Use this URL to cite or link to this record in EThOS: http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.573697
Title: Essays on the role of finance in economic performance
Author: Gur, Nurullah
Awarding Body: University of Essex
Current Institution: University of Essex
Date of Award: 2012
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Abstract:
Essay 1 investigates the question of whether perceived financial constraints, perceived corruption and perceived quality of legal institutions affect firm size. We use a unique firm-level data for 27 Eurasian countries. Our results show that while perceived financial constraints and perceived corruption are negatively associated with firm size, perceived quality of legal institutions is positively associated with firm size. Consistent with the findings in Beck, Demirguc-Kunt and Maksimovic (2006), we find that perceived financial constraints are the only factor having a significant effect on firm size, while perceived corruption and perceived quality of legal institutions do not have statistically significant effects. Essay 2 investigates the effect of government ownership of banks on employment growth by using a cross-industry, cross-country (difference-in-difference) approach. Our results show that government ownership of banks lowers employment growth relatively more in industries with higher job creation opportunities. We also find that the negative effect of government ownership of banks is lower in countries with high financial development and institutional quality Essay 3 examines whether financially integrated countries export relatively more in industries that are heavily dependent on external finance. Given that the components of international capital flows differ markedly in terms of volatility and their effects, this essay considers three different components of financial integration. These components are: international portfolio equity investments, foreign direct investments, and external debt. Our results show that the effect of international portfolio equity investments on sectoral composition of export flows is much stronger and more robust among three different components of financial integration. International portfolio equity investments increase export disproportionately more in industries that are heavily dependent on external finance. We also find that this positive effect on export disappears when the quality of institutions is low.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID: uk.bl.ethos.573697  DOI: Not available
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