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

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  • Michele Cincera

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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Bibliographic Info

Paper provided by ULB -- Universite Libre de Bruxelles in its series ULB Institutional Repository with number 2013/883.

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Date of creation: 2003
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Handle: RePEc:ulb:ulbeco:2013/883

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Cited by:
  1. 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.
  2. Joanna Tyrowicz, 2007. "Blame No One ?Investment Decisions of the Polish Stock-Listed Companies," Brussels Economic Review, ULB -- Universite Libre de Bruxelles, vol. 50(4), pages 391-410.
  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. 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.
  5. José García-Quevedo & Gabriele Pellegrino & Marco Vivarelli, 2011. "The determinants of YICs’ R&Dactivity," Working Papers 2011/31, Institut d'Economia de Barcelona (IEB).

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