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| Tekijä: | Konings, J. Vandenbussche, H. |
| Otsikko: | The adjustment of financial ratios in the presence of soft budget constraints: evidence from Bulgaria |
| Lehti: | European Accounting Review
2004 : VOL. 13:1, 131-159 |
| Asiasana: | Accounting Bulgaria Business ratios Emerging markets |
| Kieli: | eng |
| Tiivistelmä: | The first study of the behaviour of financial ratios in an emerging economy of Central Europe. For the financial ratios considered, speed of the adjustment towards a target is lower than that for Western companies, and especially slow in firms characterized by soft budget constraints. However, the speed of adjustment shows up as significantly higher after the Bulgarian financial crisis in 1997. Results suggest that the partial adjustment model may not be the most appropriate for an emerging economy. |
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