Firm survival and financial development: evidence from a panel of emerging Asian economies

Tsoukas, S. (2011) Firm survival and financial development: evidence from a panel of emerging Asian economies. Journal of Banking and Finance, 35(7), pp. 1736-1752. (doi:10.1016/j.jbankfin.2010.12.008)

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Abstract

Using a panel of five Asian economies – Indonesia, Korea, Malaysia, Singapore and Thailand – over the period 1995–2007 we analyze the links between firm survival and financial development. We find that traditionally used measures of financial development play an important role in influencing firm survival. When stock markets become larger or more liquid firms’ survival chances improve. On the contrary, we show that higher levels of financial intermediation can increase firm failures. We also find that the beneficial effects of stock market development are more pronounced during the later years of our sample, while the adverse effects of bank intermediation have declined over time. Finally, large firms are more likely to benefit from developments in financial markets compared to small firms.

Item Type:Articles
Additional Information:NOTICE: this is the author’s version of a work that was accepted for publication in Journal of Banking and Finance. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Journal of Banking and Finance, [35, 7, July 2011, DOI: http://dx.doi.org/10.1016/j.jbankfin.2010.12.008
Status:Published
Refereed:Yes
Glasgow Author(s) Enlighten ID:Tsoukas, Professor Serafeim
Authors: Tsoukas, S.
Subjects:H Social Sciences > HG Finance
College/School:College of Social Sciences > Adam Smith Business School > Economics
Journal Name:Journal of Banking and Finance
Publisher:Elsevier
ISSN:0378-4266
ISSN (Online):1872-6372
Published Online:14 December 2010
Copyright Holders:Copyright © 2010 Elsevier
First Published:First published in Journal of Banking and Finance 35 (7) : 1736-1752
Publisher Policy:Reproduced in accordance with the copyright policy of the publisher

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