This paper investigates the financial structure of manufacturing companies in the Philippine by estimating their dept ratio using panel data during 1991-2003. Estimation results show ; i) the foreign companies raise money by equity capital and debt in prosperity situation, but they depend on debt in depression situation, ii) Philippine stock market don't sufficiently function in prosperity situation, and iii) the business group companies raise money by equity capital from internal capital market of business groups in prosperity situation, but they depend on debt from business group banks in depression situation.
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Publisher Info
Paper provided by Graduate School of Economics, Hitotsubashi University in its series Discussion Papers with number
2005-15.
Length: 21 p. Date of creation: Mar 2006 Date of revision: Handle: RePEc:hit:econdp:2005-15
Note: Analysis on Financial Structure of Emerging Market Companies: Estimation of Dept Ratio of Philippine Manufacturing Companies between Asian Crisis Period Contact details of provider: Phone: +81-42-580-8000 Web page: http://www.econ.hit-u.ac.jp/ More information through EDIRC
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