Equity market liberalization and firm growth. Department of Economic Finance and Accounting Working Paper Series N231-12.
National University of Ireland Maynooth.
Using a sample of 686 investable firms from 26 emerging market countries, I show that equity market liberalizations do not result in an increase in externally-financed growth rates for participating firms. In fact, I find to the contrary. The average firm appears to rely less and not more on external-financing once they become investable. These findings are in line with recent work which shows that firms issue less equity capital post-liberalization, and suggest that the gains from equity market liberalizations may not be attributable to a reduction in financing constraints.
||External financing; Investability; Firm growth; Working Paper N231-12;
||Faculty of Social Sciences > Economics, Finance and Accounting
Ms Sandra Doherty
||14 Aug 2012 14:33
||National University of Ireland Maynooth
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