Статті в журналах: "Leverage cycle"

1

Geanakoplos, John. "The Leverage Cycle." NBER Macroeconomics Annual 24, no. 1 (January 2010): 1–66. http://dx.doi.org/10.1086/648285.

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2

Aymanns, Christoph, Fabio Caccioli, J. Doyne Farmer, and Vincent W. C. Tan. "Taming the Basel leverage cycle." Journal of Financial Stability 27 (December 2016): 263–77. http://dx.doi.org/10.1016/j.jfs.2016.02.004.

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3

Bassanin, Marzio, Ester Faia, and Valeria Patella. "Ambiguity attitudes and the leverage cycle." Journal of International Economics 129 (March 2021): 103436. http://dx.doi.org/10.1016/j.jinteco.2021.103436.

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4

SETH, RAMA. "CORPORATE LEVERAGE AND THE BUSINESS CYCLE." Contemporary Economic Policy 10, no. 1 (January 1992): 65–80. http://dx.doi.org/10.1111/j.1465-7287.1992.tb00212.x.

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5

Jensen, Henrik, Ivan Petrella, Søren Hove Ravn, and Emiliano Santoro. "Leverage and Deepening Business-Cycle Skewness." American Economic Journal: Macroeconomics 12, no. 1 (January 1, 2020): 245–81. http://dx.doi.org/10.1257/mac.20170319.

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We document that the United States and other G7 economies have been characterized by an increasingly negative business-cycle asymmetry over the last three decades. This finding can be explained by the concurrent increase in the financial leverage of households and firms. To support this view, we devise and estimate a dynamic general equilibrium model with collateralized borrowing and occasionally binding credit constraints. Improved access to credit increases the likelihood that financial constraints become nonbinding in the face of expansionary shocks, allowing agents to freely substitute inter-temporally. Contractionary shocks, however, are further amplified by drops in collateral values, since constraints remain binding. As a result, booms become progressively smoother and more prolonged than busts. Finally, in line with recent empirical evidence, financially driven expansions lead to deeper contractions, as compared with equally sized nonfinancial expansions. (JEL D14, E23, E32, E44)

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6

Halling, Michael, Jin Yu, and Josef Zechner. "Leverage dynamics over the business cycle." Journal of Financial Economics 122, no. 1 (October 2016): 21–41. http://dx.doi.org/10.1016/j.jfineco.2016.07.001.

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7

Aymanns, Christoph, and J. Doyne Farmer. "The dynamics of the leverage cycle." Journal of Economic Dynamics and Control 50 (January 2015): 155–79. http://dx.doi.org/10.1016/j.jedc.2014.09.015.

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8

Sari, Fitri Indah, R. A. Damayanti, and Andi Kusumawati. "The Effect of Cash Conversion Cycle and Chief Executive Officer Power on Financial Distress and Leverage an Intervening Variable." International Journal of Research and Review 8, no. 7 (August 2, 2021): 337–43. http://dx.doi.org/10.52403/ijrr.20210747.

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This study aims to determine and analyze (1) the effect of the cash conversion cycle on financial distress, (2) the effect of chief executive officer power on financial distress, (3) the effect of the cash conversion cycle on leverage, (4) the effect of chief executive officer power on leverage (5) Effect of cash conversion cycle on leverage (6) Effect of cash conversion cycle on financial distress through leverage (7) Effect of chief executive officer power on financial distress through leverage. This research is a type of quantitative research. In this study using agency theory and stakeholder theory. The population in this study were all manufacturing companies listed on the Indonesia Stock Exchange (IDX) in 2016-2020. The sample determination in this study used purposive sampling with a sample size of 80. The research data is secondary data accessed through www.idx.co.id. The results showed that the cash conversion cycle had a positive and significant effect on financial distress. Chief executive officer power has a positive and significant effect on financial distress. Cash conversion cycle has a positive and significant effect on leverage. Cash conversion cycle has a negative effect on leverage. Cash conversion cycle has a positive effect on financial distress through leverage. Chief executive officer power has a negative effect on financial distress through leverage. Keywords: Cash Conversion Cycle, Chief Executive Officer Power, Financial Distress, Leverage.

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9

Fostel, Ana, and John Geanakoplos. "Endogenous Collateral Constraints and the Leverage Cycle." Annual Review of Economics 6, no. 1 (August 2014): 771–99. http://dx.doi.org/10.1146/annurev-economics-080213-041426.

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10

Song, Xin, Xuejie Yang, Tao Li, and Yuntao Qiang. "How does the Policy Leverage the "Resident Leverage Ratio"?" Frontiers in Business, Economics and Management 4, no. 3 (August 16, 2022): 174–80. http://dx.doi.org/10.54097/fbem.v4i3.1290.

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Under the background that the international economy is in great recession and the new development pattern of domestic and international double circulation has gradually become a consensus macro-economy new normal, this paper investigates 31 provinces and cities' policies and residents' leverage ratio in recent ten years, and analyzes the direction and extent of industrial policy, fiscal policy and monetary policy on residents' leverage ratio by using stata, matlab and other software. The quantitative indicators of panel data are used to simulate dynamic and static models, respectively, to solve the problems of internal lag and endogenous variables, and to some extent reflect the impact of household leverage ratio on the domestic double-cycle situation. Finally, it is concluded that the completion of real estate development investment and the sales area of residential commercial housing are the main indicators that affect household leverage ratio. The added value of financial industry, land policy and per capita income of residents have a certain positive impact on the leverage ratio. Population age structure, interest rates and other factors have a weak impact on the leverage ratio. At the end of the article, the author puts forward some policy suggestions, such as correctly guiding the supply and demand relationship in the real estate market, improving the land fiscal policy, and reasonably regulating the monetary structure, which has certain reference significance for the research on the double-cycle development pattern at home and abroad.

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11

MA, GUONAN, and JAMES LAURENCESON. "CHINA’S DEBT CHALLENGE: STYLIZED FACTS, DRIVERS AND POLICY IMPLICATIONS." Singapore Economic Review 64, no. 04 (September 2019): 815–37. http://dx.doi.org/10.1142/s0217590817450011.

