References
- Abor, J., & Bokpin, G. A. (2010). Investment opportunities, corporate finance, and dividend payout policy: Evidence from emerging markets. Studies in Economics and Finance, 27(3), 180–194.
- Adelegan, O. A., & Ariyo, A. (2008). Capital market imperfections and corporate investment behavior: A switching regression approach using panel data for Nigerian manufacturing firms. Journal of Money, Investment and Banking, 2, 16–38.
- Aivazian, V. A., Ge, Y., & Qiu, J. (2005). The impact of leverage on firm investment: Canadian evidence. Journal of Corporate Finance, 11, 277–291.
- Aldasoro, I., & Unger, R. (2017). External financing and economic activity in the euro area: Why are bank loans special? SSRN.
https://ssrn.com/abstract=2941209 - Altavilla, C., Paries, M. D., & Nicoletti, D. (2015). Loan supply, credit markets and the euro area financial crisis. (ECB Working Paper Series, No 1861/2015). European Central Bank.
http://hdl.handle.net/10419/154294 - Barrett, P., Das, S., Magistretti, G., Pugacheva, E., & Wingender, P. (2021). After-effects of the COVID-19 pandemic: Prospects for medium-term economic damage. (IMF Working Paper, WP/21/203). International Monetary Fund.
- Basco, S., & Crespo A. (2014). Productivity and asset prices: An empirical analysis of the dot-com bubble.
https://icmaif.soc.uoc.gr/~icmaif/Year/2014/papers/paper_2_82.pdf - Batten, J. A., Choudhury, T., Kinateder, H., & Wagner, N. F. (2022). Volatility impacts on the European banking sector: GFC and COVID-19. Annals of Operations Research, 1–26.
- Bekaert, G., Ehrmann, M., Fratzscher, M., & Mehl, A. (2014). The global crisis and equity market contagion. The Journal of Finance, 69(6), 2597–2649.
- Bending, T., Berndt, M., Brutscher, P., Nelvin, O., Revoltella, D., Slacik, T., & Wolski, M. (2014). Unlocking lending in Europe. European Investment Bank.
https://www.eib.org/attachments/efs/economic_report_unlocking_lending_in_europe_en.pdf - Bernanke, B. S. (2018). The real effects of disrupted credit: Evidence from the global financial crisis. Brookings Papers on Economic Activity, 2018(2), 251–342
- Blanchard, O. J., Faruqee, H., Das, M., Forbes, K. J., & Tesar, L. L. (2010). The initial impact of the crisis on emerging market countries [with comments and discussion]. Brookings Papers on Economic Activity, 263–323.
- Blickle, K., & Santos, J. A. C. (2020). The costs of corporate debt overhang. SSRN.
https://doi.org/10.2139/ssrn.3708502 - Bloom, N. (2009). The impact of uncertainty shocks. Econometrica, 77(3), 623–685.
- Bokpin, G., & Onumah, J. (2009). An empirical analysis of the determinants of corporate investment decisions: Evidence from emerging market firms. International Research Journal of Finance and Economics, 33, 134–141.
- Borensztein, E., & Ye, L. S. (2018). Corporate debt overhang and investment firm-level evidence. (World Bank Policy Research Working Paper No. 8553). SSRN.
https://ssrn.com/abstract=3238397 - Borio, C. (2020). The Covid-19 economic crisis: Dangerously unique. Business Economics, 55, 181–190.
https://doi.org/10.1057/s11369-020-00184-2 - Bottero, M., Lenzu, S., & Mezzanotti, F. (2020). Sovereign debt exposure and the bank lending channel: Impact on credit supply and the real economy. Journal of International Economics, 126, 103328.
https://doi.org/10.1016/J.JINTECO.2020.103328 - Brav, A., Graham, J. R., Harvey, C. R., & Michaely, R. (2005). Payout policy in the 21st century. Journal of Financial Economics, 77(3), 483–527.
https://doi.org/10.1016/j.jfineco.2004.07.004 - Brzoza-Brzezina, M., & Makarski, K. (2011). Credit crunch in a small open economy. Journal of International Money and Finance, 30(7), 1406–1428.
