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Investissement des entreprises et contraintes financières en France et aux États-Unis

Listed author(s):
  • Jacques Mairesse
  • Benoît Mulkay
  • Bronwyn H. Hall

[eng] The purpose of this paper is twofold. Firstly, it reviews developments in the strategy for modelling and estimating investment using individual company data. Secondly, it compares corporate investment behaviour in France and the United States over the two estimation periods (1971-1979 and 1985-1993). The main finding of this comparison is that demand remains the key investment determinant in both countries, whereas the profit rate is thought to have played a lesser role in recent years than in the 1970s. The lesser effect of profit is much more marked and seems more entrenched in France than in the United States. French companies would therefore seem to be less financially constrained than their American counterparts. [spa] El objetivo de este articulo es doble : dar cuenta de la evolucion de la estrategia de modelizacion y de estimacion de la inversion sobre unos datos individuales de empresas, y comparar los comportamientos de inversion de las empresas en Francia y en Estados Unidos sobre los dos periodos de estimacion 1971-1979 y 1985-1993. El resultado principal de la comparacion es que la demanda sigue constituyendo en ambos paises el determinante principal de la inversion, pero la tasa de provecho desempenaria un papel menor en los arios mas recientes que en los setenta. Esta pérdida de influencia dei provecho es mucha mas fuerte y garantizada en Francia que en Estados Unidos. Parece que las empresas francesas son menos apremiadas financieramente que las norteamericanas. [ger] Mit diesem Artikel wird ein zweifaches Ziel verfolgt : Überblick über die Entwicklung der Strategie bei der Modellierung und Schatzung der Investitionstatigkeit anhand individueller Unternehmensdaten sowie Vergleich des Investitionsverhalten der französischen und US-amerikanischen Unternehmen in den beiden Schatzungszeitraumen 1971-1979 und 1985-1993. Wichtigstes Ergebnis des Vergleichs ist, dass in beiden Landern die Nachfrage nach wie vor die bedeutendste Investitionsdeterminante ist, wahrend die Gewinnquote in den letzten Jahren eine wesentlich geringere Rolle ais in den 70r Jahren spielte. Dieser Rückgang des Einflusses der Gewinne ist in Frankreich wesentlich ausgepragter ais in den Vereinigten Staaten. Somit hat es den Anschein, dass die französischen Unternehmen weniger finanziellen Belastungen als ihre amerikanischen Kollegen ausgesetzt sind. [fre] L’objectif de cet article est double: donner un aperçu de l'évolution de la stratégie de modélisation et des méthodes d'estimation du comportement d’investissement des entreprises sur des données de panels; et comparer les comportements d’investissement des entreprises en France et aux États-Unis sur les deux périodes d'estimation 1971-1979 et 1985-1993. Le résultat principal de la comparaison est que la demande constitue toujours, dans les deux pays, le déterminant primordial de l’investissement, alors que le taux de profit jouerait dans les années plus récentes un moindre rôle que dans les années 70. Cette perte d'influence du profit est nettement plus marquée et paraît plus assurée en France qu'aux États-Unis. Il semble ainsi que les entreprises françaises soient moins contraintes financièrement que leurs homologues américaines.

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Article provided by Programme National Persée in its journal Economie et statistique.

Volume (Year): 341 (2001)
Issue (Month): 1 ()
Pages: 67-84

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Handle: RePEc:prs:ecstat:estat_0336-1454_2001_num_341_1_7470
Note: DOI:10.3406/estat.2001.7470
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References listed on IDEAS
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  1. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
  2. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
  3. Jacques Mairesse & Bronwyn H. Hall & Benoît Mulkay, 1999. "Firm-Level Investment in France and the United States: An Exploration of What We Have Learned in Twenty Years," Annals of Economics and Statistics, GENES, issue 55-56, pages 27-67.
  4. Schiantarelli, Fabio, 1996. "Financial Constraints and Investment: Methodological Issues and International Evidence," Oxford Review of Economic Policy, Oxford University Press, vol. 12(2), pages 70-89, Summer.
  5. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
  6. Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
  7. Nelson, Charles R & Startz, Richard, 1990. "The Distribution of the Instrumental Variables Estimator and Its t-Ratio When the Instrument Is a Poor One," The Journal of Business, University of Chicago Press, vol. 63(1), pages 125-140, January.
  8. R. Glenn Hubbard, 1998. "Capital-Market Imperfections and Investment," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 193-225, March.
  9. repec:adr:anecst:y:1999:i:55-56:p:02 is not listed on IDEAS
  10. Kim, E Han, 1978. "A Mean-Variance Theory of Optimal Capital Structure and Corporate Debt Capacity," Journal of Finance, American Finance Association, vol. 33(1), pages 45-63, March.
  11. Hayashi, Fumio & Inoue, Tohru, 1991. "The Relation between Firm Growth and Q with Multiple Capital Goods: Theory and Evidence from Panel Data on Japanese Firms," Econometrica, Econometric Society, vol. 59(3), pages 731-753, May.
  12. Hendry, David F. & Pagan, Adrian R. & Sargan, J.Denis, 1984. "Dynamic specification," Handbook of Econometrics,in: Z. Griliches† & M. D. Intriligator (ed.), Handbook of Econometrics, edition 1, volume 2, chapter 18, pages 1023-1100 Elsevier.
  13. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  14. Whited, Toni M, 1992. " Debt, Liquidity Constraints, and Corporate Investment: Evidence from Panel Data," Journal of Finance, American Finance Association, vol. 47(4), pages 1425-1460, September.
  15. Avinash K. Dixit & Robert S. Pindyck, 1994. "Investment under Uncertainty," Economics Books, Princeton University Press, edition 1, number 5474.
  16. Nickell, Stephen J, 1981. "Biases in Dynamic Models with Fixed Effects," Econometrica, Econometric Society, vol. 49(6), pages 1417-1426, November.
  17. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
  18. Lawrence H. Summers, 1981. "Taxation and Corporate Investment: A q-Theory Approach," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 12(1), pages 67-140.
  19. Stiglitz, Joseph E., 1973. "Taxation, corporate financial policy, and the cost of capital," Journal of Public Economics, Elsevier, vol. 2(1), pages 1-34, February.
  20. repec:adr:anecst:y:1999:i:55-56 is not listed on IDEAS
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