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External factors affecting investment decisions of companies

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  • Bialowolski, Piotr
  • Weziak-Bialowolska, Dorota
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    Abstract

    In this paper we attempt to investigate the importance of certain external factors on the investment decision among Polish companies. With the use of data from the tailored made Survey on Receivables we examine factors influencing investment decisions of companies in Poland, assess the relation between the branch and company size and importance of the factors and finally we determine the relative influence of these factors on the actual investment reductions. The results showed that first, although the problem of payment delays is the most important single reason determining the investment decisions of Polish companies, its importance decreases when analyzed simultaneously with other reasons. Second, there are two driving forces determining the investment decisions of Polish companies, namely macroeconomic factors and law-related factors with the relative importance of the former lower than the latter. Third, there is a positive association between the importance attached to factors influencing investment decisions associated with either macroeconomic or legal environment and the investment reductions, meaning that companies facing higher investment reductions are also more prone to notice and value the factors influencing these decisions. --

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    Bibliographic Info

    Paper provided by Kiel Institute for the World Economy in its series Economics Discussion Papers with number 2013-44.

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    Date of creation: 2013
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    Handle: RePEc:zbw:ifwedp:201344

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    Keywords: investment decisions; company; survey; structural equation modelling;

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    1. Laurikka, Harri & Koljonen, Tiina, 2006. "Emissions trading and investment decisions in the power sector--a case study in Finland," Energy Policy, Elsevier, Elsevier, vol. 34(9), pages 1063-1074, June.
    2. Michael Overesch & Georg Wamser, 2010. "The effects of company taxation in EU accession countries on German FDI," The Economics of Transition, The European Bank for Reconstruction and Development, The European Bank for Reconstruction and Development, vol. 18(3), pages 429-457, 07.
    3. Santoro, Marika & Wei, Chao, 2012. "A Note On The Impact Of Progressive Dividend Taxation On Investment Decisions," Macroeconomic Dynamics, Cambridge University Press, Cambridge University Press, vol. 16(02), pages 309-319, April.
    4. Hogan, Chris E. & Lewis, Craig M., 2005. "Long-Run Investment Decisions, Operating Performance, and Shareholder Value Creation of Firms Adopting Compensation Plans Based on Economic Profits," Journal of Financial and Quantitative Analysis, Cambridge University Press, Cambridge University Press, vol. 40(04), pages 721-745, December.
    5. Victor Zarnowitz, 1992. "Rational Expectations and Macroeconomic Forecasts," NBER Chapters, in: Business Cycles: Theory, History, Indicators, and Forecasting, pages 462-491 National Bureau of Economic Research, Inc.
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