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Investment under credit rationing and uncertainty: evidence from South Africa

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  • D Fielding

Abstract

We construct an empirical model of corporate investment which allows for the various effects of uncertainty and credit market imperfections described in the theoretical literature. The model is estimated using cross-sectional data from the South African stock exchange. Evidence is found for some (but not all) of the predictions of the relevant theoretical models, and differences between firms in different sectors and of different sizes are noted.

Suggested Citation

  • D Fielding, 2000. "Investment under credit rationing and uncertainty: evidence from South Africa," Journal of African Economies, Centre for the Study of African Economies, vol. 9(2), pages 189-212.
    • Handle: RePEc:oup:jafrec:v:9:y:2000:i:2:p:189-212.
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    File URL: http://hdl.handle.net/10.1093/jae/9.2.189
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    Cited by:

    1. M. Shahe Emran & M. Imam Alam & Forhad Shilpi, 2003. "After the "License Raj": Economic Liberalization and Aggregate Private Investment in India," Development and Comp Systems 0305002, University Library of Munich, Germany, revised 30 Aug 2003.
    2. Sylvanus Ikhide, 2003. "Was There a Credit Crunch in Namibia Between 1996-2000?," Journal of Applied Economics, Universidad del CEMA, vol. 6, pages 269-290, November.
    3. Tania Ajam & Aron Janine, 2007. "Fiscal Renaissance in a Democratic South Africa," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 16(5), pages 745-781, November.

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