Was bail-out a success? Evidence from the investment-cash flow relationship = Adakah dasar menjamin keluar berjaya? Bukti daripada hubungan aliran tunai-pelaburan
The 1997-1998 Asian financial crisis affected the balance sheets of many Malaysian firms, which increased the financial constraints on such firms. To counter the impacts, the Malaysian government carried out various directed policy measures known collectively as the bail-out policy. The present pape...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English English |
| Published: |
Penerbit UKM
2013
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/57669/ http://irep.iium.edu.my/57669/ http://irep.iium.edu.my/57669/1/Was%20a%20bail%20out%20a%20success%20%20Adib%20Journal%20Ekonomi.pdf http://irep.iium.edu.my/57669/7/57669-Was%20bail-out%20a%20success_SCOPUS.pdf |
| Summary: | The 1997-1998 Asian financial crisis affected the balance sheets of many Malaysian firms, which increased the financial constraints on such firms. To counter the impacts, the Malaysian government carried out various directed policy measures known collectively as the bail-out policy. The present paper examines the success of the policy to reduce the financial constraints. The present paper uses panel estimation methods to analyze the relationship between firms’
investments and their cash flows. The sample of study is split into two subsamples, consisting of the periods before
and after the financial crisis, respectively. The success of the policy is measured based upon the easing of financial
constraints faced by Malaysian firms. Using annual financial data, consisting of unbalanced panel from the period of 1988 to 2005, the results found favour the bail-out policy. This finding indicates the success of the bail-out policy to reduce the severity of financial constraints.
Krisis kewangan Asia pada tahun 1997-1998 telah memberi kesan ke atas kunci kira-kira banyak firma Malaysia yang
boleh menyebabkan berlaku kekangan kewangan. Untuk mengatasi impak ini, kerajaan Malaysia telah melaksanakan
pelbagai bentuk dasar terarah yang dikenali sebagai dasar jaminan keluar. Oleh itu, kertas kerja ini bertujuan untuk
mengkaji kejayaan dasar tersebut untuk mengurangi kesan kekangan kewangan. Kertas kerja ini menggunakan kaedah
penganggaran panel untuk menganalisis hubungan antara pelaburan firma dan aliran tunai. Sampel kajian dipecahkan
kepada dua subsampel masa sebelum dan selepas krisis kewangan. Kejayaan dasar jamin keluar adalah bergantung
kepada keringanan kekangan kewangan. Dengan menggunakan data panel tidak seimbang bagi tahun 1988 hingga
2005, keputusan kajian menunjukkan sokongan kepada dasar jaminan keluar. Dapatan kajian ini menunjukkan kejayaan
perlaksanaan dasar jamin keluar untuk mengurangkan tekanan kekangan kewangan. |
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