메뉴 건너뛰기




Volumn 75, Issue 1, 2000, Pages 73-98

Financial pressure and the behaviour of public enterprises under soft and hard budget constraints: Evidence from Italian panel data

Author keywords

D21; D24; Financial discipline; G32; Italian firms; L33; Panel data; Public enterprises; Soft hard budget constraint

Indexed keywords


EID: 0012730532     PISSN: 00472727     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0047-2727(99)00057-2     Document Type: Article
Times cited : (30)

References (42)
  • 2
    • 84881844837 scopus 로고
    • Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations
    • Arellano M., Bond S. Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies. 58:1991;277-297.
    • (1991) Review of Economic Studies , vol.58 , pp. 277-297
    • Arellano, M.1    Bond, S.2
  • 3
    • 0031419291 scopus 로고    scopus 로고
    • Restructuring financial systems in transition and developing economies: An approach based on France
    • Bertero E. Restructuring financial systems in transition and developing economies: an approach based on France. The Economics of Transition. 5:(2):1997;367-393.
    • (1997) The Economics of Transition , vol.5 , Issue.2 , pp. 367-393
    • Bertero, E.1
  • 6
    • 84978552320 scopus 로고
    • The restructuring of the Italian state holding companies' portfolios
    • Bianchi P. The restructuring of the Italian state holding companies' portfolios. Annals of Public and Cooperative Economics. 61:1990;35-61.
    • (1990) Annals of Public and Cooperative Economics , vol.61 , pp. 35-61
    • Bianchi, P.1
  • 9
    • 84935958484 scopus 로고
    • Ownership and performance in competitive environments: A comparison of the performance of private, mixed, and state-owned enterprises
    • Boardman A., Vining A. Ownership and performance in competitive environments: a comparison of the performance of private, mixed, and state-owned enterprises. Journal of Law and Economics. 32:(1):1989;1-33.
    • (1989) Journal of Law and Economics , vol.32 , Issue.1 , pp. 1-33
    • Boardman, A.1    Vining, A.2
  • 14
    • 0012711362 scopus 로고
    • Inflation and stabilization in Italy: 1946-1951
    • R. Dornbusch, W. Nolling, & R. Layard. Cambridge, Mass: The MIT Press
    • De Cecco M., Giavazzi F. Inflation and stabilization in Italy: 1946-1951. Dornbusch R., Nolling W., Layard R. Postwar Economic Reconstruction and Lessons for the East Today. 1993;57-81 The MIT Press, Cambridge, Mass.
    • (1993) Postwar Economic Reconstruction and Lessons for the East Today , pp. 57-81
    • De Cecco, M.1    Giavazzi, F.2
  • 16
    • 0003103803 scopus 로고
    • Corporate financial structure and managerial incentives
    • J. McCall. Chicago: The University of Chicago Press
    • Grossman S., Hart O. Corporate financial structure and managerial incentives. McCall J. The Economics of Information and Uncertainty. 1982;107-140 The University of Chicago Press, Chicago.
    • (1982) The Economics of Information and Uncertainty , pp. 107-140
    • Grossman, S.1    Hart, O.2
  • 17
    • 0001066475 scopus 로고
    • Agency costs of free cash-flow, corporate finance and take-overs
    • Jensen M.C. Agency costs of free cash-flow, corporate finance and take-overs. American Economic Review. 76:(2):1986;323-329.
    • (1986) American Economic Review , vol.76 , Issue.2 , pp. 323-329
    • Jensen, M.C.1
  • 19
    • 0030160689 scopus 로고    scopus 로고
    • Hardening of soft budget constraint under the post-socialist system
    • Kornai J. Hardening of soft budget constraint under the post-socialist system. Japan and the World Economy. 8:(2):1996;135-151.
    • (1996) Japan and the World Economy , vol.8 , Issue.2 , pp. 135-151
    • Kornai, J.1
  • 23
    • 0042082043 scopus 로고
    • L'allocazione del credito commerciale tra le imprese italiane
