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O'Connor, Thomas G. (2012) Equity market liberalization and firm growth. Department of Economic Finance and Accounting Working Paper Series N231-12. Working Paper. National University of Ireland Maynooth. (Unpublished)
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Abstract
Using a sample of 686 investable firms from 26 emerging market countries, I show that equity market liberalizations do not result in an increase in externally-financed growth rates for participating firms. In fact, I find to the contrary. The average firm appears to rely less and not more on external-financing once they become investable. These findings are in line with recent work which shows that firms issue less equity capital post-liberalization, and suggest that the gains from equity market liberalizations may not be attributable to a reduction in financing constraints.
| Item Type: | Monograph (Working Paper) |
|---|---|
| Keywords: | External financing; Investability; Firm growth; Working Paper N231-12; |
| Academic Unit: | Faculty of Social Sciences > Economics, Finance and Accounting |
| Item ID: | 3808 |
| Identification Number: | N231-12 |
| Depositing User: | Ms Sandra Doherty |
| Date Deposited: | 14 Aug 2012 14:33 |
| Publisher: | National University of Ireland Maynooth |
| URI: | https://mural.maynoothuniversity.ie/id/eprint/3808 |
| Use Licence: | This item is available under a Creative Commons Attribution Non Commercial Share Alike Licence (CC BY-NC-SA). Details of this licence are available here |
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