- Buca, A., & Vermeulen, P. (2017). Corporate investment and bank-dependent borrowers during the recent financial crisis. Journal of Banking and Finance, 78, 164–180.
- Butler, A., Grullon, G., & Weston, J. (2006). Can managers successfully time the maturity structure of their debt issues? Journal of Finance, 61(4), 1731–1758.
- Cai, K. N., Jiang, X., & Lee, H. W. (2013). Debt IPO waves, investor sentiment, market conditions, and issue quality. Journal of Financial Research, 36(4), 435–452.
https://doi.org/10.1111/jfir.12018 - Carpenter, R. E., & Guariglia, A. (2008). Cash flow, investment, and investment opportunities: New tests using UK panel data. Journal of Banking & Finance, 32(9), 1894–1906.
https://doi.org/10.1016/j.jbankfin.2007.12.014 - Cevik, S., & Miryugin, F. (2020). Leverage shocks: Firm-level evidence on debt overhang and investment. (IMF Working Paper, WP/20/287). SSRN.
https://ssrn.com/abstract=3772493 - Chatelain, J.-B., Generale, A., Hernando, I., von Kalckreuth, U., & Vermeulen, P. (2003). New findings on firm investment and monetary transmission in the euro area. Oxford Review of Economic Policy, 19(1), 73–83,
https://doi.org/10.1093/oxrep/19.1.73 - Chava, S., & Purnanandam, A. (2011). The effect of banking crisis on bank-dependent borrowers. Journal of Financial Economics, 99(1), 116–135.
- Cingano, F., Manaresi, F., & Sette, E. (2016). Does credit crunch investment down? New evidence on the real effects of the bank-lending channel. The Review of Financial Studies, 29(10), 2737–2773.
https://doi.org/10.1093/rfs/hhw040 - Claessens, S., & Köse, M. A. (2013). Financial crises: Review and evidence. Central Bank Review, 13(3), 1–23.
- Claessens, S., & Kose, M. A. (2014). Financial crises: Explanations, types, and implications. In S. Claessens, M. A. Kose, L. Laeven, and F. Valencia (Eds.) Financial crises: Causes, consequences, and policy responses, (pp. 3–59). International Monetary Fund.
- Cleary, S., Povel, P., & Raith, M. (2007). The U-shaped investment curve: Theory and evidence. Journal of Financial and Quantitative Analysis, 42(1), 1–40.
- Corporate indebtedness in the euro area (2012). European Central Bank Monthly Bulletin.
https://www.ecb.europa.eu/pub/pdf/other/art2_mb201202en_pp87-103en.pdf - Crnigoj, M., & Verbic M. (2014). Financial constraints and corporate investments during the current financial and economic crisis: The credit crunch and investment decisions of Slovenian firms. Economic Systems, 38, 502–517.
- Das, S., & Tulin, V. (2017). Financial frictions, underinvestment, and investment composition: Evidence from Indian corporates. (Working Paper 17/134). International Monetary Fund.
- De Fiore, F., & Uhlig, H. (2015). Corporate debt structure and the financial crisis. Journal of Money, Credit and Banking, 47(8), 1571–1598.
- de la Horra, L. P., Perote, J., & de la Fuente, G. (2021). Monetary policy and corporate investment: A panel-data analysis of transmission mechanisms in contexts of high uncertainty. International Review of Economics and Finance, 75, 609–624.
- Demirguc-Kunt, A., Martinez-Peria, M. S., & Tressel, T. (2015). The impact of the global financial crisis on firms’ capital structure: The role of financial markets and institutions. (Policy Research Working Paper, No. 7522/2015). World Bank.
https://openknowledge.worldbank.org/bitstream/handle/10986/23623The0impact0of00s00capital0structure.pdf;sequence=1 - Deutsche Bundesbank. (2018). Developments in corporate financing in the euro area since the financial and economic crisis, Monthly Report (January).
https://www.bundesbank.de/resource/blob/707690/3e7ab307f6449252a49c8a3402b2fb45/mL/2018-01-developments-data.pdf - Dittmar, A. K., & Dittmar, R. (2008). The timing of financing decisions: An examination of the correlation in financing waves. Journal of Financial Economics, 90(1), 59–83.
