By Jack D. Glen
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Additional info for Debt or equity?: how firms in developing countries choose
In most firms, whoever controls the equity controls the firm and is recipient of all its attendant perquisites. Especially in the emerging markets where the tradition of family ownership is strong, control can dominate the financial decisions of firms, forcing them to defer public issues of equity which would dilute control, but which would also permit the firm to invest in 8 A useful survey of these issues is contained in Harris and Raviv (1991). 9 This is true when the after-tax interest rate does not exceed the firm's return on assets.
As an adviser, IFC provides technical assistance to help member countries improve the environment and operations of their financial markets. As an investor, IFC supplies equity and loan funds and needed financial technology to help establish new, or to expand existing, financial institutions. IFC helps private sector companies in developing countries mobilize foreign investment through securities offerings in the international capital markets. It advises, structures, underwrites, and places international corporate issues of equity, quasi-equity, and debt securities as well as pooled investment vehicles.
Directly, IFC provides long-term project finance, both debt and equity, that is not available in many countries. Indirectly, IFC also helps developing member countries both as an adviser and investor in developing local financial systems. As an adviser, IFC provides technical assistance to help member countries improve the environment and operations of their financial markets. As an investor, IFC supplies equity and loan funds and needed financial technology to help establish new, or to expand existing, financial institutions.
Debt or equity?: how firms in developing countries choose by Jack D. Glen