dc.contributor.author | Mullineux, A. | |
dc.contributor.author | Murinde, V. | |
dc.contributor.author | Sensarma, R. | |
dc.date.accessioned | 2011-05-31T12:53:46Z | |
dc.date.available | 2011-05-31T12:53:46Z | |
dc.date.issued | 2010 | |
dc.identifier.citation | Mullineux , A , Murinde , V & Sensarma , R 2010 , ' Convergence of of corporate finance patterns in Europe ' , Economic Issues , vol. 15 , no. 2 . | |
dc.identifier.issn | 1363-7029 | |
dc.identifier.other | PURE: 83647 | |
dc.identifier.other | PURE UUID: 5179ee0d-3957-4aaf-8e9f-d3a713b27f1d | |
dc.identifier.other | dspace: 2299/5868 | |
dc.identifier.uri | http://hdl.handle.net/2299/5868 | |
dc.description | Copyright Economic Issues Education Fund | |
dc.description.abstract | We investigate the pattern of corporate financing through bank loans, bond markets and stock markets in the European Union (EU). Specifically, we examine whether the European economies are converging towards a market-oriented or a bank-oriented financial system. Panel unit root tests and GMM regressions are applied to flow of funds data for eight EU countries over the period 1972- 2004. We find that the pattern of corporate financing in the EU mimics elements of the pecking order theory of financing choices. Furthermore, the EU financial system seems to be converging on a variant of the Anglo-Saxon model, with heavy reliance on internal financing and financing from the capital market. | en |
dc.language.iso | eng | |
dc.relation.ispartof | Economic Issues | |
dc.rights | Open | |
dc.subject | corporate financing | |
dc.subject | EU | |
dc.subject | GMM | |
dc.subject | financial convergence | |
dc.title | Convergence of of corporate finance patterns in Europe | en |
dc.contributor.institution | Hertfordshire Business School | |
dc.description.status | Peer reviewed | |
dc.relation.school | Hertfordshire Business School | |
dcterms.dateAccepted | 2010 | |
rioxxterms.type | Journal Article/Review | |
herts.preservation.rarelyaccessed | true | |
herts.rights.accesstype | Open | |