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This paper begins by showing that even after conditioning for factors that might justifiably lead to a country having relatively high leverage, China remains a debt outlier. In this sense, China can be regarded as over-leveraged and its debt levels may present potential risks to growth and financial stability. The corporate sector is central to China’s debt story, accounting for two-thirds of the total. Moreover, the corporate sector has been mostly responsible for China’s leverage cycles, including the leveraging up since 2008 and an earlier deleveraging phase starting in 2003. Two major but under-appreciated drivers of Chinese corporate leverage cycles are then identified. The most important is the share of internally funded corporate capital expenditure, which is a combined consequence of evolving corporate earnings and capital expenditure. The second is the rising importance of real estate and construction firms as holders of corporate debt. China’s corporate leverage landscape is also shown to be more complex than a story of zombie state-owned enterprises in industrial segments with excess capacity being ever-greened with loans from state banks. A balanced mix of policy responses will be needed to manage a warranted and orderly deleveraging cycle in the years ahead.

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12

Klein, Mathias, Hamza Polattimur, and Roland Winkler. "Fiscal spending multipliers over the household leverage cycle." European Economic Review 141 (January 2022): 103989. http://dx.doi.org/10.1016/j.euroecorev.2021.103989.

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13

Wang, F. Albert. "Double leverage cycle, interest rate, and financial crisis." Journal of Financial Stability 58 (February 2022): 100959. http://dx.doi.org/10.1016/j.jfs.2021.100959.

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14

Mendoza, Enrique G. "Sudden Stops, Financial Crises, and Leverage." American Economic Review 100, no. 5 (December 1, 2010): 1941–66. http://dx.doi.org/10.1257/aer.100.5.1941.

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Financial crashes were followed by deep recessions in the Sudden Stops of emerging economies. An equilibrium business cycle model with a collateral constraint explains this phenomenon as a result of the amplification and asymmetry that the constraint induces in the responses of macro-aggregates to shocks. Leverage rises during expansions, and when it rises enough it triggers the constraint, causing a Fisherian deflation that reduces credit and the price and quantity of collateral assets. Output and factor allocations fall because access to working capital financing is also reduced. Precautionary saving makes Sudden Stops low probability events nested within normal cycles, as observed in the data. (JEL E21, E23, E32, E44, G01, O11, O16)

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15

Brown, Brendan. "Inflation and the Boom-Bust Cycle in Corporate Leverage." Atlantic Economic Journal 47, no. 1 (February 27, 2019): 25–34. http://dx.doi.org/10.1007/s11293-019-09604-x.

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16

Fedia, Vevi. "Pengaruh Leverage, Growth, Operating Cycle, Prudence terhadap Kualitas Laba dengan Firm Size sebagai Variabel Moderasi." Journal of Business and Economics (JBE) UPI YPTK 4, no. 3 (September 30, 2019): 92–101. http://dx.doi.org/10.35134/jbeupiyptk.v4i3.122.

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Tujuan dari penelitian ini adalah untuk menguji dan menganalisis pengaruh leverage, growth, operating cycle, dan prudence terhadap kualitas laba dengan firm size sebagai variabel moderasi. Populasi dalam penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) pada tahun 2016-2020. Metode pengambilan sampel yang digunkaan adalah purposive sampling dan diperoleh data 68 perusahaan dalam sampel ini. Analisis data pada penelitian ini menggunakan analisis regresi data panel dan MRA dengan menggunakan aplikasi Eviews 12. Hasil penelitian ini menunjukkan bahwa variabel leverage,growth, operatng cycle tidak berpengaruh terhadap kualitas laba, sedangkan prudence berpengaruh terhadap kualitas laba. Penggunaan variabel Moderasi firm size mampu memoderasi pengaruh negatif leverage terhadap kualitas laba sedangkan growth, operating cycle dan prudence tidak mampu dimoderasi oleh firm size.

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17

Ahsan, Tanveer, Man Wang, and Muhammad Azeem Qureshi. "How do they adjust their capital structure along their life cycle? An empirical study about capital structure over life cycle of Pakistani firms." Journal of Asia Business Studies 10, no. 3 (August 1, 2016): 276–302. http://dx.doi.org/10.1108/jabs-06-2015-0080.

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Purpose The purpose of this study is to explain the adjustment rate made to target capital structures by listed non-financial firms in Pakistan during the courses of their life cycles and to determine what factors influence their adjustment rates. Design/methodology/approach The study used multivariate analysis to classify 39 years (1972-2010) of unbalanced panel data from listed non-financial Pakistani firms in terms of their growth, maturity and decline stages. Further, it used a fixed-effects panel data model to determine the factors that influence capital structure and adjustment rates during the life-cycle stages of firms. Findings The study observed a low–high–low leverage pattern during the growth, maturity and decline stages of businesses in line with tradeoff theory. Furthermore, the study observed an adjustment rate for growing firms of between 49.3-37.9 per cent, for mature firms of between 35.5-17.5 per cent and for declining firms of between 22.2-15.1 per cent toward their respective leverage targets. Furthermore, it was found that growing firms have higher leverage adjustment rates because, by having more investment opportunities, these firms can alter their capital structures easily by changing the composition of their new issues. Practical implications Erratic economic conditions in Pakistan have created an uncertain business environment. Therefore, even mature Pakistani firms remain skeptical about the sustainability of positive trends among current economic indicators. Furthermore, to avoid uncertainty, Pakistani firms grab short-term opportunities by using quickly available short-term debt as a main financing source. Government should introduce long-term policies that will stabilize the business environment and strengthen the financial, as well as the judicial, institutions of the country so that these firms may benefit from long-term investment opportunities and access more options for raising external financing. The results of this study will also help policymakers for other Asian economies where the capital markets are underdeveloped and where firms have higher leverage ratios, such as Thailand, Indonesia and Malaysia. Originality/value This is the first study in Pakistan that has used a multivariate approach to classify firms into their different life-cycle stages and to discover the leverage adjustment rates of firms during those life-cycle stages.

