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internal debt
A likely reason is that, as shown by the equation explaining internal debt, weakly performing group firms receive more internal debt.
      
As tangibility does not have a clear link with the specific properties of internal debt, no a priori relationship is predicted.
      
Fiscal deficit is out of control and internal debt to GDP ratio is precariously high and rising.
      
Hence preceding arguments would predict a negative relation between profitability and the use of internal debt.
      
Its internal debt is merely the reflection of reshuffling of funds between Statutory Boards via the Treasury.
      
In addition, we do not find that subsidiaries with higher return on assets use more internal debt.
      
Moreover, as the depth of the internal capital market increases, bank debt at subsidiary level is replaced by internal debt.
      
Next to group-wide costs savings, internal debt may entail important advantages at the level of an individual subsidiary as well.
      
Not surprisingly then, the internal debt concentration of a subsidiary is mainly driven by the characteristics of the latter market.
      
Overall, the Tobit regressions for internal debt indicate that this form of financing is mainly driven by the depth of the internal capital market.
      
Section 2 develops a general perspective on the advantages and disadvantages of bank and internal debt.
      
Second, because of its owner-provided nature, internal debt is very flexible and can easily be renegotiated at low or zero costs.
      
This is realized by modelling in detail the mix of bank and internal debt in affiliates.
      
This pecking order in favour of internal debt can be explained by significant cost savings from the use of the internal capital market.
      
Within the internal debt aggregate, relative shares have shifted slightly.
      
Weak profitability may also foster the use of internal debt, if it serves to fill additional financing needs caused by low profitability.
      
 

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