract: While institutional differences have been found to affect country growth patterns, much has remained unexplained, including how economic actors "overcome" institutional weaknesses and how internationalization helps or hinders development. Banking is an institutionally-intensive activity and the location decision of foreign banks provides a good test of how institutional differences are dealt with and how they may affect economic choices. Specifically, the authors examine whether banks seek out those markets where institutional familiarity provides them with a competitive advantage over other foreign competitor banks. Using bilateral data on banking sector foreign direct investment in all developing countries and controlling for other factors, they find that competitive advantage is an important factor in driving foreign banks' location decisions. The findings suggest that high institutional quality is not necessarily a prerequisite to attract foreign direct investment in banking and that there are specific benefits, as well as risks, to international financial integration between developing countries
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  • 5
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    Current Challenges In Financial Regulation (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (48 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Claessens, Stijn Current Challenges In Financial Regulation
    Keywords: Bank ; Banking ; Banking Supervision ; Banks ; Banks and Banking Reform ; Basle Core Principles ; Capital ; Capital Markets ; Consolidation ; Debt Markets ; E-Finance and E-Security ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial ; Financial Integration ; Financial Intermediation ; Financial Literacy ; Financial Regulation ; Labor Policies ; Macroeconomics and Economic Growth ; Non Bank Finance ; Private Sector Development ; Social Protections and Labor ; Bank ; Banking ; Banking Supervision ; Banks ; Banks and Banking Reform ; Basle Core Principles ; Capital ; Capital Markets ; Consolidation ; Debt Markets ; E-Finance and E-Security ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial ; Financial Integration ; Financial Intermediation ; Financial Literacy ; Financial Regulation ; Labor Policies ; Macroeconomics and Economic Growth ; Non Bank Finance ; Private Sector Development ; Social Protections and Labor ; Bank ; Banking ; Banking Supervision ; Banks ; Banks and Banking Reform ; Basle Core Principles ; Capital ; Capital Markets ; Consolidation ; Debt Markets ; E-Finance and E-Security ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial ; Financial Integration ; Financial Intermediation ; Financial Literacy ; Financial Regulation ; Labor Policies ; Macroeconomics and Economic Growth ; Non Bank Finance ; Private Sector Development ; Social Protections and Labor
    Abstract: Financial intermediation and financial services industries have undergone many changes in the past two decades due to deregulation, globalization, and technological advances. The framework for regulating finance has seen many changes as well, with approaches adapting to new issues arising in specific groups of countries or globally. The objectives of this paper are twofold: to review current international thinking on what regulatory framework is needed to develop a financial sector that is stable, yet efficient, and provides proper access to households and firms; and to review the key experiences regarding international financial architecture initiatives, with a special focus on issues arising for developing countries. The paper outlines a number of areas of current debate: the special role of banks, competition policy, consumer protection, harmonization of rules-across products, within markets, and globally-and the adaptation and legitimacy of international standards to the circumstances facing developing countries. It concludes with some areas where more research would be useful
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  • 6
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    International Financial Integration Through Equity Markets : Which Firms From Which Countries Go Global ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (49 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Claessens, Stijn International Financial Integration Through Equity Markets
    Keywords: Access To Capital ; Bank Policy ; Budget ; Capital Markets ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Equity Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Financial Support ; Globalization ; International Economy ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Private Sector Development ; Small Scale Enterprises ; Access To Capital ; Bank Policy ; Budget ; Capital Markets ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Equity Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Financial Support ; Globalization ; International Economy ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Private Sector Development ; Small Scale Enterprises ; Access To Capital ; Bank Policy ; Budget ; Capital Markets ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Equity Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Financial Support ; Globalization ; International Economy ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Private Sector Development ; Small Scale Enterprises
