| 1. |
- Andersson, Fredrik N G, et al.
(författare)
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Lending for Growth? A Granger Causality Analysis of China's Finance-Growth Nexus
- 2016
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Ingår i: Empirical Economics. - : Springer Science and Business Media LLC. - 0377-7332 .- 1435-8921. ; 51:3, s. 897-920
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Tidskriftsartikel (refereegranskat)abstract
- China’s banking sector is dominated by four distinct organizational forms: policy banks (PBs), state-owned commercial banks (SOCBs), joint stock commercial banks (JSCBs), and rural credit cooperatives (RCCs). Economic analyses have especially focused on the development of bank efficiency and profitability over time. The equally important question, which of China’s banking institutions promote economic growth, has not been explored using macroeconomic data. Our study uses a novel data set covering the period 1997 to 2008 and employ Granger causality tests to estimate the finance-growth nexus of each of these bank types. Our results show that SOCBs and RCCs do not Granger-cause GDP growth and that SOCBs even have a negative effect on manufacturing growth. By contrast, PBs and JSCBs promote economic growth.
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| 2. |
- Burzynska, Katarzyna, et al.
(författare)
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Affirmative action programs and network benefits in the number of board positions
- 2020
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Ingår i: PLoS ONE. - : Public Library of Science (PLoS). - 1932-6203. ; 15:8 August
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Tidskriftsartikel (refereegranskat)abstract
- Whereas governments are increasingly considering affirmative action programs to increase corporate board diversity, the effect of such programs can be superficial as they do not address the underlying problem, which is women's access to and inclusion in relevant corporate networks. To address this issue, we study the relationship among affirmative action programs (binding gender quotas and non-binding gender targets), director networks, and the number of board positions individual directors hold given their gender. We use personal, professional, and network characteristics of 25,127 unique directors from 2,435 public firms in 32 European countries over the period of 2000 through 2017. We find that in the absence of affirmative action programs, women directors benefit less from their networks than men directors suggesting the existence of a gender gap in network benefits. After the passage of binding gender quotas, this gender gap in network benefits narrows between women and men directors. Overall, this research suggests that binding gender quotas make director networks a more salient tool for hiring women and may help in leveling the playing field in the way these networks are used for achieving top management positions.
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| 3. |
- Burzynska, Katarzyna
(författare)
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Essays on Finance, Networks and Institutions
- 2015
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- This thesis consists of four essays discussing network structures and institutions in financial markets. The first essay explores the determinants of the egocentric lending networks of stock listed companies in China. Egocentric lending networks are constructed using the public loan announcements of firms listed on China’s two stock exchanges combined with cross-ownership shares connecting the lending institutions. The study demonstrates that large, high-growth firms and firms with low leverage are more likely to have less-constrained lending networks. In contrast, highly indebted firms with poor performance tend to have more-constrained lending networks. The lending networks of firms with higher shares of state ownership, however, are not significantly related to the standard firm characteristics, suggesting that partly state-owned corporations in China still enjoy privileged access to bank financing, despite substantial reforms and growing competition in China’s banking sector. The second essay studies the relation between firm specific networks of creditors and corporate access to bank loans in China. The results show that firms with highly constrained lending networks have better access to credit than firms with less constrained networks. This effect is most pronounced in regions where formal financial institutions are weak. These findings suggest that highly constrained lending networks play a significant role in mitigating the problem of information asymmetry and adverse selection in China’s credit market. The third essay investigates the relationship between social beliefs and microfinance financial performance. We find that microfinance institutions in countries with higher levels of trust and more collectivist culture have lower operating and default costs and charge lower interest rates. These results provide the first large cross-country evidence that social beliefs are important determinants of microfinance performance. The fourth essay uses a novel data set covering the period 1997 to 2008 and employ Granger causality tests to estimate the finance-growth nexus of each of China's four distinct organizational bank forms. Our results show that state-owned commercial banks and rural credit cooperatives do not Granger-cause GDP growth and that state-owned commercial banks even have a negative effect on manufacturing growth. By contrast, policy banks and joint stock commercial banks promote economic growth.
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| 4. |
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| 5. |
- Burzynska, Katarzyna, et al.
(författare)
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Interbank Relations, Environmental Uncertainty, and Corporate Credit Access in China
- 2020
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Ingår i: Management and Organization Review. - : Cambridge University Press (CUP). - 1740-8776 .- 1740-8784. ; 16:3, s. 595-628
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Tidskriftsartikel (refereegranskat)abstract
- We hypothesize that informal bank networks influence corporate credit access in China. Our sample comprises a panel of 515 corporations listed on China's stock exchanges with a total of 1,052 firm-year observations, holding a total of 7,009 major bank loans from 183 distinct banks between 2007 and 2012. Results support the hypothesis that closure in bank networks facilitates credit access. We further show that the positive closure-performance association offers fewer advantages if financial markets and the legal infrastructure are relatively well developed. Our findings contribute to an emergent literature examining how informal networks can productively substitute weak formal institutions, and how the interplay between informal networks and network embeddedness shapes individual and corporate strategies.
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| 6. |
- Burzynska, Katarzyna, et al.
(författare)
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The Impact of Social Beliefs on Microfinance Performance
- 2015
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Ingår i: Journal of International Development. - : Wiley. - 1099-1328 .- 0954-1748. ; 27:7, s. 1074-1097
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Tidskriftsartikel (refereegranskat)abstract
- We apply a panel of 331 microfinance institutions from 37 countries to investigate the relationship between social beliefs and microfinance financial performance over the period of 2003-2011. We find that microfinance institutions in countries with higher levels of trust and more collectivist culture have lower operating and default costs and charge lower interest rates. These results provide the first large cross-country evidence that social beliefs are important determinants of microfinance performance. Copyright (c) 2014 John Wiley & Sons, Ltd.
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