Uniwersyteckie Czasopisma NaukoweBorrower discouragement of corporations in financing physical investments
Słowa kluczowe:
physical investments, sources of finance, borrower discouragementAbstrakt
The article places the main focus on borrower discouragement. Its primary aim is to explain what this phenomenon involves and determine its scope and causes in the Visegrad Group counties (V4). In order to achieve this aim, the author presents and compares two major sources of finance for physical investments in non-financial corporations, i.e. internal finance and bank finance.
The article uses the methodology of net sources of finance initially developed by C. Mayer, J. Corbett and T. Jenkinson.
The practical dimension of the analysis should be perceived through the prism of the opportunities to determine the direction of changes in the area of financing physical investments of non-financial corporation in the V4 countries.
Downloads
Bibliografia
Cavalluzzo K.S., Cavalluzzo L., Wolken J. (2002), Competition, Small Business Financing, and Discrimination: Evidence From a New Survey, “Journal of Business”, Vol. 75, No. 4.
Chakravarty S., Xiang M. (2009), What Discourages Small Businesses from Asking for Loans? The International Evidence on Borrower Discouragement, Working Papers No 903, Department of Consumer Sciences and Retailing, Purdue University.
Chakravarty S., Yilmazer T. (2009), A multistage model of loans and the role of relationships, “Financial Management” Vol. 38, No. 4.
Corbett J., Jenkinson T. (1997), How is investment financed? A study of Germany, Japan, the United Kingdom and the United States, The Manchester School Supplement, Blackwell Publishers Ltd., Oxford.
Eurostat Database, www.ec.europa.eu/erostat/, accessed: November-June 2017.
Fraser S. (2005), Finance for Small and Medium-Sized Enterprises. A Report on the 2004 UK Survey of SME Finances, Centre for Small and Medium-Sized Enterprises, Warwick Business School, University of Warwick.
Freel M., Carter S., Tagg S., Masson C. (2012), The latent demand for bank debt: characterizing discouraged borrowers, “Small Business Economics”, Vol. 38, No. 4.
Han L., Storey D.J., Fraser S. (2009), Are good or bad borrowers discouraged from applying for loans? Evidence from US small business credit market, “Journal of Banking & Finance”, Vol. 33, No. 2.
Jajuga T., Słoński T. (1998), Finanse spółek. Długoterminowe decyzje inwestycyjne i finansowe, Wydawnictwo Akademii Ekonomicznej im. Oskara Langego we Wrocławiu, Wrocław.
Kowalczyk J. (2009), Słowacy mają już kredyty znacznie tańsze niż my, https://www.pb.pl/, accessed: 06.2017.
Lanczi A. (2010), Kryzys finansowy a węgierska polityka, http://www.omp.org.pl, accessed: 11.2016.
Mayer C. (1990), Financial systems, corporate finance and economic development, in: R. Hubbard (ed.), Asymmetric information, corporate finance and investment. National Bureau of Economic Research, New York.
Mayer C. (1998). New issues in corporate finance, “European Economic Review”, Vol. 32, No. 5.
Mol‐Gómez‐Vázquez A., Hernández‐Cánovas G., Koëter‐Kant J. (2018), Legal and Institutional Determinants of Factoring in SMEs: Empirical Analysis across 25 European Countries, “Journal of Small Business Management”, Vol. 56, No. 2.
Pastusiak R. (2010), Ocena Efektywności Inwestycji, CeDWu, Warszawa.
Rogowski W. (2013), Rachunek efektywności inwestycji. Wolters Kluwer, Warszawa.
Samborski A. (2011), Wykorzystanie rachunków narodowych w analizach ekonomicznych, in: Podstawy metodologii badań w naukach o zarządzaniu, W. Czakon (ed.), Wolters Kluwer, Warszawa.
Sawicka A., Tymoczko I. (2014), Dlaczego polskie przedsiębiorstwa nie korzystają z kredytu?, Instytut Ekonomiczny Narodowego Banku Polskiego, Warszawa.
Sierpińska M., Jachna T. (2004), Ocena przedsiębiorstwa wg standardów światowych, Wydawnictwo Naukowe PWN, Warszawa.
Studia i analizy statystyczne (2016), Rachunki narodowe według sektorów i podsektorów instytucjonalnych w latach 2011–2014, GUS, Warszawa.
Suzuki K., Cobham D. (2005), Recent trends in the sources of finance for Japanese firms: has Japan become a ‘high internal finance’ country, Discussion Paper Series, No. 0501, University of St Andrews, Scotland.
Szczęśniak A. (2016), Viktor Orban i walka o suwerenność Węgier. “Nowa Debata”, www. nowadebata.pl, accessed: 11.2016.
Towarnicka H. (2000), Strategia inwestycyjna przedsiębiorstwa, Wydawnictwo Akademii Ekonomicznej we Wrocławiu, Wrocław.
Wypych M. (ed.). (2007), Finanse przedsiębiorstwa z elementami zarządzania i analizy, Absolwent Sp. z o.o., Łódź.