    Abstract: The authors study international financial integration analyzing firms from various countries raising capital, trading equity, and cross-listing in major world stock markets. Using a large sample of 39,517 firms from 111 countries covering the period 1989-2000, they find that, although international financial integration increases substantially over this period, only relatively few countries and firms actively participate in international markets. Firms more likely to internationalize are from larger and more open economies, with higher income, better macroeconomic policies, and worse institutional environments. These firms tend to be larger, grow faster, and have higher returns and more foreign sales. While changes occur with internationalization, these firm attributes are present before internationalization takes place. The results suggest that international financial integration will likely remain constrained by country and firm characteristics
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  • 7
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    Corporate Governance And Regulation : Can There Be Too Much of A Good Thing ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (50 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Bruno, Valentina G Corporate Governance And Regulation
    Keywords: Capital Markets ; Company Behavior ; Corporate Governance ; Corporate Governance Regime ; Corporate Law ; Debt Markets ; Economic Policy, Institutions and Governance ; Emerging Markets ; Exchange ; External Financing ; Finance and Financial Sector Development ; Financial Markets ; Governance ; Governance ; Governance Indicators ; Governance Measures ; Governance Practice ; Governance and Financial Sector ; Law and Development ; Macroeconomics and Economic Growth ; Microfinance ; National Governance ; Private Sector Development ; Public Sector Development ; Small Sector ; Capital Markets ; Company Behavior ; Corporate Governance ; Corporate Governance Regime ; Corporate Law ; Debt Markets ; Economic Policy, Institutions and Governance ; Emerging Markets ; Exchange ; External Financing ; Finance and Financial Sector Development ; Financial Markets ; Governance ; Governance ; Governance Indicators ; Governance Measures ; Governance Practice ; Governance and Financial Sector ; Law and Development ; Macroeconomics and Economic Growth ; Microfinance ; National Governance ; Private Sector Development ; Public Sector Development ; Small Sector ; Capital Markets ; Company Behavior ; Corporate Governance ; Corporate Governance Regime ; Corporate Law ; Debt Markets ; Economic Policy, Institutions and Governance ; Emerging Markets ; Exchange ; External Financing ; Finance and Financial Sector Development ; Financial Markets ; Governance ; Governance ; Governance Indicators ; Governance Measures ; Governance Practice ; Governance and Financial Sector ; Law and Development ; Macroeconomics and Economic Growth ; Microfinance ; National Governance ; Private Sector Development ; Public Sector Development ; Small Sector
    Abstract: For a large number of companies from different countries, the authors analyze how company corporate governance practices and country regulatory regimes interact in terms of company valuation. They confirm that corporate governance plays a crucial role in efficient company monitoring and shareholder protection, and consequently positively impacts valuation. They find substitution in valuation impact between corporate governance measures at the company and country level, with a possibility of over-regulation. Corporate governance appears more valuable for companies that rely heavily on external financing, consistent with the hypothesis that the main role of corporate governance is to protect external financiers
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  • 8
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    Finance And Hunger : Empirical Evidence of The Agricultural Productivity Channel (2006)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (48 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Claessens, Stijn Finance And Hunger
    Keywords: Banks and Banking Reform ; Consumption ; Consumption Levels ; Cred Development ; Debt Markets ; Economic Growth ; Economic Theory and Research ; Extreme Poverty ; Finance and Financial Sector Development ; Financial Literacy ; Financial Sector ; GDP ; GDP Per Capital ; Income ; Inflation ; Macroeconomics and Economic Growth ; Per Capita Income ; Poverty Reduction ; Prices ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Banks and Banking Reform ; Consumption ; Consumption Levels ; Cred Development ; Debt Markets ; Economic Growth ; Economic Theory and Research ; Extreme Poverty ; Finance and Financial Sector Development ; Financial Literacy ; Financial Sector ; GDP ; GDP Per Capital ; Income ; Inflation ; Macroeconomics and Economic Growth ; Per Capita Income ; Poverty Reduction ; Prices ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction ; Banks and Banking Reform ; Consumption ; Consumption Levels ; Cred Development ; Debt Markets ; Economic Growth ; Economic Theory and Research ; Extreme Poverty ; Finance and Financial Sector Development ; Financial Literacy ; Financial Sector ; GDP ; GDP Per Capital ; Income ; Inflation ; Macroeconomics and Economic Growth ; Per Capita Income ; Poverty Reduction ; Prices ; Pro-Poor Growth ; Rural Development ; Rural Poverty Reduction
    Abstract: Using cross-country and panel regressions, the authors show that financial sector development significantly reduces undernourishment (hunger), largely through gaining farmers and others access to productivity-enhancing equipment, translating into beneficial income and general effects. They show specifically that a deeper financial sector leads to higher agricultural productivity, including higher cereal yields, through increased fertilizer and tractor use. Higher productivity in turn leads to lower undernourishment. The results are robust to various specifications and econometric tests and imply that a 1 percentage point increase in private credit to GDP reduces undernourishment by 0.22-2.45 percentage points, or about one-quarter the impact of GDP per capita
