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La relazione tra struttura finanziaria e decisioni reali delle imprese: una rassegna critica dell'evidenza empirica

Author

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  • Anna Bottasso

    (CERIS-CNR, University of Genoa)

Abstract

Theoretical literature suggests that firms’ financial structure affects their real decisions because of capital markets imperfections. Several empirical studies have been conducted to test this hypothesis. This survey illustrates the main results of this literature focusing on the effects of capital markets imperfections on firms’ real decisions: fixed capital investments, F&D investments, inventory investments, labour demand and profit margins determination. Unlike previous surveys on this topic, this paper includes empirical evidence on Italian firms and discusses recent contributions supporting the “managerial discretion theory” as an alternative explanation of the positive relationship between investments and financial variables.

Suggested Citation

  • Anna Bottasso, 1998. "La relazione tra struttura finanziaria e decisioni reali delle imprese: una rassegna critica dell'evidenza empirica," Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, vol. 57(1), pages 109-155, April.
    • Handle: RePEc:gde:journl:gde_v57_n1_p109-155
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    Cited by:

    1. Laura Rondi & Alessandro Sembenelli, 1997. "Investment, Financial Factors and Business Fluctuations," CERIS Working Paper 199717, CNR-IRCrES Research Institute on Sustainable Economic Growth - Torino (TO) ITALY - former Institute for Economic Research on Firms and Growth - Moncalieri (TO) ITALY.

    More about this item

    Keywords

    capital markets imperfections; financial constraints; investment;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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