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Was bail-out a success? Evidence from the investment-cash flow relationship

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 pa...

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Main Authors: Mohd Adib Ismail,, Mansor H. Ibrahim,, Mohd Pisal Zainal,, Mohammed Yusoff,
Format: Article
Published: Penerbit Universiti Kebangsaan Malaysia 2013
Online Access:http://journalarticle.ukm.my/8087/
http://ejournal.ukm.my/jem/index
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spelling my-ukm.journal.80872014-12-05T19:25:23Z http://journalarticle.ukm.my/8087/ Was bail-out a success? Evidence from the investment-cash flow relationship Mohd Adib Ismail, Mansor H. Ibrahim, Mohd Pisal Zainal, Mohammed Yusoff, 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. Penerbit Universiti Kebangsaan Malaysia 2013 Article PeerReviewed Mohd Adib Ismail, and Mansor H. Ibrahim, and Mohd Pisal Zainal, and Mohammed Yusoff, (2013) Was bail-out a success? Evidence from the investment-cash flow relationship. Jurnal Ekonomi Malaysia, 47 (1). pp. 31-40. ISSN 0127-1962 http://ejournal.ukm.my/jem/index
institution Universiti Kebangsaan Malaysia
building Perpustakaan Tun Sri Lanang Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Kebangsaan Malaysia
content_source UKM Journal Article Repository
url_provider http://journalarticle.ukm.my/
description 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.
format Article
author Mohd Adib Ismail,
Mansor H. Ibrahim,
Mohd Pisal Zainal,
Mohammed Yusoff,
spellingShingle Mohd Adib Ismail,
Mansor H. Ibrahim,
Mohd Pisal Zainal,
Mohammed Yusoff,
Was bail-out a success? Evidence from the investment-cash flow relationship
author_facet Mohd Adib Ismail,
Mansor H. Ibrahim,
Mohd Pisal Zainal,
Mohammed Yusoff,
author_sort Mohd Adib Ismail,
title Was bail-out a success? Evidence from the investment-cash flow relationship
title_short Was bail-out a success? Evidence from the investment-cash flow relationship
title_full Was bail-out a success? Evidence from the investment-cash flow relationship
title_fullStr Was bail-out a success? Evidence from the investment-cash flow relationship
title_full_unstemmed Was bail-out a success? Evidence from the investment-cash flow relationship
title_sort was bail-out a success? evidence from the investment-cash flow relationship
publisher Penerbit Universiti Kebangsaan Malaysia
publishDate 2013
url http://journalarticle.ukm.my/8087/
http://ejournal.ukm.my/jem/index
_version_ 1643737359302262784
score 13.211869

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