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Investment and Q in Spanish Manufacturing Firms

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Author Info

  • Alonso-Borrego, Cesar
  • Bentolila, Samuel

Abstract

In this paper, the authors present estimates of Tobin's Q for a panel of Spanish firms over the period 1983-87 and test the Q theory of investment. The results are threefold. First, Q is significant in the investment equation but a variable proxying for liquidity constraints is also significant. Second, once those variables are included, sales are not significant. Third, the adjustment costs implied by the authors' estimated parameter are lower than those found in international empirical literature. Copyright 1994 by Blackwell Publishing Ltd

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Bibliographic Info

Article provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics & Statistics.

Volume (Year): 56 (1994)
Issue (Month): 1 (February)
Pages: 49-65
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Handle: RePEc:bla:obuest:v:56:y:1994:i:1:p:49-65

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Citations

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Cited by:
  1. Cummins, Jason G. & Hassett, Kevin A. & Hubbard, R. Glenn, 1996. "Tax reforms and investment: A cross-country comparison," Journal of Public Economics, Elsevier, vol. 62(1-2), pages 237-273, October.
  2. Cummins, Jason & Hassett, Kevin & Oliner, Stephen, 1997. "Investment Behavior, Observable Expectations and Internal Funds," Working Papers 97-30, C.V. Starr Center for Applied Economics, New York University.
  3. Andrew Benito, 2002. "Financial pressure, monetary policy effects and inventory adjustment by UK and Spanish firms," Banco de España Working Papers 0226, Banco de España.
  4. R. Glenn Hubbard, 1998. "Capital-Market Imperfections and Investment," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 193-225, March.
  5. Silvio Rendon, 2006. "Job Creation and Investment in Imperfect Capital and Labor Markets," Computing in Economics and Finance 2006 432, Society for Computational Economics.
  6. Forster, Katrin, 2005. "Stock Prices and Real Economic Activity Empirical Results for Germany," Research Notes 20, Deutsche Bank Research.
  7. Edward F. Buffie & Manoj Atolia, 2006. "Resurrecting the Weak Credibility Hypothesis in Models of Exchange-Rate-Based Stabilization," Working Papers wp2009_01_03, Department of Economics, Florida State University, revised Aug 2007.
  8. García Marco, María Teresa, . "Ensayos sobre la influencia de la estructura financiera en la inversión empresarial," Open Access publications from Universidad Carlos III de Madrid info:hdl:10016/571, Universidad Carlos III de Madrid.
  9. Silvio Rendón, 2001. "Job Creation under Liquidity Constraints: the Spanish Case," Banco de España Working Papers 0101, Banco de España.
  10. Ángel Estrada & Javier Vallés, 1998. "Investment and financial structure in Spanish manufacturing firms," Investigaciones Economicas, Fundación SEPI, vol. 22(3), pages 337-359, September.
  11. Cristina Barceló, 2007. "A Q-model of labour demand," Investigaciones Economicas, Fundación SEPI, vol. 31(1), pages 43-78, January.
  12. Andrew Benito, 2003. "The capital structure decisions of firms: is there a pecking order?," Banco de España Working Papers 0310, Banco de España.

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