Artikel

Provision of loans as a strategic choice of an enterprise

zu Verbundenen Objekten

The article presents motives and purposes of provision of loans by non-financial enterprises. Moreover, it describes how provision of loans influences both the internal and market situation of lenders who are not listed on the stock exchange. We point out effects of provision of loans by non-financial enterprises, while, based on literature review, we signal the market reaction (positive and negative) to information about lending activities of non-financial enterprises. On the one hand, the phenomenon of providing loans by non-financial enterprises may be considered positive, as it provides financing for entities with limited access to bank loans or provides liquidity management in a business group. On the other hand, it may lower the viability and amount of investment of companies providing loans. Loans obtained from outside the business group enable borrowers and the business group to use a tax shield, yet they increase the bankruptcy costs and limit the investment of lenders. An empirical study was carried out with the use of a panel approach (generalized method of moments GMM). The research sample includes 31 075 observations from the financial statements of limited liability companies and unlisted joint-stock companies for the years 2003-2014.

Sprache
Englisch

Erschienen in
Journal: e-Finanse: Financial Internet Quarterly ; ISSN: 1734-039X ; Volume: 14 ; Year: 2018 ; Issue: 1 ; Pages: 12-26 ; Warsaw: Sciendo

Klassifikation
Wirtschaft
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Business Economics
Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
Thema
private firms
intra-corporate loans
inter-group loans
strategy

Ereignis
Geistige Schöpfung
(wer)
Białek-Jaworska, Anna
Opolski, Krzysztof
Ereignis
Veröffentlichung
(wer)
Sciendo
(wo)
Warsaw
(wann)
2018

DOI
doi:10.2478/fiqf-2018-0002
Handle
Letzte Aktualisierung
10.03.2025, 11:45 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Original beim Datenpartner anzeigen

Objekttyp

  • Artikel

Beteiligte

  • Białek-Jaworska, Anna
  • Opolski, Krzysztof
  • Sciendo

Entstanden

  • 2018

Ähnliche Objekte (12)

Historical definition and theoretical background of usury loan provisions

Artikel

Historical definition and theoretical background of usury loan provisions

Quality of the Future – the Future of Quality (QFFQ)

Quality of the Future – the Future of Quality (QFFQ)

Interaction of Law and Economics: Sustainable Development : 19th International Conference Perspectives of Business and Entrepreneurship Development and 22nd Annual Conference of the International Center of Public Finance and Tax Law Research – Perspectives of Law

Interaction of Law and Economics: Sustainable Development : 19th International Conference Perspectives of Business and Entrepreneurship Development and 22nd Annual Conference of the International Center of Public Finance and Tax Law Research – Perspectives of Law

XV International Tourism Congress : The Image and Sustainability of Tourism Destinations

XV International Tourism Congress : The Image and Sustainability of Tourism Destinations

International Symposium on Technikpsychologie (TecPsy) 2023 : celebrating 100 years of interdisciplinary research at TU Darmstadt

International Symposium on Technikpsychologie (TecPsy) 2023 : celebrating 100 years of interdisciplinary research at TU Darmstadt

THE 4ND EDITION OF INTERNATIONAL ON QUANTITATIVE AND QUALITATIVE METHODS FOR ECONOMICS, MANAGEMENT AND SOCIAL SCIENCES : 26-27 May, 2022 Istanbul (Hybrid)

THE 4ND EDITION OF INTERNATIONAL ON QUANTITATIVE AND QUALITATIVE METHODS FOR ECONOMICS, MANAGEMENT AND SOCIAL SCIENCES : 26-27 May, 2022 Istanbul (Hybrid)

The 9th Annual International Seminar on Trends in Science and Science Education (AISTSSE) 2022 : Development of Industrial-Based Research on Improving Research Innovation Strategy In Science and Science Education

The 9th Annual International Seminar on Trends in Science and Science Education (AISTSSE) 2022 : Development of Industrial-Based Research on Improving Research Innovation Strategy In Science and Science Education

1ST INTERNATIONAL CONFERENCE ON GEOGRAPHY AND ENVIRONMENTAL SCIENCES (ICGES’22) : 24-25 May, 2022 Istanbul, Turkey (HYBRID)

1ST INTERNATIONAL CONFERENCE ON GEOGRAPHY AND ENVIRONMENTAL SCIENCES (ICGES’22) : 24-25 May, 2022 Istanbul, Turkey (HYBRID)

1st Virtual Workshop on Writing Scientific Article for International Publication Indexed SCOPUS

1st Virtual Workshop on Writing Scientific Article for International Publication Indexed SCOPUS

1ST INTERNATIONAL CONFERENCE ON WATER AND EARTH SCIENCES (ICWES’22) : 25-26 May, 2022 Istanbul, Turkey (HYBRID)

1ST INTERNATIONAL CONFERENCE ON WATER AND EARTH SCIENCES (ICWES’22) : 25-26 May, 2022 Istanbul, Turkey (HYBRID)

1ST INTERNATIONAL CONFERENCE ON CHEMICAL AND BIOLOGICAL SCIENCES (ICCBS’22) : 27-28 May, 2022 Istanbul, Turkey (HYBRID)

1ST INTERNATIONAL CONFERENCE ON CHEMICAL AND BIOLOGICAL SCIENCES (ICCBS’22) : 27-28 May, 2022 Istanbul, Turkey (HYBRID)

3RD INTERNATIONAL CONFERENCE ON BIG DATA AND MACHINE LEARNING (BML'22) : 23-24 May, 2022 Istanbul, Turkey (Hybrid)

3RD INTERNATIONAL CONFERENCE ON BIG DATA AND MACHINE LEARNING (BML'22) : 23-24 May, 2022 Istanbul, Turkey (Hybrid)

Verbundene Objekte