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No Deep Pockets: Some Stylized Empirical Results On Firms' Financial Constraints

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  • Carlos Carreira
  • Filipe Silva

Abstract

This paper is a survey of recent empirical work on financial constraints faced by firms. It is organized as a series of stylized results which mirror what is generally understood about the severity of financial constraints and the effects that they have upon firms. The review of the literature shows that (a) financial constraints are a widespread key concern for firms, hindering their ability to carry out their optimal investment and growth trajectories and (b) the severity of such constraints depends on institutional and firm specific characteristics, as well as on the nature of investment projects. Copyright © 2010 Blackwell Publishing Ltd.

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  • Carlos Carreira & Filipe Silva, 2010. "No Deep Pockets: Some Stylized Empirical Results On Firms' Financial Constraints," Journal of Economic Surveys, Wiley Blackwell, vol. 24(4), pages 731-753, September.
  • Handle: RePEc:bla:jecsur:v:24:y:2010:i:4:p:731-753
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    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • L00 - Industrial Organization - - General - - - General
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior

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