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Financing constraints, fixed capital and R&D investment decisions of belgian firms

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  • Michele Cincera

    ()
    (Université Libre de Bruxelles, DULBEA
    CEPR)

Abstract

This paper aims at assessing the relationship between the possible existence of financial constraints and the decisions of Belgian private firms as regards their investments in both capital and R&D investments over the last decade. The main system GMM estimates from the error-correction equations indicate that the sensitivity of both types of investments to cash flow variations are rather differentiated. On the whole, these effects are more important for investments in ordinary assets, young small-scale firms located in the Walloon region that are not part of a multinational. Firms that perform R&D on a permanent basis and that receive public funds to support these activities appear to be less cash constraints.

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File URL: http://www.nbb.be/doc/oc/repec/reswpp/WP32.pdf
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Bibliographic Info

Paper provided by National Bank of Belgium in its series Working Paper Research with number 32.

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Length: 58 pages
Date of creation: May 2002
Date of revision:
Handle: RePEc:nbb:reswpp:200205-13

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Keywords: financial constraints; investments in capital and R&D; Belgian private companies; error-correction investment equations; system GMM panel data econometric models;

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Cited by:
  1. Joanna Tyrowicz, 2009. "Blame No One? Investment Decisions Of The Polish Stock-listed Companies," Working Papers 2009-06, Faculty of Economic Sciences, University of Warsaw.
  2. Michele Cincera, 2004. "Impact of market entry and exit on EU productivity and growth performance," ULB Institutional Repository 2013/921, ULB -- Universite Libre de Bruxelles.
  3. García-Quevedo, José & Pellegrino, Gabriele & Vivarelli, Marco, 2011. "R&D Drivers in Young Innovative Companies," IZA Discussion Papers 6136, Institute for the Study of Labor (IZA).
  4. José García-Quevedo & Gabriele Pellegrino & Marco Vivarelli, 2011. "The determinants of YICs’ R&Dactivity," Working Papers 2011/31, Institut d'Economia de Barcelona (IEB).
  5. Alfredo Bobillo & Juan Rodriguez Sanz & Fernando Tejerina Gaite, 2009. "Investment Decisions, Liquidity, and Institutional Activism: An International Study," Journal of Business Ethics, Springer, vol. 87(1), pages 25-40, April.

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