External finance, firm growth and the benefits of information disclosure: Evidence from Finland

European Journal of Law and Economics

Volumn 19, Issue 1, 2005, Pages 69-93

  Hyytinen, Ari ^a   Pajarinen, Mika ^a  

^a Elinkeinoelaman Tutkimuslaitos   (Finland)

Author keywords

Auditing; Corporate finance; Financial constraints; Information disclosure

Indexed keywords

EID: 15444362547     PISSN: 09291261     EISSN: None     Source Type: Journal    
DOI: 10.1007/s10657-005-5276-3     Document Type: Article

References (31)

1. Admati, A. R. & Pfleiderer, P. C. (2000). "Forcing Firms to Talk: Financial Disclosure Regulation and Externalities." Review Financial Studies. 13, 479-519.
2. Berger, A. N. & Udell, G. F. (1998). "The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle." Journal of Banking and Finance. 22, 613-673.
3. Bhattacharya, S. & Chiesa, G. (1995). "Proprietary Information, Financial Intermediation, and Research Incentives." Journal of Financial Intermediation. 4, 328-357.
4. Blundell, R. & Smith, R. J. (1994). "Coherency and Estimation in Simultaneous Models with Censored or Qualitative Dependent Variables." Journal of Econometrics. 64, 355-373.
5. Boot, Arnoud W. A. & Thakor, A. V. (2001). "The Many Faces of Information Disclosure." Review of Financial Studies. 14, 1021-1057.
6. Boot, Arnoud, W. A. (2000). "Relationship Banking: What Do We Know?." Journal of Financial Intermediation. 9, 7-25.
7. Carpenter, R. E. & Petersen, B. C. (2002). Is the Growth of Small Firms Constrained by Internal Finance? Review of Economics and Statistics. 84, 298-309.
8. Chiappori, P-A. & Salanié, B. (2000). "Testing for Asymmetric Information in Insurance Markets." Journal of Political Economy. 108, 56-79.
9. Demirkgüç-Kunt, A. & Maksimovic, V. (1998). "Law, Finance and Firm Growth." Journal of Finance. 53, 2107-2137.
10. Demirkgüç-Kunt, A. & Maksimovic, V. (2002). "Funding Growth in Bank-Based and Market-Based Financial Systems: Evidence from Firm Level Data." Journal of Financial Economics, forthcoming.
11. Dionne, G., Gouriéroux, C. & Vanasse, C. (2001). "Testing for Evidence of Adverse Selection in the Automobile Insurance Market: A Comment." Journal of Political Economy. 109, 444-150.
12. Dye, R., A. (1993). "Auditing Standards, Legal Liability, and Auditor Wealth." Journal of Political Economy. 101, 887-914.
13. Eisenberg, T., Sundgren, S., & Wells, M. (1998). "Larger Board Size and Decreasing Firm Value in Small Firms." Journal of Financial Economics. 48, 35-54.
14. Fazzardi, S. M., Hubbard, G. R., & Petersen, B. C. (1988). "Financing Constraints and Corporate Investment." Brookings Papers on Economic Activity. 19, 141-195.
15. Healy, P. M. & Palepu, K. G. (2001). "Information Asymmetry, Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature." Journal of Accounting and Economics. 31, 405-440.
16. Hermalin, B. & Weisbach, M. S. (2003). "Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature." FRBNY Economic Policy Review. 9(1).
17. Higgins, R. C. (1977). "How Much Growth a Firm can Afford?" Financial Management. 6, 3-16.
18. Hoshi, T., Kashyap A., & Scharfstein D. (1991). "Corporate Structure, Liquidity, and Investment: Evidence from Japanese Panel Data." Quarterly Journal of Economics. 106, 33-60.
19. Hubbart, G. R. (1998). "Capital-Market Imperfections and Investment." Journal of Economic Literature. 36, 193-225.
20. Hyytinen, A., Kuosa, I. & Takalo, T. (2003). "Law or Finance: Evidence from Finland. " European Journal of Law and Economics. 16(1), 59-89.
21. Hyytinen, A. & Takalo T. (2002). "Enhancing Bank Transparency: A Re-Assessment." European Finance Review. 6, 429-445.
22. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (1998). "Law and Finance." Journal of Political Economy. 106, 1113-1155.
23. La Porta, R., Lopez-de-Silanes F., Shleifer A., & Vishny R. (2000). "Investor Protection and Corporate Governance." Journal of Financial Economics. 58, 2-27.
24. Mitton, T. (2002). "A Cross-Firm Analysis of the Impact of Corporate Governance on the East Asian Financial Crisis." Journal of Financial Economics. 64(2), 215-241.
25. Petersen, M. A. & Rajan, R. G. (1994). "The Benefits of Firm-Creditor Relationships: Evidence from Small Business Data, Journal of Finance. 49, 3-37.
26. Roe, M. (1994). Strong Manager, Weak Owners: The Political Roots of American Corporate Finance, Princeton, NJ: Princeton University Press.
27. Rivers, D. & Vuong, Q. H. (1988). "Limited Information Estimators and Exogeneity Tests for Simultaneous Probit Models." Journal of Econometrics. 39, 347-366.
28. Stocken, Phillip, C. (2000). "Creditability of Voluntary Disclosure." Rand Journal of Economics. 31(2), 359-374.
29. Titman, S. & Trueman, B. (1986). "Information Quality and the Valuation of New Issues." Journal of Accounting and Economics. 8, 159-172.
30. Whited, T. (1992). "Debt, Liquidity Constraints, and Corporate Investment: Evidence from Panel Data." Journal of Finance. 48, 1425-1460.
31. Wooldridge, Jeffrey, M. (2002). Econometric Analysis of Cross Section and Panel Data, The MIT Press.