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Financial Constraints and Capacity Adjustment: Evidence from a Large Panel of Survey Data

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  • ULF VON KALCKREUTH

Abstract

The focus of this study is on (i) the interaction between financial constraints and capacity restrictions, and (ii) the difference between large and small firms. Using CBI data to provide information on the financial constraints of UK manufacturers, we develop a new identification scheme based on the link between financial constraints and the prevalence and duration of capacity gaps. Two important results emerge: first, financially constrained firms take longer to close capacity gaps; second, small firms close capacity gaps faster than large firms do, but financial constraints seem to be of greater relevance to their adjustment dynamics. Copyright (c) The London School of Economics and Political Science 2006.

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Bibliographic Info

Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 73 (2006)
Issue (Month): 292 (November)
Pages: 691-724

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Handle: RePEc:bla:econom:v:73:y:2006:i:292:p:691-724

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Cited by:
  1. E. Philip Davis & Haibin Zhu, 2005. "Commercial property prices and bank performance," BIS Working Papers 175, Bank for International Settlements.
  2. Ulf Kalckreuth, 2011. "Panel estimation of state-dependent adjustment when the target is unobserved," Empirical Economics, Springer, vol. 40(1), pages 205-235, February.
  3. Marina-Eliza Spaliara, . "Do Financial Factors Affect The Capital-Labour Ratio: Evidence From UK Firm-Level Data," Discussion Papers 09/04, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
  4. Thiess Buettner & Clemens Fuest, 2010. "The role of the corporate income tax as an automatic stabilizer," International Tax and Public Finance, Springer, vol. 17(6), pages 686-698, December.
  5. von Kalckreuth, Ulf, 2008. "Financing constraints, firm level adjustment of capital and aggregate implications," Discussion Paper Series 1: Economic Studies 2008,11, Deutsche Bundesbank, Research Centre.

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