    • Marotta G. L'allocazione del credito commerciale tra le imprese italiane. Politica Economica. 8:(3):1992;245-275.
    • (1992) Politica Economica , vol.8 , Issue.3 , pp. 245-275
    • Marotta, G.1
  • 24
    • 0030160319 scopus 로고    scopus 로고
    • Theories of the soft budget constraint
    • Maskin E. Theories of the soft budget constraint. Japan and the World Economy. 8:(2):1996;125-133.
    • (1996) Japan and the World Economy , vol.8 , Issue.2 , pp. 125-133
    • Maskin, E.1
  • 25
    • 0043083899 scopus 로고
    • Finance, industry and the public sector: The issue of separation in Italy
    • A. Porta. Milano: Bocconi University
    • Monti M., Porta A. Finance, industry and the public sector: the issue of separation in Italy. Porta A. The Separation of Industry and Finance. 1990;Bocconi University, Milano.
    • (1990) The Separation of Industry and Finance
    • Monti, M.1    Porta, A.2
  • 27
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • Myers S.C. Determinants of corporate borrowing. Journal of Financial Economics. 5:(2):1977;147-175.
    • (1977) Journal of Financial Economics , vol.5 , Issue.2 , pp. 147-175
    • Myers, S.C.1
  • 30
    • 0042082047 scopus 로고
    • University of Oxford: Institute of Economics and Statistics. Applied Economics Discussion Paper Series n. 170
    • Nickell S., Nicolitsas D. How does financial pressure affect firms. 1995;Institute of Economics and Statistics, University of Oxford. Applied Economics Discussion Paper Series n. 170.
    • (1995) How Does Financial Pressure Affect Firms
    • Nickell, S.1    Nicolitsas, D.2
  • 31
    • 0000227693 scopus 로고    scopus 로고
    • Competition and corporate performance
    • Nickell S.J. Competition and corporate performance. Journal of Political Economy. 104:(4):1996;724-746.
    • (1996) Journal of Political Economy , vol.104 , Issue.4 , pp. 724-746
    • Nickell, S.J.1
  • 33
    • 0000377227 scopus 로고
    • The performance and objectives of public and private utilities operating in the United States
    • Pescatrice D.R., Trapani J.M. The performance and objectives of public and private utilities operating in the United States. Journal of Public Economics. 13:1980;259-276.
    • (1980) Journal of Public Economics , vol.13 , pp. 259-276
    • Pescatrice, D.R.1    Trapani, J.M.2
  • 34
    • 0003134926 scopus 로고    scopus 로고
    • Firms' financial and real responses to monetary tightening: Evidence for large and small Italian companies
    • Rondi L., Sack B., Schiantarelli F., Sembenelli A. Firms' financial and real responses to monetary tightening: evidence for large and small Italian companies. Giornale degli Economisti e Annali di Economia. 57:(1):1998;35-65.
    • (1998) Giornale degli Economisti e Annali di Economia , vol.57 , Issue.1 , pp. 35-65
    • Rondi, L.1    Sack, B.2    Schiantarelli, F.3    Sembenelli, A.4
  • 36
    • 0001755034 scopus 로고
    • The estimation of economic relationships using instrumental variables
    • Sargan J.D. The estimation of economic relationships using instrumental variables. Econometrica. 26:1958;393-415.
    • (1958) Econometrica , vol.26 , pp. 393-415
    • Sargan, J.D.1
  • 39
    • 0001026456 scopus 로고    scopus 로고
    • A survey of corporate governance
    • Shleifer A., Vishny R. A survey of corporate governance. Journal of Finance. 52:(2):1997;737-785.
    • (1997) Journal of Finance , vol.52 , Issue.2 , pp. 737-785
    • Shleifer, A.1    Vishny, R.2
  • 42
    • 0000124859 scopus 로고
    • Financial distress, reorganization and organizational efficiency
    • Wruck K. Financial distress, reorganization and organizational efficiency. Journal of Financial Economics. 27:1990;419-444.
    • (1990) Journal of Financial Economics , vol.27 , pp. 419-444
    • Wruck, K.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.