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18

Chireka, Trust. "Corporate life cycle and cash holding decisions: A South African study." Investment Management and Financial Innovations 17, no. 4 (November 20, 2020): 102–10. http://dx.doi.org/10.21511/imfi.17(4).2020.10.

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The resource-based view theory suggests that as firms’ resource bases differ along the corporate life cycle, even corporate policies such as cash holdings vary along the life cycle. This study seeks to understand the effect of firm’s life cycle on corporate cash holding behavior. Previous literature has sought to investigate the firm and institutional determinants of corporate cash holdings. Using the resource-based view theory, this study investigates whether corporate life cycle can be another determinant of corporate cash holdings. A panel data analysis of a sample of 112 Johannesburg Stock Exchange (JSE) listed firms from 2011 to 2018 is utilized to determine if firm’s life cycle does influence cash holding behavior. Dickinson’s cash flow analysis is used to proxy life cycle stages and control other known determinants of corporate cash holdings such as firm size, leverage, profitability, dividend payments, and growth opportunities. Contrary to other studies, this study finds no significant relationship between life cycle stages and corporate cash holdings, suggesting that corporate cash holdings for South African firms are driven by other factors other than life cycle resource allocations. However, it is found that prior year cash balances, firm size, and profitability have significant positive relationships with cash holdings. It is also found that liquid asset substitutes, leverage, and investment opportunities exert a significant and negative influence on corporate cash holdings.

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19

Seputro, Fellicia Hadi, Werner Ria Murhadi, and Arif Herlambang. "Faktor–faktor yang Mempengaruhi Dividend Perusahaan Sektor Manufaktur yang Terdaftar di Bursa Efek Indonesia dan Bursa Malaysia." Journal of Entrepreneurship & Business 1, no. 1 (March 17, 2020): 43–55. http://dx.doi.org/10.24123/jerb.v1i1.2823.

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This study aims to investigate the determinants of firms dividend payout ratio, such as life cycle stage, independent non-executive director, risk, firm size, market-to-book ratio, cash to total asset, and leverage of manufacturing sector companies listed in the Indonesia Stock Exchange and Malaysia Stock Exchange in 2014-2018. This study uses the quantitative approach and multiple linear regression to analyze the data. The object of this research are 295 year observations in Indonesia Stock Exchange and 600 year observations in Malaysia Stock Exchange. The Independent variables used in this study are life cycle stage and independent non-executive directors. While the control variables are risk, firm size, market-to-book ratio, cash to total asset and leverage. The study finds that in manufacturing sector companies listed in the Indonesia Stock Exchange, life cycle stage, independent non-executive director, firm size and market-to-book ratio affect dividend payout ratio positively. On the other hand, leverage affect dividend payout ratio negatively. While risk and cash to total asset has no significant effect on dividend payout ratio. Meanwhile in manufacturing sector companies listed in the Malaysia Stock Exchange, the study finds that life cycle stage, independent non-executive director, firm size, market-to-book ratio and cash to asset affect dividend payout ratio positively. While risk and leverage affect dividend payout ratio negatively. Keywords: dividend policy, life cycle stage, independent non-executive director

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20

Fernández, Andrés, and Adam Gulan. "Interest Rates, Leverage, and Business Cycles in Emerging Economies: The Role of Financial Frictions." American Economic Journal: Macroeconomics 7, no. 3 (July 1, 2015): 153–88. http://dx.doi.org/10.1257/mac.20120141.

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Countercyclical country interest rates have been shown to be an important characteristic of business cycles in emerging markets. In this paper we provide a microfounded rationale for this pattern by linking interest rate spreads to the dynamics of corporate leverage. For this purpose we embed a financial accelerator into a business cycle model of a small open economy and estimate it on a novel panel dataset for emerging economies that merges macroeconomic and financial data. The model accounts well for the empirically observed countercyclicality of interest rates and leverage, as well as for other stylized facts. (JEL E13, E32, E43, E44, F41, O11)

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21

Neslihan Topbaş, Turguttopbas. "Are Capital Ratios Procyclical? Evidence from Turkish Banking Data." Journal of Central Banking Theory and Practice 7, no. 3 (September 1, 2018): 159–80. http://dx.doi.org/10.2478/jcbtp-2018-0028.

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Abstract This paper contributes to the literature by providing recent empirical evidence about the positioning of the capital adequacy ratios (Basel II capital adequacy ratio and leverage ratio as proposed by Basel III) of Turkish banks and the business cycle. As in many emerging countries, the Turkish real sector is highly dependent on the banking loans for financing, and consequently, the macroeconomic system is vulnerable to the supply of bank loans. The results reveal that the Basel II capital adequacy ratio of Turkish banks is procyclical at a statistical significance in normal and crisis times. The results of cyclicality tests of the leverage ratio are mixed: if nominal GDP growth is taken as a business cycle indicator, it is procyclical; however, the credit-to-GDP gap signals countercyclical leverage ratios in normal times. In crisis times, the leverage ratio of the Turkish banking system is determined to be countercyclical.

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22

Kaminsky, Graciela Laura, Leandro Medina, and Shiyi Wang. "The Financial Center Leverage Cycle: Does It Spread around the World?" AEA Papers and Proceedings 110 (May 1, 2020): 504–10. http://dx.doi.org/10.1257/pandp.20201009.

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With a novel database, we examine the evolution of capital flows since the collapse of the Bretton Woods system in the early 1970s. We decompose capital flows into global, regional, and idiosyncratic factors. In contrast to previous findings, which mostly use data from the 2000s, we find that booms and busts in capital flows are mainly explained by regional factors and not the global factor. We link leverage in the financial center to regional capital flows and the cost of borrowing in international capital markets to examine the drivers of capital flow bonanzas and busts.

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23

Schoenmaker, Dirk, and Peter Wierts. "Regulating the financial cycle: An integrated approach with a leverage ratio." Economics Letters 136 (November 2015): 70–72. http://dx.doi.org/10.1016/j.econlet.2015.08.020.