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  • 9
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    Taking Stock of Risk Management Techniques for Sovereigns (2005)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (35 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Claessens, Stijn Taking Stock of Risk Management Techniques for Sovereigns
    Keywords: Bank Policy ; Banks and Banking Reform ; Commodity Prices ; Creditworthiness ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Financial Risk ; Global Capital ; Global Capital Markets ; Instruments ; Insurance and Risk Mitigation ; International Financial Institution ; Labor Policies ; Non Bank Financial Institutions ; Private Sector Development ; Social Protections and Labor ; Bank Policy ; Banks and Banking Reform ; Commodity Prices ; Creditworthiness ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Financial Risk ; Global Capital ; Global Capital Markets ; Instruments ; Insurance and Risk Mitigation ; International Financial Institution ; Labor Policies ; Non Bank Financial Institutions ; Private Sector Development ; Social Protections and Labor ; Bank Policy ; Banks and Banking Reform ; Commodity Prices ; Creditworthiness ; Currencies and Exchange Rates ; Debt Markets ; Developing Countries ; Emerging Markets ; Exchange ; Finance and Financial Sector Development ; Financial Literacy ; Financial Risk ; Global Capital ; Global Capital Markets ; Instruments ; Insurance and Risk Mitigation ; International Financial Institution ; Labor Policies ; Non Bank Financial Institutions ; Private Sector Development ; Social Protections and Labor
    Abstract: This paper reviews the current state of affairs and thinking on external risk management for developing countries. It tries to identify the reasons behind the limited risk management by sovereigns. Perverse incentives arising from a too generous international safety net, limited access to international financial markets by developing countries arising from low creditworthiness, a limited supply of financial risk management tools suited to developing countries, and a poor supply of skills have inhibited risk management. Another constraint has been the limited attention given to the strategic objectives for risk management. Going forward, the paper identifies actions by international financial markets, countries and international financial institutions that can help improve risk management
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  • 10
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    Institutional Reform for Investment and Growth in South Eastern Europe (2003)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource
    Series Statement: Other papers
    Series Statement: World Bank E-Library Archive
    Abstract: This study analyses the institutional impediments to investment and growth in SEE and suggests 'second generation' policy reforms to ease these constraints. Chapter one reviews the recent trends in the economies of the eight countries that comprise the region (SEE8) and their prospects for international and intra-regional integration. It conveys the message that a favorable institutional framework for domestic and foreign investment is essential to achieve sustainable growth in SEE. The chapter presents the scope, methodology, and the approach the study undertakes for assessing the role of key market institutions in SEE business development. The analysis utilizes not only traditional, official data from the eight countries to assess the characteristics, trends and relationships between these institutions, but also employs data from a set of 40 original enterprise-level business case studies carried out in each of the eight countries and the two rounds of the Business Environment and Enterprise Performance Survey (BEEPS) conducted in 1999 and 2002. The study focuses on four institutions that relate fundamentally to the efficient operation of market incentives in an economy: (i) inter-enterprise competition and economic barriers to entry/exit, (ii) access to (regulated) utilities and infrastructure services, (iii) corporate governance, financial transparency and access to finance, and (iv) commercial dispute resolution. The methodological tools employed in the analysis investigate these institutions systematically across the eight SEE countries to allow for cross-country and cross-sectoral comparisons, and to develop a regional as well as a country-specific perspective on corresponding policy challenges. Chapter two presents an overview assessment of each of the four core issues of this study. It reviews in the aggregate the business environment in the eight countries, based on BEEPS (1 and 2) and the EBRD transition indicators. The remaining sections of this overview present a summary of the main findings of each of the four core chapters of the study: competition, regulated infrastructure utilities, corporate governance and finance, and commercial dispute resolution
    DOI: 10.1596/26037
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  • 11
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    The Political Economy of Distress in East Asian Financial Institutions (2000)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (28 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Ferri, Giovanni The Political Economy of Distress in East Asian Financial Institutions