- Drozdowicz-Bieć, M. (2010). Reasons why Poland avoided the 2007–2009 recession. Instytut Rozwoju Gospodarczego (SGH). Prace i Materiały, 86(2), 39–66.
https://ssl-kolegia.sgh.waw.pl/pl/KAE/struktura/IRG/publikacje/Documents/pim86_2.pdf - Duchin, R., Ozbas, O., & Sensoy, B. A. (2010). Costly external finance, corporate investment, and the subprime mortgage credit crisis. Journal of Financial Economics, 97(3), 418–435.
- Erel, I., Julio, B., Kim, W., & Weisbach, M. (2012). Macroeconomic conditions and capital raising. The Review of Financial Studies, 25(2), 341–376.
- Erickson, T., & Whited, T. M. (2000). Measurement error and the relationship between investment and q. Journal of Political Economy, 108(5), 1027–1057.
- Fama, E. F., & French, K. R. (2002). Testing tradeoff and pecking order predictions about dividends and debt. The Review of Financial Studies, 15(1), 1–33.
- Farinha, L., Spaliara, M. E., & Tsoukas, S. (2019). Bank shocks and firm performance: New evidence from the sovereign debt crisis. Journal of Financial Intermediation, 40, 1–11.
- Fernández, A. I., González, F., & Suárez, N. (2013). The real effect of banking crises: Finance or asset allocation effects? Some international evidence. Journal of Banking & Finance, 37, 2419–2433.
- Ferrando, A., & Mulier, K. (2015). The real effects of credit constraints: Evidence from discouraged borrowers in the euro area. (ECB Working Paper Series No 1842/2015). SSRN.
http://dx.doi.org/10.2139/ssrn.2650453 - Firth, M., Malatesta, P. H., Xin, Q., & Xu, L. (2012). Corporate investment, government control, and financing channels: Evidence from China's listed companies. Journal of Corporate Finance, 18(3), 433–450.
https://doi.org/10.1016/j.jcorpfin.2012.01.004 - Gebauer, S., Setzer, R., & Westphal, A. (2018). Corporate debt and investment: A firm-level analysis for stressed euro area countries. Journal of International Money and Finance, 86, 112–130.
https://doi.org/10.1016/j.jimonfin.2018.04.009 - Gomes, J. F. (2001). Financing investment. American Economic Review, 91(5), 1263–1285.
- Gonzalez, F. (2016). Creditor rights, bank competition, and corporate investment during the global financial crisis. Journal of Corporate Finance, 37, 249–270.
https://doi.org/10.1016/j.jcorpfin.2016.01.001 - Greenwood, R. M. (2003). Evidence for a debt financing channel in corporate investment. SSRN.
https://doi.org/10.2139/ssrn.406704 - Gregosz, D., Köster, T., Morwinsky, O., & Schebesta, M. (2020). Coronavirus infects the global economy: The economic impact of an unforeseeable pandemic. Konrad Adenauer Stiftung.
www.jstor.org/stable/resrep25284 - Guariglia, A. (2008). Internal financial constraints, external financial constraints, and investment choice: evidence from a panel of UK firms. Journal of Banking and Finance, 32, 1795–1809.
- Guitiérrez, G., & Philippon, T. (2017). Investmentless growth: An empirical investigation. Brookings Papers on Economic Activity, 89–169.
www.jstor.org/stable/90019456 - Hale, G., & Santos, J. (2008). The decision to first enter the public bond market: The role of firm reputation, funding choices, & bank relationships. Journal of Banking and Finance, 32, 1928–-1940.
- Hall, R. E. (2010). Why does the economy fall to pieces after a financial crisis? The Journal of Economic Perspectives, 24(4), 3–20.