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24

Malini, Helma, and Venu Fitratama. "THE EFFECTS OF LIFE CYCLE AND FREE CASH FLOW ON DIVIDEND OF AGRICULTURAL COMPANIES THAT LISTED IN INDONESIA STOCK EXCHANGE." Jurnal Social Economic of Agriculture 9, no. 2 (December 30, 2020): 121. http://dx.doi.org/10.26418/j.sea.v9i2.41821.

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Company decision to give profits to their investors is based on several reasons including internal policy from the company. Therefore, this study discusses the effects of life cycle and free cash flow on dividend of agricultural companies that listed in Indonesia stock exchange. Independent variables; used are free cash flow, life cycle, firm size, leverage, assets growth, and investment opportunity set. The population in this study is Agricultural company listed on Indonesia Stock Exchange (BEI) in the period of 2015 - 2018. The sample collected using purposive sampling methods. Total of 21 companies were determined as samples. The method of analysis in this study is panel data regression with basis on fixed effect model. The result of this study indicate that the independent variables of free cashflow, life cycle, firm size, leverage, and investment opportunity set have positive impact toward dividend payout ratio while assets growth has negative impact on dividend payout ratio. The result of determination coefficient shows that the independent variables give affect 63.69% against dependent variable.Keywords: Free cash flow, Life cycle, Firm size, Leverage, Assets growth, Investment opportunity set, Dividend payout ratio, Dividend policy

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25

Tony Sudirgo, Erviana Setia Putri,. "FAKTOR-FAKTOR YANG MEMPENGARUHI CASH HOLDING PADA PERUSAHAAN MANUFAKTUR." Jurnal Paradigma Akuntansi 2, no. 4 (September 26, 2020): 1452. http://dx.doi.org/10.24912/jpa.v2i4.9322.

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The purpose of this research is to obtain empirical evidence about the effect of net working capital, leverage, cash conversion cycle, tangible asset and profitability toward cash holding in manufacturing companies listed in the Indonesian Stock Exchange in the period 2016-2018. The sample was determined by purposive sampling method. The research conducted by taking 70 manufacturing companies. The result of this research shows that net working capital, leverage, cash conversion cycle, and tangible asset have negative effect on cash holding, while profitability have positive effect on cash holding.

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26

Issa, Samar. "Financial Crises and Business Cycle Implications for Islamic and Non-Islamic Bank Lending in Indonesia." Journal of Risk and Financial Management 15, no. 7 (June 30, 2022): 292. http://dx.doi.org/10.3390/jrfm15070292.

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This paper addresses if and how excess debt can be considered as an early warning signal for banks and takes an additional dimension by comparing the excess leverage between Islamic and conventional banks in Indonesia before, during, and after the Global Financial Crisis (GFC). To do so, this research develops an empirical model of banks’ capital structure and optimal and excess debt, and it conducts an empirical analysis on the overleveraging of eleven conventional and Islamic banks in Indonesia. Results show that all banks became vulnerable to the GFC in 2007–2009 while credit build-up, i.e., overleveraging, started in 2005. However, for most of the banks in the sample, Islamic banks performed better and leveraged less prior to the GFC, which made them more resilient to the crisis.

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27

Kurshev, Alexander, and Ilya A. Strebulaev. "Firm Size and Capital Structure." Quarterly Journal of Finance 05, no. 03 (September 2015): 1550008. http://dx.doi.org/10.1142/s2010139215500081.

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Firm size has been empirically found to be strongly positively related to capital structure. This paper investigates whether a dynamic capital structure model can explain the cross-sectional size–leverage relationship. The driving force that we consider is the presence of fixed costs of external financing that lead to infrequent restructuring and create a wedge between small and large firms. We find four firm-size effects on leverage. Small firms choose higher leverage at the moment of refinancing to compensate for less frequent rebalancings. Their longer waiting times between refinancings lead to lower levels of leverage at the end of restructuring periods. Within one refinancing cycle, the intertemporal relationship between leverage and firm size is negative. Finally, there is a mass of firms opting for no leverage. The analysis of dynamic economy demonstrates that in cross-section, the relationship between leverage and size is positive and thus fixed costs of financing contribute to the explanation of the stylized size–leverage relationship. However, the relationship changes sign when we control for the presence of unlevered firms.

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28

Dirvi, Dirvi Surya Abbas. "PENGARUH GROWTH OPPORTUNITY, NWC, CASH CONVERSION CYCLE, IOS DAN LEVERAGE TERHADAP CASH HOLDING." Jemasi: Jurnal Ekonomi Manajemen dan Akuntansi 16, no. 1 (June 26, 2020): 44–58. http://dx.doi.org/10.35449/jemasi.v16i1.86.

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Анотація:

Penelitian ini bertujuan untuk mengetahui apakah informasi Growth Opportunity, Net Working Capital, Cash Conversion Cycle, Investment Opportunity Set dan Leverage digunakan dalam memberikan sinyal kepada investor atas Cash Holding. Penelitian ini menggunakan sampel perusahaan sektor Makanan dan Minuman selama tahun 2014-2018 dengan menggunakan metode purposive sampling. Data yang digunakan diperoleh dari laporan tahunan yang terdaftar di Bursa Efek Indonesia. Metode analisis yang digunakan adalah analisis regresi berganda dengan bantuan SPSS versi 16.0. Hasil Penelitian dari pengujian ini menghasilkan bahwa Variabel Net Working Capital dan Investment Opportunity Set secara parsial berpengaruh terhadap Cash Holding. Sedangkan variabel Growth Opportunity, Cash Conversion Cycle dan leverage tidak memiliki pengaruh terhadap Cash Holding.

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29

Kuo, Yu-Shang, and Jen-Tsung Huang. "Factor-Based Investing in Market Cycles: Fama–French Five-Factor Model of Market Interest Rate and Market Sentiment." Journal of Risk and Financial Management 15, no. 10 (October 13, 2022): 460. http://dx.doi.org/10.3390/jrfm15100460.

