American Sociological Review
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Embeddedness in the Making of Financial Capital: How Social Relations and Networks Benefit Firms Seeking Financing [статья]
Опубликовано на портале: 22-05-2004Brian Uzzi American Sociological Review. 1999. Vol. 64. No. 4. P. 481-505.
The article investigates how social embeddedness affects an organization's acquisition and cost of financial capital in middle-market banking-a lucrative but understudied financial sector. Using existing theory and original fieldwork, Author develops a framework to explain how embeddedness can influence which firms get capital and at what cost. I then statistically examine my claims using national data on small-business lending. At the level of dyadic ties, author finds that firms that embed their commercial transactions with their lender in social attachments receive lower interest rates on loans. At the network level, firms are more likely to get loans and to receive lower interest rates on loans if their network of bank ties has a mix of embedded ties and arm's-length ties. These network effects arise because embedded ties motivate network partners to share private resources, while arm's-length ties facilitate access to public information on market prices and loan opportunities so that the benefits of different types of ties are optimized within one network. Author concludes with a discussion of how the value produced by a network is at a premium when it creates a bridge that links the public information of markets with the private resources of relationships.
Опубликовано на портале: 22-05-2004Arthur S. Alderson, Francois Nielsen American Sociological Review. 1999. Vol. 64. No. 4. P. 606-616.
We reconsider the role of foreign investment in income inequality in light of recent critiques that question the results of quantitative cross-national research on foreign capital penetration. We analyze an unbalanced cross-national data set in which countries contribute different numbers of observations, with a maximum of 88 countries and 488 observations, dated from 1967 to 1994. Random-effects regression models that control for unmeasured country heterogeneity are used to investigate effects of foreign capital penetration on inequality (measured as the Gini coefficient) against the background of an internal-developmental model of inequality. We adapt Firebaugh's (1992, 1996) critique of the literature on the effect of foreign investment on economic growth to the study of income inequality and find that the stock of foreign direct investment has an effect on inequality that is independent of the mechanisms identified by Firebaugh. We explore Tsai's (1995) claim that the effect of foreign capital penetration is spurious and find that foreign stock has a significant positive effect on inequality net of region-specific differences. An alternative interpretation of the findings of the foreign investment/inequality literature is discussed in light of the discovery of an inverted-U shaped relationship between income inequality and foreign investment stock per capita. We conclude that thinking on the relationship between income inequality and investment dependence should be revised in light of an investment-development path relating the inflow and outflow of foreign capital to economic development.