2011 Fiscal Year Final Research Report
Estimation of Social and Institutional Factors in Southeast Asian Corporate Financing
| Project/Area Number |
21530293
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Hitotsubashi University |
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Principal Investigator |
OKUDA Hidenobu 一橋大学, 大学院・経済学研究科, 教授 (00233461)
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| Project Period (FY) |
2009 – 2011
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| Keywords | 金融論 |
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| Research Abstract |
In developing countries, informal socio-cultural networks as well as business conglomerates are recognized to complement the formal economic system. We estimated the influence of these informal factors on business activities of Asian companies by using the micro level data. Our estimation results suggested that informal networks functioned as substitutes for formal system when legal and economic system was underdeveloped. However, as the formal system was modernized and strengthened, the influence of the socio-cultural elements on business operations of companies weakened.
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