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This study explores risk–reward patterns in the US stock market and establishes optimal factor-based investing using the Fama–French five-factor model through market cycles constructed by Shiller’s interest rates and Baker–Wurgler’s sentiments. Our emerging evidence confirms that the high-interest rate, high-sentiment cycle generates higher excess returns, and the low-interest rate, low-sentiment cycle generates lower excess returns, which supports the hypothesis that the market cycles as investment horizons have an asymmetric effect on stock returns. Furthermore, the size factor outperforms in the low-interest rate, low-sentiment cycle, whilst the value factor outperforms in the high-interest rate, high-sentiment cycle. Using the asymmetric GARCH model, the asymmetric leverage effect of interest rates and sentiments on five-factor returns is empirically demonstrated with explanatory power of five-factor characteristics. Unlike previous studies, our findings also imply that high- and low-sentiment cycles asymmetrically affect the value factor, and the value premium does not disappear over time, highlighting the role of the market cycles in five-factor returns.

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30

Ahsan, Tanveer, Man Wang, and Muhammad Azeem Qureshi. "Mean Reverting Financial Leverage and Firm Life Cycle: Theory versus Evidence (Pakistan)." Emerging Economy Studies 2, no. 1 (March 22, 2016): 19–26. http://dx.doi.org/10.1177/2394901515627750.

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31

Mbanyele, William. "Ownership concentration, firm life cycle, and leverage: Evidence from Italian family firms." Cogent Economics & Finance 8, no. 1 (January 1, 2020): 1838687. http://dx.doi.org/10.1080/23322039.2020.1838687.

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32

Bleich, Dirk, and Andreas Dombret. "Financial System Leverage and the Shortage of Safe Assets: Exploring the Policy Options." German Economic Review 16, no. 2 (May 1, 2015): 161–80. http://dx.doi.org/10.1111/geer.12049.

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Abstract In this article, we provide a simple supply and demand framework in which the build-up of an excessive level of leverage can result in a shortage of safe assets. On the basis of this, we discuss various policy options. First, we address the question of what policy-makers should do if shortages of safe assets arise. Second, we discuss what has to be done to prevent potential shortages of safe assets. Our main finding is that a smoother leverage cycle - which, in particular, implies less leverage in booms - is a major condition for preventing shortages of safe assets.

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33

Jamaludin Iskak, Jonathan Elbert,. "FAKTOR-FAKTOR YANG MEMPENGARUHI CASH HOLDING PERUSAHAAN MANUFAKTUR YANG TERCATAT DI BEI." Jurnal Paradigma Akuntansi 2, no. 2 (April 9, 2020): 773. http://dx.doi.org/10.24912/jpa.v2i2.7659.

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Cash holding is one of the most significant decisions taken by the financial managers of any firms. The decision not only depends on the theoretical view but also the firm-specific variables. The purpose of the research is to examine the influencecash conversion cycle, growth opportunity, leverage and net working capital to cash holding on manufacturing firms in Indonesia Stock Exchange in the study period of 2015 through 2017, Data collection techniques used in this research is secondary data that is processed using Eviews 9 program. The results of this research showed that net working capital is significant to cash holding, while cash conversion cycle, growth opportunity, and leverage are not significant.

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Sofia Prima Dewi, Clara Veda Chandra,. "Faktor-Faktor Yang Memengaruhi Cash Holding Pada Perusahaan Manufaktur." Jurnal Paradigma Akuntansi 3, no. 2 (April 23, 2021): 550. http://dx.doi.org/10.24912/jpa.v3i2.11695.

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The purpose of this study is to examine the effect of leverage, firm size, liquidity, profitability, and cash conversion cycle on cash holding. This study uses secondary data which was tested using Eviews Program 11.0. Samples that have been selected by purposive sampling method and selected as many as 51 manufacture companies as a sample from 153 companies that go public and listed on the IDX for the period 2017-2019. The results of the research showed that leverage and liquidity have positive effects to the cash holding, while firm size has no positive effect to the cash holding, profitability has no negative effect to the cash holding, and cash conversion cycle has negative effect to the cash holding.

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Flór, Nándor László, and Géza Sebestyén. "Tőkeáttételi ciklus vizsgálata a Nagy Recesszióban: Az Amerikai Egyesült Államok gazdaságában végbemenő hitelciklus felépülésének empirikus vizsgálata = Leverage cycle in the Great Recession: An empirical study of the credit cycle in the United States." Köz-gazdaság 16, no. 2 (June 20, 2021): 128–51. http://dx.doi.org/10.14267/retp2021.02.10.

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Jelen cikk egyes makrogazdasági változók hatását vizsgálja a tőkeáttételi ciklus felépülésében az Amerikai Egyesült Államok gazdaságában 1990 és 2015 között. A tőkeáttétel –ahogyan azt a Nagy Recesszió is bebizonyította –sérülékennyé teszi a gazdaságot, amiszélsőséges esetben katasztrófához vezet. A tőkeáttétel a gazdaság egészéhez hasonlóan ciklikusan alakul, ezért ahitelállomány felépülésénekmegértése kritikus.A hitelezésre ható tényezők és más kutatások eredményeinek összefoglalását követően acikkkísérletet tesz arra, hogygazdaságiszektorok szintjén vizsgálja meg,mely változók játszanak fontos szerepet ajelenség mögött.A vizsgálatok elvégzéséhez a szerzők a többváltozós lineáris módszert választottákannak kiderítésére, mennyire mutat egységes képet a gazdaságon belül a tőkeáttétel felépülése.Az elemzés nem terjedki a háztartási hitelezésre, kizárólag a nagyvállalati szegmens folyamataira koncentrál. A szerzők arra amegállapításajutottak, hogy megéri a makrogazdasági változókszerepét iparági szinten vizsgálni, mivel az egyes szektorok esetében eltérő változókbizonyultak szignifikánsnakaz empirikus vizsgálatokalapján. = This article examines the impact of macroeconomic variables over the leverage cycle in the US economy between 1990 and 2015. Leverage –as demonstrated by the Great Recession –makes the whole economy vulnerable, leading to a catastrophe in extreme cases. As in the case of the economy as a whole, leverage is cyclical, so understanding the recovery of the loan portfolio is crucial. After summarizing the results of factors affecting lending and other researches, the article attempts to investigate at the level of economic sectors, which variables play key roles behind this phenomenon. To carry out the examinations, the authors chose the multivariate linear method to find out the general characteristics of the leverage cycle within the economy. The analysis does not include the household lending activity, it concentrates solely on the processes of the large corporate segment. The authors have come to the conclusion that it is worth considering the role of macroeconomic variables at industry level as different variables have proved to be significant on the basis of empirical studies.

