Advanced Search
MyIDEAS: Login to save this article or follow this journal

Investissement financier, investissement physique et désendettement des firmes : y a-t-il un arbitrage ? Une étude sur données de panel du comportement des entreprises industrielles de 1979 à 1986

Contents:

Author Info

  • Anne Épaulard
  • Daniel Szpiro

Abstract

[fre] Physical investment, financial investment and debt : is there a trade off ? An analysis based on a panel of industrial firms, 1983-1986. . In order to assess if physical investment is crowded out by financial investment, a portfolio model is estimated on a panel of French firms. On the whole, returns on assets cannot explain much. But in the short run, an increase in wealth is primarily used to get rid of debt, and in a lesser respect to buy financial assets. The estimation of the model, firm by firm, shows that only half of the population seems to act according to a portfolio choice. Amongst these firms, only a small proportion substitute financial to physical assets. A simple investment function also concludes that there is no crowding out. [eng] Physical investment, financial investment and debt : is there a trade off ? An analysis based on a panel of industrial firms, 1983-1986. . In order to assess if physical investment is crowded out by financial investment, a portfolio model is estimated on a panel of French firms. On the whole, returns on assets cannot explain much. But in the short run, an increase in wealth is primarily used to get rid of debt, and in a lesser respect to buy financial assets. The estimation of the model, firm by firm, shows that only half of the population seems to act according to a portfolio choice. Amongst these firms, only a small proportion substitute financial to physical assets. A simple investment function also concludes that there is no crowding out.

(This abstract was borrowed from another version of this item.)

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.cairn.info/load_pdf.php?ID_ARTICLE=RECO_P1991_42N4_0701
Download Restriction: free

File URL: http://www.cairn.info/revue-economique-1991-4-page-701.htm
Download Restriction: free

Bibliographic Info

Article provided by Presses de Sciences-Po in its journal Revue économique.

Volume (Year): n° 42 (1991)
Issue (Month): 4 ()
Pages: 701-732

as in new window
Handle: RePEc:cai:recosp:reco_p1991_42n4_0701

Contact details of provider:
Web page: http://www.cairn.info/revue-economique.htm

Related research

Keywords:

Other versions of this item:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Bernard Paranque, 1995. "Financement, investissement et performances des entreprises industrielles françaises," Finance 9508001, EconWPA, revised 18 Aug 1995.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:cai:recosp:reco_p1991_42n4_0701. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jean-Baptiste de Vathaire).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.