- Harakeh, M. (2020). Dividend policy and corporate investment under information shocks. Journal of International Financial Markets, Institutions and Money, 65, 101184.
https://doi.org/10.1016/j.intfin.2020.101184 - Hasan, I., Marra, M., To, T. Y., Wu, E., & Zhang, G. (2021). COVID-19 pandemic and global corporate CDS spreads. SSRN.
https://doi.org/10.2139/ssrn.3858059 - Hoang, K., Arif, M., & Nguyen, C. (2022). Corporate investment and government policy during the COVID-19 crisis. International Review of Economics and Finance, 80(December), 677–696.
https://doi.org/10.1016/j.iref.2022.03.005 - International Finance Corporation (2016). A new look at the determinants of investment in emerging markets. World Bank.
- Ivashina, V., & Scharfstein, D. (2010). Bank lending during the financial crisis of 2008. Journal of Financial Economics, 97(3), 319–338.
https://doi.org/10.1016/j.jfineco.2009.12.001 - Iwaki, H. (2019). The effect of debt market imperfection on capital structure and investment: Evidence from the 2008 global financial crisis in Japan. The Quarterly Review of Economics and Finance, 74, 251–266.
- Iyer, R., Peydró, J-L., da-Rocha-Lopes, S., & Schoar, A. (2014). Interbank liquidity crunch and the firm credit crunch: Evidence from the 2007–2009 crisis. The Review of Financial Studies, 27(1), 347–372.
https://doi.org/10.1093/rfs/hht056 - Jangili, R., & Kumar, S. (2010). Determinants of private corporate sector investment in India. Reserve Bank of India Occasional Papers, 31(3), 67–89.
- Jebran, K., & Chen, S. (2022). Corporate policies and outcomes during the COVID-19 crisis: Does managerial ability matter? Pacific Basin Finance Journal, 73(November), 101743.
https://doi.org/10.1016/j.pacfin.2022.101743 - Jiang, J., Hou, J., Wang, C., & Liu, H. Y. (2021). COVID-19 impact on firm investment: Evidence from Chinese publicly listed firms. Journal of Asian Economics, 75(February), 101320.
https://doi.org/10.1016/j.asieco.2021.101320 - Jones, C., & Philippon, T. (2016). The secular stagnation of investment? Unpublished manuscript] New York University.
https://pages.stern.nyu.edu/tphilipp/papers/Q_ZLB.pdf - Juca, M., & Fishlow, A. (2021). Corporate investment in the global financial crisis. Journal of Business Economics and Management, 22(3), 636–655. doi:10.3846/jbem.2021.14548
- Jung, K., Kim, Y-C., & Stulz, R. (1996). Timing, investment opportunities, managerial discretion, and security issue decisions. Journal of Financial Economics, 75, 159–185.
- Kahle, K. M., & Stulz, R. M. (2013). Access to capital, investment, and the financial crisis. Journal of Financial Economics, 110, 280–299.
- Kalemli-Özcan, S., Laeven, L., & Moreno, D. (2018). Debt overhang, rollover risk and corporate investment: evidence from the European crisis. (No. w24555). National Bureau of Economic Research.
http://www.nber.org/papers/w2455 - Kaplan, R. S. (2019). Corporate debt as a potential amplifier in a slowdown. Federal Reserve Bank of Dallas.
https://www.dallasfed.org/research/economics/2019/0305.aspx - König, M., & Winkler, A. (2021). COVID-19: Lockdowns, fatality rates and GDP growth. Intereconomics, 56, 32–39.
https://doi.org/10.1007/s10272-021-0948-y - Korajczyk, R., & Levy, A. (2003). Capital structure choice: Macroeconomic conditions and financial constraints. Journal of Financial Economics, 68, 75–109.
- Kose, M. A., Ohnsorge, F., & Sugawara, N. (2020). Benefits and costs of debt: The dose makes the poison. (CEPR Discussion Paper No. DP14439). SSRN.
https://ssrn.com/abstract=3547372 - Kotz, D. M. (2011). Over investment and the economic crisis of 2008. World Review of Political Economy, 2(1), 5–25.
- Langfield, S., & Pagano, M. (2016). Bank bias in Europe: Effects on systemic risk and growth. Economic Policy, 31(85), 51–106.