    Keywords: Balance Sheet ; Banking System ; Banks and Banking Reform ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Policy, Institutions and Governance ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Risks ; Good ; Interest ; Interest Income ; Investors ; Loan ; Loans ; Loss Of Confidence ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Political Economy ; Portfolio ; Private Sector Development ; Prudential Regulations ; Public Institution Analysis and Assessment ; Public Sector Development ; Reserves ; Return ; Return On Assets ; Balance Sheet ; Banking System ; Banks and Banking Reform ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Policy, Institutions and Governance ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Risks ; Good ; Interest ; Interest Income ; Investors ; Loan ; Loans ; Loss Of Confidence ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Political Economy ; Portfolio ; Private Sector Development ; Prudential Regulations ; Public Institution Analysis and Assessment ; Public Sector Development ; Reserves ; Return ; Return On Assets ; Balance Sheet ; Banking System ; Banks and Banking Reform ; Currencies and Exchange Rates ; Debt Markets ; E-Business ; Economic Policy, Institutions and Governance ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Intermediation ; Financial Literacy ; Financial Risks ; Good ; Interest ; Interest Income ; Investors ; Loan ; Loans ; Loss Of Confidence ; Macroeconomics and Economic Growth ; Non Bank Financial Institutions ; Political Economy ; Portfolio ; Private Sector Development ; Prudential Regulations ; Public Institution Analysis and Assessment ; Public Sector Development ; Reserves ; Return ; Return On Assets
    Abstract: In the East Asian crisis, connections - with industrial groups or influential families - increased the probability of distress for financial institutions. Connections also made closure more, not less, likely, suggesting that the closure processes themselves were transparent. But larger institutions, although more likely to be distressed, were less likely to be closed, suggesting a too big to fail policy. - Politics and regulatory capture can play an important role in financial institutions' distress. East Asia's financial crisis featured many distressed and closed financial intermediaries in an environment with many links between government, politicians, supervisors, and financial institutions. This makes the East Asian financial crisis a good event for studying how such connections affect the resolution of financial institutions' distress. Bongini, Claessens, and Ferri investigate distress and closure decisions for 186 banks and 97 nonbank financial institutions in Indonesia, the Republic of Korea, Malaysia, the Philippines, and Thailand. They find that after July 1997, 42 percent of the institutions experienced distress (were closed, merged, or recapitalized, or had their operations temporarily suspended). By July 1999, 13 percent of all institutions in existence in July 1997 had been closed. Using financial data for 1996, the authors find that: · Traditional CAMEL-type variables - returns on assets, loan growth, and the ratio of loan loss reserves to capital, of net interest income to total income, and of loans to borrowings - help predict subsequent distress and closure. · None of the foreign-controlled institutions was closed, and foreign portfolio ownership lowered an institution's probability of distress. · Connections - with industrial groups or influential families - increased the probability of distress, suggesting that supervisors had granted forbearance from regulations. Connections also made closure more, not less, likely - suggesting that the closure processes themselves were transparent. · But larger institutions, although more likely to be distressed, were less likely to be closed, while (smaller) nonbank financial institutions were more likely to be closed. This suggests a too big to fail policy. · These policies, together with the fact that resolution processes were late and not necessarily comprehensive, may have added to the overall uncertainty and loss of confidence in the East Asian countries, aggravating the financial crisis. This paper - a product of the Financial Sector Strategy and Policy Group, Financial Sector Vice Presidency - is part of a larger effort in the group to study the causes and resolution of financial distress. The authors may be contacted at pbonginimi.unicatt.it, cclaessens@worldbank.org, or gferri@worldbank.org
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  • 12
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    Corporate Risk around the World (2000)
    Washington, D.C : The World Bank
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    Language: English
    Pages: Online-Ressource (1 online resource (60 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Nenova, Tatiana Corporate Risk around the World