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Homapour, Elmina, Larry Su, Fabio Caraffini, and Francisco Chiclana. "Regression Analysis of Macroeconomic Conditions and Capital Structures of Publicly Listed British Firms." Mathematics 10, no. 7 (March 31, 2022): 1119. http://dx.doi.org/10.3390/math10071119.

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Using an unbalanced panel of 922 non-financial companies publicly listed on the London Stock Exchange during January 1995 and September 2014, this article tests the predictions of Pecking Order Theory (POT), Trade-off Theory (TOT) and Market Timing Theory (MTT) of capital structure through the lens of macroeconomic conditions. We find strong evidence that leverage is negatively associated with the business cycle but positively related to stock market performance, which is consistent with POT. In addition, leverage is negatively related to financial market risk, as predicted by TOT. Furthermore, leverage is positively related to credit supply, which is in line with both the POT and TOT. Finally, there is no evidence in support of MTT. The above results are robust with respect to the measurement of macroeconomic variables, the choice of estimation methods and the inclusion of a dummy variable to account for the effect of the 2008 financial crisis. An important implication is that, because firms tend to be highly levered during business cycle downturns, expansionary fiscal and monetary policies to encourage more business borrowings may not be effective after all.

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Merry Susanti, Gionia,. "FAKTOR-FAKTOR YANG MEMPENGARUHI CASH HOLDING PADA PERUSAHAAN MANUFAKTUR DI INDONESIA." Jurnal Paradigma Akuntansi 2, no. 3 (October 9, 2020): 1026. http://dx.doi.org/10.24912/jpa.v2i3.9528.

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The purpose of this study was to examine the effect of firm size, net working capital, cash flow, cash conversion cycle, leverage and growth opportunities on cash holding. The population of this study are all manufacturing companies listed in Indonesia Stock Exchange (IDX) period 2016-2018. The data used in this study is collected through purposive sampling technique where 76 companies met the criteria in this study and were analyze using Eviews 10 with fixed effect model to test the hypothesis. The research shows that net working capital and leverage have a positive effect on cash holding. Cash conversion cycle and growth opportunities have a negative effect on cash holding. Finally, firm size and cash flow do not have effect on cash holding.

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Rosmita Rosyid, Ezelle Halim,. "FAKTOR-FAKTOR YANG MEMENGARUHI CASH HOLDING PERUSAHAAN CONSUMER GOODS INDUSTRY." Jurnal Paradigma Akuntansi 2, no. 3 (October 9, 2020): 1380. http://dx.doi.org/10.24912/jpa.v2i3.9566.

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The purpose of this study was to examine the effect of profitability, firm size, capital expenditure, net working capital, leverage, cash conversion cycle on cash holding in manufacture companies subsector consumer goods industry. The population of this study are all manufacture companies subsector consumer goods industry that is listed in Indonesia Stock Exchange (IDX) for the period of 2016 – 2018. The samples used in this research are 27 companies using purposive sampling method. According to likelihood test and hausman test used in Eviews 10.0 software, this model used random effect model. The result of this research is that profitability, leverage, and net working capital had positive effect on cash holding, while firm size, capital expenditure, and cash conversion cycle had no effect on cash holding.

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ISTIMAWANI, ELISABETH TRI ARYANTI. "FAKTOR-FAKTOR YANG MEMPENGARUHI KEBIJAKAN DIVIDEN PERUSAHAAN TERDAFTAR DI BURSA EFEK INDONESIA." E-Jurnal Akuntansi TSM 2, no. 3 (September 30, 2022): 407–24. http://dx.doi.org/10.34208/ejatsm.v2i3.1660.

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The purpose of this study is to examine the factors that influence dividend policy. The factors are company growth, free cash flow, profitability, investment opportunity set, liquidity, firm size, leverage, company life cycle, asset turnover, and institutional ownership. Population of this research are all of non financial companies listed in Indonesia Stock Exchange from 2010 to 2015. The samples are collected using purposive sampling method and there are 40 companies meet those criteria for samples. This research uses multiple regression method for data analysis. The result of this research indicates that free cash flow, liquidity, firm size, company life cycle, and asset turnover have influence to dividend policy. While company growth, profitability, investment opportunity set, leverage, and institutional ownership do not have influence to dividend policy.

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Huang, Chao-Hsi, and Yi-Shan Hsieh. "Leverage dynamics over the business cycle: Evidence from Taiwan listed and unlisted firms." International Review of Economics & Finance 74 (July 2021): 373–91. http://dx.doi.org/10.1016/j.iref.2021.03.007.

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Kristiana, Ulderike Eva, and Maria Rio Rita. "Leverage, Ukuran Perusahaan, dan Siklus Hidup Perusahaan terhadap Manajemen Laba." AFRE (Accounting and Financial Review) 4, no. 1 (August 17, 2021): 54–64. http://dx.doi.org/10.26905/afr.v4i1.5802.