- Lee, S. (2022). Internal capital markets, corporate investment, and the COVID-19 pandemic: Evidence from Korean business groups. International Review of Financial Analysis, 80(December), 102053.
https://doi.org/10.1016/j.irfa.2022.102053 - Lewis, C., Pain, N, Strasky, J., & Menkyna, F. (2014). Investment gaps after the crisis, (OECD Economics Department Working Papers, No. 1168). OECD Publishing.
https://doi.org/10.1787/5jxvgg76vqg1-en - Lhuissier, S., & Szczerbowicz, U. (2017). Corporate debt structure and unconventional monetary policy in the United States.
https://www.bde.es/f/webbde/INF/MenuHorizontal/SobreElBanco/Conferencias/2017/papers/171010_12.00-13.30_2_SZCZERBOWICZ.pdf - Liu, H., Jiang, J., Xue, R., Meng, X., & Hu, S. (2022). Corporate environmental governance scheme and investment efficiency over the course of COVID-19. Finance Research Letters, 47(PB), 102726.
https://doi.org/10.1016/j.frl.2022.102726 - Magud, N., & Sosa S. (2015). Investment in emerging markets: We are not in Kansas anymore … or are we? (Working Paper 15/77). International Monetary Fund.
- Makridis, C., & Hartley, J. (2020). The cost of COVID-19: A rough estimate of the 2020 US GDP impact. SSRN.
https://ssrn.com/abstract=3570731 - McLean, R., & Zhao, M. (2014). The business cycle, investor sentiment, and costly external finance. Journal of Finance, 69(3), 1377–1409.
- Mućk, J., Rubaszek, M., & Szafranek, K. (2021). A note on the heterogenous economic effects of COVID-19 on GDP via the sectoral structure. Bank & Credit, 52(3), 253–265.
- Myers, S. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5, 147–175.
- Nair, P. (2011). Financial liberalization and determinants of investment: A study of Indian manufacturing firms. International Journal of Management of International Business and Economic Systems, 5(1), 121–133.
- National Bank of Poland. Monetary Policy Council. Inflation Report, February 2010.,
https://www.nbp.pl/en/publikacje/raport_inflacja/iraport_february2010.pdf - Nonfinancial sector: Loose financial conditions, rising leverage, and risks to macro-financial stability. (2021). In Global financial stability report, April 2021: Preempting a legacy of vulnerabilities (Chapter 2). International Monetary Fund.
- Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3–46.
https://doi.org/10.1016/S0304-405X(99)00003-3 - Ottonello, P., & Winberry, T. (2018). Financial heterogeneity and the investment channel of monetary policy. (NBER Working Paper No. 24221). National Bureau of Economic Research.
http://www.nber.org/papers/w24221 - Pattani, A., Vera, G., & Wackett, J. (2011). Going public: UK companies’ use of capital markets. Bank of England Quarterly Bulletin, 51(4), 319–330.
- Pawelec, W. (2016). Poland's economy during the global financial crisis. Research Journal of Economics and Business Studies, 06(01).
www.theinternationaljournal.org/ojs/index.php?journal=rjebs&page=article&op=-view&path%5B%5D=5533&path%5B%5D=pdf - Phan, D. T., & Nguyen, H. T. (2020). Factors affecting corporate investment decision: Evidence from Vietnamese economic groups. The Journal of Asian Finance, Economics and Business, 7(11), 177–184.
https://doi.org/10.13106/JAFEB.2020.VOL7.NO11.177 - Phan, Q. T. (2018). Corporate debt and investment with financial constraints: Vietnamese listed firms. Research in International Business and Finance, 46, 268–280.
- Reed, L. W. (2007). Great Myths of the Great Depression. Mackinac Center for Public Policy.L. Ilie, Economic considerations regarding the first oil shock, 1973–1974. (MPRA Paper No. 6431).
https://mpra.ub.uni-muenchen.de/6431/ - Reinhart, C. M., & Rogoff, K. S. (2008). Is the 2007 U.S. sub-prime financial crisis so different? An international historical comparison. American Economic Review, 98(2), 339–344.