    Keywords: Accounting ; Asymmetric Information ; Bankruptcy ; Banks and Banking Reform ; Common Law ; Debt ; Debt Markets ; Debt Maturity ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Instability ; Financial Literacy ; Financial Markets ; Financial Risk ; Financial Risks ; Financial Sector Development ; Financial Structure ; Financial Systems ; Firm Performance ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Property ; Property Rights ; Social Protections and Labor ; Tax ; Taxes ; Valuation ; Accounting ; Asymmetric Information ; Bankruptcy ; Banks and Banking Reform ; Common Law ; Debt ; Debt Markets ; Debt Maturity ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Instability ; Financial Literacy ; Financial Markets ; Financial Risk ; Financial Risks ; Financial Sector Development ; Financial Structure ; Financial Systems ; Firm Performance ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Property ; Property Rights ; Social Protections and Labor ; Tax ; Taxes ; Valuation ; Accounting ; Asymmetric Information ; Bankruptcy ; Banks and Banking Reform ; Common Law ; Debt ; Debt Markets ; Debt Maturity ; Economic Theory and Research ; Emerging Markets ; Finance ; Finance and Financial Sector Development ; Financial Instability ; Financial Literacy ; Financial Markets ; Financial Risk ; Financial Risks ; Financial Sector Development ; Financial Structure ; Financial Systems ; Firm Performance ; Labor Policies ; Macroeconomics and Economic Growth ; Private Sector Development ; Property ; Property Rights ; Social Protections and Labor ; Tax ; Taxes ; Valuation
    Abstract: January 2000 - Corporate financing patterns around the world reflect countries' institutional environments. Weaknesses in the corporate sector have increasingly been cited as important factors in financial crises in both emerging markets and industrial countries. Analysts have pointed to weak corporate performance and risky financing patterns as major causes of the East Asian financial crisis. And some have argued that company balance sheet problems may also have played a role, independent of macroeconomic or other weaknesses, including poor corporate sector performance. But little is known about the empirical importance of firm financing choices in predicting and explaining financial instability. Firm financing patterns have long been studied by the corporate finance literature. Financing patterns have traditionally been analyzed in the Modigliani-Miller framework, expanded to incorporate taxes and bankruptcy costs. More recently, asymmetric information issues have drawn attention to agency costs and their impact on firm financing choices. There is also an important literature relating financing patterns to firm performance and governance. Several recent studies have focused on identifying systematic cross-country differences in firm financing patterns - and the effects of these differences on financial sector development and economic growth. They have also examined the causes of different financing patterns, particularly countries' legal and institutional environments. The literature has devoted little attention to corporate sector risk characteristics, however, aside from leverage and debt maturity considerations. Even these measures have been the subject of few empirical investigations, mainly because of a paucity of data on corporate sectors around the world. Building on data that have recently become available, Claessens, Djankov, and Nenova try to fill this gap in the literature and shed light on the risk characteristics of corporate sectors around the world. They investigate how corporate sectors' financial and operating structures relate to the institutional environment in which they operate, using data for more than 11,000 firms in 46 countries. They show that: · The origins of a country's laws, the strength of its equity and creditor rights, and the nature of its financial system can account for the degree of corporate risk-taking. · In particular, corporations in common law countries and market-based financial systems have less risky financing patterns. · Stronger protection of equity and creditor rights is also associated with less financial risk. This paper - a product of the Financial Sector Strategy and Policy Group, Financial Sector Vice Presidency - is part of a larger effort in the Bank to study the determinants of the riskiness of countries' corporate and financial systems
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  • 13
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    Resolution of Corporate Distress : Evidence from East Asia's Financial Crisis (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (33 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Klapper, Leora Resolution of Corporate Distress
    Keywords: Bank ; Bankruptcy ; Bankruptcy Filing ; Bankruptcy Filings ; Banks and Banking Reform ; Cred Creditor ; Creditors ; Debt ; Debt Markets ; Earnings ; Economic Theory and Research ; Emerging Markets ; Expenses ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Literacy ; Interest ; Loan ; Macroeconomics and Economic Growth ; Ownership ; Private Sector Development ; Probability ; Regression Analysis ; Stakeholders ; State University ; Bank ; Bankruptcy ; Bankruptcy Filing ; Bankruptcy Filings ; Banks and Banking Reform ; Cred Creditor ; Creditors ; Debt ; Debt Markets ; Earnings ; Economic Theory and Research ; Emerging Markets ; Expenses ; Finance and Financial Sector Development ; Financial Crisis ; Financial Distress ; Financial Institutions ; Financial Literacy ; Interest ; Loan ; Macroeconomics and Economic Growth ; Ownership ; Private Sector Development ; Probability ; Regression Analysis ; Stakeholders ; State University
