Some Questions of Funding Reindustrialization

Authors

  • Силвије Орсаг Faculty of Economics, University of Zagreb

DOI:

https://doi.org/10.7251/ACE1522031O

Keywords:

reindustrialization, principal financing, debt financing, financial institutions, banks

Abstract

The subjects of this paper are some questions about reindustrialization financing. Paper discussed problems with forms, methods and instruments of financing in small transition country with dominant commercial banking sector in financial industry. The facts showed lack of underwriters for providing public o?ering of new equity, as well as venture capital institutions for providing private placement of equity. Similar is with public debt o?erings. In additions, lack of other financial institutions and pure performances of insurance industry are barriers potentials forms of nonstandard debt, like syndicate credits and private issued bonds. In this way paper recognizes bank form development as only financial institution for providing reindustrialization.

Downloads

Download data is not yet available.

References

Aaronson, C. (2003). Alternative sources of Finance. U Going Public, The Essential Guide to Flotation. London: Kogan Page Limited.
Akerlof, G. A. (1970). The Market for “Lemons”: Quality Uncertainty and the Marker Mechanism, The Quarterly Journal of Economics, Vol 84(3), 488-500.
Brigham, E. F. & Gapenski L. C. (1991). Financial Management, Theory and Practice. 6 edit. The Dryden Press.
Bhide, A. (1988). Why Not Leverage Your Company to the Hilt, Harvard Business Review, 3/88, 92-98.
Gašparovi?, A. (2002). Zakonodavni okvir tržišta kapitala. U Priru?nik za polaganje ispita za obavljanje poslova investicijskog savjetnika/ redakcija Silvije Orsag. Zagreb: HUFA – Hrvatska udruga fnancijskih analiti?ara.
Jensen, M. C. & Meckling, W. H. (1976), Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, Vol 3, 305-360.
Jensen, M. C. (1986). Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, Vol 76, May 323-329.
Kwan, S. & Carleton W. T. (2004). Financial Contracting and the Choice between Private Placement and Publicly O?ered Bonds. Federal Reserve Bank of San Francisco Working Paper Series. Working Paper, 907–929.
Miller, M. H. (1977). Debt and Taxes, Journal of Finance 32, May, 261-275.
Myers, S. C. & Majluf, N. S. (1984). Corporate financing and investment decisions where firms have information the investors do not have, Journal of Financial Economics,. Vol. 13, 187-221.
Myers, S. C. (1984). The Capital Structure Puzzle. The Journal of Finance,. Vol. 29(3), 575-592.
Modigliani, F. & Miller, M. H. (1963). Corporate Income Taxes and the Cost of Capital: A Correction, American Economic Review, 53, June, 433-443.
Modigliani, F. & Miller, M. H. (1969). Reply to Heins and Sprenkle. American Economic Review, September, 592-595.
Modigliani, F. & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, June, 261-297.
Orsag, S. (2011). Vrijednosni papiri; Investicije i instrumenti fnanciranja. Sarajevo: Revicon.
Orsag, S. (2014). Barijere fnancijskim tržištima BiH. U zborniku sa XIV Me?unarodnog ekonomskog foruma: Korporativno upravljanje u BiH: Potencijali?!? Dubrovnik.
Orsag, S. (2015). Poslovne financije. Zagreb: Avantis.
Orsag, S. i Gulin, D. (1997). Poslovne kombinacije. Zagreb: Hrvatska zajednica ra?unovo?a i fnancijskih djelatnika.
Orsag, S. i Mihalina, E. (2009). Dominacija banaka u fnancijskim sistemima tranzicijskih zemalja. U zborniku s X. me?unarodnog simpozija Europski put BiH u uvjetima ekonomske krize. Neum.
Orsag, S., Dedi D. (2011). Budžetiranje kapitala: procjena investicijskih projekata. Zagreb: Masmedia.
Orsag, S., Dedi, L. i Mihalina, E. (2011). Bank in Transition Countries as One of Most Attractive Investments. UTMS Journal of Economics, Volume 2, number 1, Skopje, June, 1-20.
Orsag, S., Santini, G. i Gulin, D. (1991). Uvod u ekonomiku vrijednosnih papira. Zagreb: Institut za javne financije.
Rajan, R. & Zingales, L. (1998). Debt, folklore and financial structure. U Mastering Finance. London: Financial Times Prentice Hall.
Ross, S. A. (1977).The Determination of Financial Structure: The Incentive-Signaling Approach, The Bell Journal of Economics, Vol 8(1), 23-40.
Siropulis, N. (1995). Menadžment malog poduze?a. 4. izd. Zagreb: Mate.
Taylor, A. & Sansone, A. (2007). The Handbook of Loan Syndications & Trading. New York: McGraw-Hill.
Cantillo, M. & Wright, J. (2000). How do firms choose their lenders? An empirical investigation, Review of Financial Studies 13, 155-189.
?ižmek, M. (2002). Uloga fondova rizi?nog kapitala u razvoju malih i srednjih poduze?a. U Ra?unovodstvo, fnancije i revizija u suvremenim gospodarskim uvjetima. Zagreb: Hrvatska zajednica ra?unovo?a i fnancijskih djelatnika.
Šain, Ž. i Selimovi?, J. (2012). Perspektiva i izazovi sektora osiguranja u bankocentri?nom sistemu BiH. U zborniku referata s 13. Me?unarodnog simpozija Fiskalni okvir i održivi razvoj BiH. Neum.
Šain, Ž. i Selimovi?, J. (2013). Banke i osiguravaju?a društva: Konkurenti ili komplementari. U zborniku referata s 14. Me?unarodnog simpozija Zaokret ka inovativnoj i kreativnoj BiH. Neum.

Downloads

Published

2015-02-28

How to Cite

Орсаг, С. (2015). Some Questions of Funding Reindustrialization. Acta Economica, 13(22), 31–51. https://doi.org/10.7251/ACE1522031O

Issue

Section

Preliminary Communication