- Rodriguez-Palenzuela, D., Darracq Paries, M., Carboni, G., Ferrando, A., Köhler Ulbrich, P., Zachary, M. D. ... Karma, B. (2013). Corporate finance and economic activity in the euro area: Structural issues, 2013.
https://www.ecb.europa.eu/pub/pdf/scpops/ecbocp151.pdf - Roubini, N. (2008). The US recession: V or U or W or L-shaped?
https://web.archive.org/web/20090717062330/http://www.rgemonitor.com/blog/roubini/252460 - Ruiz-Porras, A., & Lopez-Mateo, C. (2011). Corporate governance, market competition and investment decisions in Mexican manufacturing firms.
https://mpra.ub.uni-muenchen.de/id/eprint/28452 - Saona, P., Vallelado, E., & San Martin, P. (2020). Debt, or not debt, that is the question: A Shakespearean question to a corporate decision. Journal of Business Research, 115, 378–392. doi:10.1016/j.jbusres.2019.09.061
- Saquido, A. P. (2003). Determinants of corporate investment. Philippine Management Review, Discussion Paper, 402, 1–15.
cba.upd.edu.ph/docs/DP/0402_saquido.pdf - Shiau, H-L., Chang, Y-H., & Yang, Y-J. (2018). The cash holdings and corporate investment surrounding financial crisis: The cases of China and Taiwan. The Chinese Economy, 51(2), 175–207.
https://doi.org/10.1080/10971475.2018.1447833 - Singh, M., & Faircloth, S. (2005). The impact of corporate debt on long term investment and firm performance. Applied Economics, 37(8), 875–883.
https://doi.org/10.1080/00036840500076762 - Song, K., & Lee, Y. (2012). Long-term effects of a financial crisis: Evidence from cash holdings of East Asian firms. Journal of Financial and Quantitative Analysis, 47(3), 617–641.
https://doi.org/10.1017/S0022109012000142 - Tut, D. (2022). Investment, Q and epidemic diseases. Finance Research Letters, 47(PB), 102943.
https://doi.org/10.1016/j.frl.2022.102943 - Uchino, T. (2013). Bank dependence and financial constraints on investment: Evidence from the corporate bond market paralysis in Japan. Journal of the Japanese and International Economies, 29, 74–97.
- van der Ven, H., & Sun, Y. (2021). Varieties of crises: Comparing the politics of COVID-19 and climate change. Global Environmental Politics, 21(1), 13–22.
https://doi.org/10.1162/glep_a_00590 - Vanlaer, W., Picarelli, M., & Marneffe, W. (2021). Debt and private investment: Does the EU suffer from a debt overhang? Open Economies Review, 32(4), 789–820.
https://doi.org/10.1007/s11079-021-09621-x - Vithessonthi, C., Schwaninger, M., Matthias, O. & Müller, M. O. (2017). Monetary policy, bank lending and corporate investment. International Review of Financial Analysis, 50, 129–142.
- Vo, X. V. (2019). Leverage and corporate investment – Evidence from Vietnam. Finance Research Letter, 28, 1–5.
- Wang, Pengfei, & Wen, Yi. (2012). Speculative bubbles and financial crises. American Economic Journal: Macroeconomics, 4(3), 184–221.
https://doi.org/10.1257/mac.4.3.184 - Xia, Y., Qiao, Z., & Xie, G. (2022). Corporate resilience to the COVID-19 pandemic: The role of digital finance. Pacific-Basin Finance Journal, 74(May), 101791.
https://doi.org/10.1016/j.pacfin.2022.101791 - Zheng, M. (2022). Is cash the panacea of the COVID-19 pandemic: Evidence from corporate performance. Finance Research Letters, 45(May), 102151.
https://doi.org/10.1016/j.frl.2021.102151 - Zubair, S., Kabir, R., & Huang, X. (2020). Does the financial crisis change the effect of financing on investment? Evidence from private SMEs. Journal of Business Research, 110, 456–463.
https://doi.org/10.1016/j.jbusres.2020.01.063
