RT info:eu-repo/semantics/doctoralThesis
T1 Macroeconomic environment and corporate finance: the role of monetary policy, labour markets and economic uncertainty
A1 Vega Gutiérrez, Pedro Luis
A2 Universidad de Valladolid. Escuela de Doctorado
K1 Política monetaria
K1 Corporate finance
K1 Finanzas corporativa
K1 Capital structure
K1 Estructura capital
K1 53 Ciencias Económicas
AB The motivation of this dissertation relies, firstly, on analysing the influence of monetary policy on capital structure throughout the business cycle after the financial crisis of 2008, given the major role that central banks (European and England Central Banks mainly) played in the corporate debt overhang that took place before the crisis and the severe financial difficulties that firms faced afterwards. Secondly, this crisis revealed that countries’ labour market affects the resilience of their firms to face adverse situations. Therefore, it is interesting to study how labour market conditions impact the indirect costs of financial distress that affect companies’ flexibility to cope with the environment and, thus, their bankruptcy risk. Finally, the crisis increased the uncertainty and the information gap between economic agents. Our study analyses how economic policy uncertainty -a market imperfection that exacerbates asymmetric information and opportunism- affects thecapital structure, and how countries’ institutions and firms’ strategies can act as shields to alleviate these problems.
YR 2021
FD 2021
LK https://uvadoc.uva.es/handle/10324/59833
UL https://uvadoc.uva.es/handle/10324/59833
LA eng
NO Escuela de Doctorado
DS UVaDOC
RD 21-dic-2024