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Earnings information as part of the financial statements is usually the target of engineering using opportunistic steps from management in maximizing its interests, which can cause loss to shareholders and investors. Management behavior that is used to adjust earnings to suit what is desired is known as earnings management. The purpose of this study is to determine the effect of leverage, firm size and company life cycle on earnings management in mining sector companies. The population used in this study are mining sector companies listed on the Indonesia Stock Exchange that have published annual and financial reports in the 2015-2019 period. The data collection technique used in this study is the purposive sampling method which aims to obtain samples in accordance with defined criteria. Based on the predetermined criteria, there were 29 companies in this study that were used as research samples with a total of 145 observations for 5 periods. In this study, the company's life cycle is divided into 4 stages, namely introduction, growth, mature and decline. The data analysis used is dummy regression analysis. The results of this study indicate that leverage and firm size do not affect earnings management, but the company's life cycle has a positive and significant effect on earnings management in mining sector companies. Informasi laba sebagai bagian dari laporan keuangan biasanya menjadi sasaran rekayasa dengan menggunakan langkah-langkah oportunistik dari manajemen dalam memaksimalkan kepentingannya, yang dapat merugikan pemegang saham dan investor. Perilaku manajemen yang digunakan untuk hanya mengiklankan pendapatan agar sesuai dengan apa yang diinginkan dikenal sebagai manajemen laba. Tujuan penelitian adalah untuk mengetahui pengaruh leverage, ukuran perusahaan dan siklus hidup perusahaan terhadap manajemen laba pada perusahaan sektor pertambangan. Populasi penelitian adalah perusahaan sektor pertambangan yang terdaftar di Bursa Efek Indonesia yang telah mempublikasikan laporan keuangan dan tahunan periode 2015-2019. Teknik pengumpulan data digunakan metode purposive sampling. Berdasarkan kriteria yang telah ditentukan, terdapat 29 perusahaan yang kemudian dijadikan sampel penelitian dengan total 145 observasi selama 5 periode. Analisis data yang digunakan adalah analisis regresi dummy. Hasil penelitian ini menunjukkan bahwa leverage dan ukuran perusahaan tidak berpengaruh terhadap manajemen laba, tetapi siklus hidup perusahaan berpengaruh positif terhadap manajemen laba pada perusahaan sektor pertambangan.

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Lin, Hsuan-Chu, Shao-Huai Liang, She-Chih Chiu, and Chieh-Yuan Chen. "Leverage and employee compensation – the perspective of human capital." International Journal of Managerial Finance 15, no. 1 (February 4, 2019): 62–78. http://dx.doi.org/10.1108/ijmf-11-2017-0247.

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Purpose The purpose of this paper is to empirically test the predictions in Titman (1984) and Berk et al. (2010) which indicate that firms with higher leverage will pay chief executive officer (CEO) and employee more. In addition, this paper examines whether financial distressed firms utilize leverage as a bargaining tool to reduce labor costs. Design/methodology/approach This paper conducts ordinary least squares regression analysis to investigate: CEO compensation which represents critical employees and lower-level employee compensation which represents less critical employees. Empirical data consist of US publicly held companies during the period between 2006 and 2013. Findings This paper finds that firms with higher levels of leverage tend to compensate employees for their human capital risk and that financially distressed firms consider leverage a bargaining tool by which to depress labor costs, which leads to lower employee compensation as compared to that of financially healthy firms. Research limitations/implications This paper highlights the importance of keeping balance between human capital and labor costs. In the case that human capital risk might not be fully compensated by firms facing financial distress, vicious cycle could occur because a failure of considering human capital might invite unrecoverable consequence. This could be done in future research. Originality/value This paper has three contributions. First, this paper supports the Titman (1984) and Berk et al. (2010) by empirically documenting that high-leveraged firms compensate their employees for potential human capital risk. Second, this paper adds to the literature by empirically providing that human capital risk might not be fully compensated if the firms are facing financial distress. Finally, this paper contributes to the authorities by showing that employees’ interests may be sacrificed if the firm is under financial distress.

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Siti Masrifah, R. Bambang Dwi Wiryanto, and Fauziyah. "ANALISIS DETERMINAN TINGKAT CASH HOLDING PERUSAHAAN PROPERTY DAN REAL ESTATE YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2015-2019." Journal of Sustainability Bussiness Research (JSBR) 1, no. 1 (December 30, 2020): 524–30. http://dx.doi.org/10.36456/jsbr.v1i1.3050.

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Untuk menguji dan mendapati dampak dari tiap variabel terhadap peraturan cash holding (kas ditangan) di industri properti yang tercatat pada Bursa Efek Indonesia (BEI) 2015-2019 ialah tujuan penelitian ini. Sebanyak 20 perusahaan properti menjadi sampel dalam penelitian. Kajian data yang dimanfaatkan yaitu, regresi linier berganda menggunakan metode kuantitatif dengan program SPSS release 23.0. Hasil penelitian : (1) cash flow, firm size, dan cash corversion cycle secara parsial tidak berdampak signifikan pada cash holding; (2) net working capital, growth opportunity, leverage, dan board size secara parsial berdampak signifikan atas cash holding; (3) cash flow, net working capital, firm size, growth opportunity, leverage, board size, dan cash conversion cycle secara simultan berdampak pada cash holding (kas ditangan) perusahaan property dan real estate yang tercatat pada Bursa Efek Indonesia (BEI) 2015-2019

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Isabella, Isabella, and Sudarwan Sudarwan. "Pengaruh Profitabilitas, Leverage, Likuiditas, dan Investment Opportunity Set Terhadap Kebijakan Dividen pada Perusahaan Property dan Real Estate yang Terdaftar di Bei Periode 2014 – 2019 dengan Life Cycle Stage sebagai Variabel Moderasi." Syntax Literate ; Jurnal Ilmiah Indonesia 7, no. 2 (February 18, 2022): 2493. http://dx.doi.org/10.36418/syntax-literate.v7i2.6299.

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Penelitian ini bertujuan untuk menguji apakah profitabilitas, Leverage, Likuiditas, dan Investment Opportunity Set berpengaruh terhadap Kebijakan Dividen perusahaan Property dan Real Estate yang terdaftar di BEI dengan Life Cycle Stage sebagai variabel moderasi. Penelitian ini menggunakan 23 perusahaan Property dan Real Estate yang terdaftar di BEI periode 2014 – 2019. Penelitian ini menggunakan teknik purposive sampling dan metode analisis regresi berganda untuk menganalisis data guna menentukan model penelitian dan mendiskusikan hasilnya. Hasil penelitian menunjukkan bahwa variabel profitabilitas, leverage, likuiditas, set kesempatan investasi dan tahap siklus hidup secara simultan berpengaruh signifikan dan positif terhadap kebijakan dividen. Hanya profitabilitas dan leverage yang berpengaruh signifikan dan positif terhadap kebijakan dividen. Sedangkan variabel likuiditas dan peluang investasi tidak berpengaruh signifikan terhadap kebijakan dividen. Penelitian ini juga menunjukan bahwa variabel tahap siklus hidup secara signifikan memoderasi hubungan antara leverage dan kebijakan dividen. Sebaliknya tahap siklus hidup tidak memperkuat profitabilitas, likuiditas dan peluang investasi pada kebijakan dividen

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Sany, Sany, Andrew Winata, and Teresa Veline Yasin. "Working Capital Management and Leverage to Profitability: Case of Manufacturing Firms in Indonesia." International Journal of Organizational Behavior and Policy 2, no. 1 (February 27, 2023): 55–66. http://dx.doi.org/10.9744/ijobp.2.1.55-66.

