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Investment Under Financial Constraints: Theory and Tests with West German Micro Data

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Author Info

  • Michael Funke

    ()

  • Wolf Maurer
  • Sikandar Siddiqui
  • Holger Strulik

    ()

Abstract

We present a microeconometric study of the impact of financial constraints on investment decisions of 755 quoted and unquoted West German firms over the period 1989 to 1994. The underlying theoretical model is based upon rational expectations and convex adjustment costs. The panel data estimates lead to the hypothesis that limited access to external financial funds can indeed restrain the growth of investment.

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Bibliographic Info

Paper provided by Hamburg University, Department of Economics in its series Quantitative Macroeconomics Working Papers with number 19802.

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Date of creation: Feb 1998
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Handle: RePEc:ham:qmwops:19802

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Related research

Keywords: Investment; Panel Data; Financing Policy;

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Cited by:
  1. Klaus Abberger & Sascha O. Becker & Barbara Hofmann & Klaus Wohlrabe, 2007. "Mikrodaten im ifo Institut für Wirtschaftsforschung: Bestand, Verwendung, Zugang," Ifo Working Paper Series Ifo Working Paper No. 44, Ifo Institute for Economic Research at the University of Munich.
  2. Klaus Abberger & Sascha Becker & Barbara Hofmann & Klaus Wohlrabe, 2007. "Mikrodaten im ifo Institut für Wirtschaftsforschung – Bestand, Verwendung und Zugang," AStA Wirtschafts- und Sozialstatistisches Archiv, Springer, vol. 1(1), pages 27-42, June.

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