    Abstract: June 1999 - Evidence from East Asia suggests that a firm's ownership relationship with a family or bank provides insurance against the likelihood of bankruptcy during bad times, possibly at the expense of minority shareholders. Bankruptcy is more likely in countries with strong creditor rights and a good judicial system - perhaps because creditors are more likely to force a firm to file for bankruptcy. The widespread financial crisis in East Asia caused large economic shocks, which varied by degree across the region. That crisis provides a unique opportunity for investigating the factors that determine the use of bankruptcy processes in a number of economies. Claessens, Djankov, and Klapper study the use of bankruptcy in Hong Kong, Indonesia, Japan, the Republic of Korea, Malaysia, the Philippines, Singapore, Taiwan (China), and Thailand. These economies differ in their institutional frameworks for resolving financial distress, partly because of the different origins of their judicial systems. One difference is the strength of creditor rights, which Claessens, Djankov, and Klapper document. They expect that differences in legal enforcement and judicial efficiency should affect the resolution of financial distress. Using a sample of 4,569 publicly traded East Asian firms, they observe a total of 106 bankruptcies in 1997 and 1998. They find that: · The likelihood of filing for bankruptcy is lower for firms with ownership links to banks and families, controlling for firm and country characteristics. · Filings are more likely in countries with better judicial systems. · Filings are more likely where there are both strong creditor rights and a good judicial system. These results alone do not allow Claessens, Djankov, and Klapper to address whether increased use of bankruptcy is an efficient resolution mechanism. This paper - a product of the Financial Economics Unit, Financial Sector Practice Department - is part of a larger effort in the department to study corporate financing and governance mechanisms in emerging markets
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 14
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    Online Resource
    Diversification and Efficiency of Investment by East Asian Corporations (1998)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (35 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Fan, H.P.Joseph Diversification and Efficiency of Investment by East Asian Corporations
    Keywords: Business Segment ; Business Segments ; Capital Market ; Capital Markets ; Companies ; Company ; Corporate Control ; Corporate Growth ; Corporation ; Corporations ; Debt Markets ; Diversification ; Economic Theory and Research ; Enterprises ; Expansion ; Finance and Financial Sector Development ; Financial Literacy ; Firm ; Firm Size ; Firms ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Manufacturer ; Microfinance ; Poverty Reduction ; Pro-Poor Growth ; See ; Shop ; Small Firms ; Small Scale Enterprises ; Social Protections and Labor ; Business Segment ; Business Segments ; Capital Market ; Capital Markets ; Companies ; Company ; Corporate Control ; Corporate Growth ; Corporation ; Corporations ; Debt Markets ; Diversification ; Economic Theory and Research ; Enterprises ; Expansion ; Finance and Financial Sector Development ; Financial Literacy ; Firm ; Firm Size ; Firms ; Investment and Investment Climate ; Labor Policies ; Macroeconomics and Economic Growth ; Manufacturer ; Microfinance ; Poverty Reduction ; Pro-Poor Growth ; See ; Shop ; Small Firms ; Small Scale Enterprises ; Social Protections and Labor
    Abstract: Firms in industrial countries are more likely to benefit from vertical integration and corporate diversification-learning faster and hence improving performance. Corporate diversification in less developed countries is more likely to lead to misallocation of capital. - The East Asian financial crisis has been attributed in part to the corporate diversification associated with the misallocation of capital investment toward less profitable and more risky business segments. Much anecdotal evidence to support this view has surfaced since the crisis but there was little discussion of it before the crisis. Quite the contrary: The rapid expansion of East Asian firms by entering new business segments was viewed as contributing to the East Asian miracle. Claessens, Djankov, Fan, and Lang examine the efficiency of investment by diversified corporations in nine East Asian countries, using unique panel data from more than 10,000 corporations for the pre-crisis period, 1991-96. They: ° Document the degree of diversification in the corporate sector in Hong Kong, Indonesia, Japan, the Republic of Korea, Malaysia, the Philippines, Singapore, Taiwan (China), and Thailand, countries that have achieved enviable rates of economic growth over the past three decades. ° Distinguish between vertical and complementary diversification and study the differences across nine countries. ° Investigate whether diversification in East Asia has hurt economic efficiency. Their study tests the learning-by-doing and misallocation-of-capital hypotheses related to the types and degrees of diversification in East Asian countries. Firms in Indonesia, Korea, Taiwan, and Thailand appear to have suffered significant negative effects of vertical integration on short-term performance; the same countries gained significant short-term benefits from complementary expansion. The results suggest that the misallocation-of-capital hypothesis is appropriate for Korea and Malaysia; the learning-by-doinghypothesis for Indonesia, Taiwan, and Thailand. Firms in more developed countries succeed in vertically integrating and improve both short-term profitability and market valuation. Firms in more developed countries are ultimately more likely to benefit from such diversification (learn faster, to improve their performance). And diversification by firms in less developed countries is subject to more misallocation of capital. This paperis a product of the Economic Policy Unit, Finance, Private Sector, and Infrastructure Network
    URL: Volltext  (Deutschlandweit zugänglich)
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