Heterogeneous macroprudential policies and corporate financing decisions
Yassine Bakkar and
No 2023/07, QBS Working Paper Series from Queen's University Belfast, Queen's Business School
Utilizing data from 31,336 firms across 69 countries over the period 2011-2017, we find evidence suggesting macroprudential policies have a significant negative impact on corporate debt, particularly long-term debt. We further find that macroprudential policies have heterogeneous effects, with a greater impact observed among firms facing binding credit constraints and high market competition, as well as those operating in countries with less developed institutions. These findings underscore the importance of institutional factors in determining the effectiveness of macroprudential policies.
Keywords: Capital structure; debt maturity; macroprudential policies (search for similar items in EconPapers)
JEL-codes: G20 G30 G32 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:qmsrps:279524
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