The Impact of Foreign Liabilities on Small Firms: Firm-Level Evidence from the Korean Crisis

Using Korean firm-level data on publicly-listed and privately-held firms together with firm exit data, we find strong evidence of the balance-sheet effect for small firms at both the intensive and extensive margins. During the crisis, small firms with more short-term foreign debt are more likely to go bankrupt, and experience larger sales declines conditional on survival. The extensive margin accounts for a large fraction of small firms’ adjustment during the crisis. Consistent with many studies in the literature, large firms with larger exposure to foreign debt paradoxically have better performance during the crisis at both the intensive and extensive margin.

The Impact of Foreign Liabilities on Small Firms: Firm-Level Evidence from the Korean Crisis

Using Korean firm-level data on publicly-listed and privately-held firms together with firm exit data, we find strong evidence of the balance-sheet effect for small firms at both the intensive and extensive margins. During the crisis, small firms with more short-term foreign debt are more likely to go bankrupt, and experience larger sales declines conditional on survival. The extensive margin accounts for a large fraction of small firmsÕ adjustment during the crisis. Consistent with many studies in the literature, large firms with larger exposure to foreign debt paradoxically have better performance during the crisis at both the intensive and extensive margin.financial crisis, firm-level data, balance-sheet effects, Korean economy

Youth Empowerment Programs in Jordan: Access and Equality

The research question for this study is to investigate the role of youth empowerment programs in providing equitable access for students at public and private schools in Jordan. Given the differences in education cost, quality, and outcomes between public and private schools; students are exposed to different levels of engagement opportunities within school systems. At the same time, the youth population is the engine of Jordan’s future growth. Understanding the role of external youth empowerment program providers is important to further education quality and equity. The research includes six interviews with program providers and survey results from University of Jordan. The research hypothesis is that youth empowerment programs plays a positive role in balancing, if not reducing, the education inequality seen in Jordanian society through external program provision. Upon analysis, the research concludes that although there have been major growths in the number and quality of youth empowerment programs, there are still substantial obstacles and challenges on the policy, financial, and social front that prevents further improving access to youth empowerment programs. The paper analyzes common trends among current organizations and identifies key challenges to focus on in the future. The research contributes not only to the academic literature on youth empowerment programs in Jordan, but highlights three key areas for organizations to focus on in the applied settings