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Financing Constraints and Firm Inventory Investment: A Reexamination

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  • John Tsoukalas

Abstract

This paper shows that small firms inventory investment is substantially more sensitive (relative to large firms) to cash flow than previously recognized. Consequently, the strength of financing constraints on inventory investment may have been understated.

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File URL: http://128.118.178.162/eps/em/papers/0503/0503019.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Econometrics with number 0503019.

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Date of creation: 22 Mar 2005
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Handle: RePEc:wpa:wuwpem:0503019

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Web page: http://128.118.178.162

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Keywords: Inventories; Dynamic Panel Models;

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References

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  1. Anil K. Kashyap & Owen A. Lamont & Jeremy C. Stein, 1993. "Credit conditions and the cyclical behavior of inventories," Working Paper Series, Macroeconomic Issues 93-7, Federal Reserve Bank of Chicago.
  2. Pesaran, M.H. & Smith, R., 1992. "Estimating Long-Run Relationships From Dynamic Heterogeneous Panels," Cambridge Working Papers in Economics 9215, Faculty of Economics, University of Cambridge.
  3. Robert E. Carpenter & Steven M. Fazzari & Bruce C. Petersen, 1994. "Inventory (Dis)Investment, Internal Finance Fluctuations, and the Business Cycle," Macroeconomics, EconWPA 9401001, EconWPA.
  4. Mark Gertler & Simon Gilchrist, 1993. "Monetary policy, business cycles and the behavior of small manufacturing firms," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 93-4, Board of Governors of the Federal Reserve System (U.S.).
  5. Alan S. Blinder & Louis J. Maccini, 1991. "Taking Stock: A Critical Assessment of Recent Research on Inventories," Journal of Economic Perspectives, American Economic Association, vol. 5(1), pages 73-96, Winter.
  6. Robert E. Carpenter & Steven M. Fazzari & Bruce C. Petersen, 1998. "Financing Constraints And Inventory Investment: A Comparative Study With High-Frequency Panel Data," The Review of Economics and Statistics, MIT Press, vol. 80(4), pages 513-519, November.
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Cited by:
  1. Rasyad A. Parinduri, 2014. "Family Hardship and the Growth of Micro and Small Firms in Indonesia," Bulletin of Indonesian Economic Studies, Taylor & Francis Journals, vol. 50(1), pages 53-73, January.
  2. Gianni La Cava, 2013. "Inventory Investment in Australia and the Global Financial Crisis," RBA Research Discussion Papers rdp2013-13, Reserve Bank of Australia.

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