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This study aims to investigate whether Working Capital Management (WCM) and leverage affect firm profitability. Data concern was gathered from Bloomberg database terminal. Sample is manufacturing companies listed in Indonesian Stock Exchange (IDX) over the period of 2014 – 2020, which already established for some time. WCM is measured by using Cash Conversion Cycle (CCC), profitability is proxied with ROA while leverage is proxied by Debt-to-Equity. We find that the length of CCC days does not affect profitability, while the higher proportion of debt to equity will reduce profitability, on the other hand, the higher sales growth will enhance better firms’ profitability performance. Our findings contribute to understanding of the relationship of CCC and leverage on profitability in emerging markets.

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Digdowiseiso, Kumba, Bambang Subiyanto, and Reza Fahlevi Lubis. "ANALISIS DETERMINAN KUALITAS PELAPORAN KEUANGAN PERUSAHAAN NON JASA KEUANGAN DI BURSA EFEK INDONESIA." Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan 4, no. 6 (January 28, 2022): 2581–95. http://dx.doi.org/10.32670/fairvalue.v4i6.771.

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This study aims to analyze the determinants that affect the quality of financial reporting, which constitutes leverage, company size, cash flow volatility, sales volatility, company operating cycle, loss proportion, intangible asset intensity, and capital intensity. We used the WarpPLS 7.0 program in analyzing the secondary data. The sample in this study were non-financial service companies selected through the purposive sampling technique in the period 2015-2019. The research method used is the descriptive quantitative method with regression analysis. The research results showed that leverage, company size, and capital intensity had a significant and positive effect on the quality of financial reporting. Meanwhile, the operating cycle, the proportion of losses, and the intensity of intangible assets had a significant and negative effect on financial reporting quality. However, cash flow volatility and sales volatility produced an insignificant effect on the quality of financial reporting.

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Merino, Pascale Bueno, Samuel Grandval, John Upson, and Stéphanie Vergnaud. "Organizational Slack and the Capability Life-Cycle." International Journal of Entrepreneurship and Innovation 15, no. 4 (November 2014): 239–50. http://dx.doi.org/10.5367/ijei.2014.0169.

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The success of related diversification is not a given. Although synergies between a firm's businesses may exist, problems can arise in the sharing of key resources and capabilities as the firm attempts to exploit the synergies. To achieve success in related diversification, firms often leverage their organizational slack, or resources and capabilities that are in excess of the level demanded by their normal operations. However, sharing is difficult when firms have insufficient organizational slack, and this can lead to an overstretching of shared resources. Through case study methodology, this paper investigates how one technological SME managed its limited organizational slack while engaged in related diversification. Particular attention is given to the mechanisms that contribute to diversification failure. Consideration is also given to how the capability life-cycle may affect capability sharing in related diversification efforts.

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Castro, Paula, María Teresa Tascón Fernández, Borja Amor-Tapia, and Alberto de Miguel. "Target leverage and speed of adjustment along the life cycle of European listed firms." BRQ Business Research Quarterly 19, no. 3 (July 2016): 188–205. http://dx.doi.org/10.1016/j.brq.2016.01.003.

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Aryannejad, Abbas. "Effects Real Earnings Management and Liquidity Leverage Relation Analysis Case study: accepted plants into Tehran stock exchange." Journal of Management and Accounting Studies 2, no. 03 (July 1, 2019): 10–14. http://dx.doi.org/10.24200/jmas.vol2iss03pp10-14.

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The main purpose of the present research is to investigate the relationship between liquidity leverage and real earnings management of the accepted plants into Tehran stock exchange in 2014. Through determination the concept of creation steps or liquidity leverage expansion as well as real earnings management, this paper is going to describe how this kind of thought is created in accepted plants. Methodology: Having explained its effective factors, they are analyzed and classified and finally combining various presented models and theories, they are analyzed by specialists. In this research 91 plants out of accepted ones in Tehran stock exchange which have got particular properties are analyzed and used to investigate the relationship between liquidity leverage and real earnings management. Results: Finally, considering concluded meaningful relations of studied secondary hypotheses, the first hypothesis which there is a meaningful relation between liquidity leverage and real earnings management is absolutely verified. Having studied hypotheses using T-test, they can be classified based on their averages. This classification demonstrates that cash conversion cycle index has got the most related to the real earnings management. Conclusion: Research conclusions demonstrate that there is a meaningful relation between liquidity leverage and real earnings management. Considering the conclusions, some suggestions are presented, too.

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Pfeifer, Lukáš, and Zdeněk Pikhart. "Leverage Ratio and its Potential For Enhancing the Effectiveness of Capital Regulation." Journal of Central Banking Theory and Practice 8, no. 2 (May 1, 2019): 129–46. http://dx.doi.org/10.2478/jcbtp-2019-0017.

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Abstract The article deals with the procyclical development of risk weights and hence the risk-weighted capital ratio. The leverage ratio should be included in the regulatory reform package (CRR2) as a (non-risk-weighted) prudential backstop. The article defines the complementary relationship of capital and leverage by describing their different responses to the cyclical development associated with the change in the quality of assets in the various phases of the financial cycle. The results of the panel regression on a sample of selected countries illustrate: (i) that the banking sectors with lower capital adequacy relatively more increased the capital ratio in the period of financial stress and more often changed the structure of the assets into less risky assets for the improvement of the capital ratio, with a negative impact on profit; (ii) significantly lower pro-cyclicality of the leverage ratio than the capital ratio.

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