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Policy initiatives and firms' access to external finance: Evidence from a panel of emerging Asian economies

Udichibarna Bose,R. MacDonald,Serafeim Tsoukas

Published 2016 in Journal of Corporate Finance

ABSTRACT

This paper analyses the impact of policy initiatives co-ordinated by Asian national govern- ments on firms composition of external finance. Using a unique firm-level database of eight Asian countries- Hong Kong SAR, Indonesia, Korea, Malaysia, Philippines, Singapore, Tai- wan and Thailand over the period of 1996-2012 and a difference-in-differences approach, the results show a significant response of the debt composition to the policy change. We find that firms increased their uptake of long-term debt, while decreased their short-term debt. We also document that less risky and more profitable firms are more significantly affected by the policy change than riskier and less profitable firms. Finally, we show that the improved access to external finance after the policy initiative helped firms to raise their investment spending.

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