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D’une analyse de variabilités à un modèle d’investissement des firmes

  • Forest, Danielle

    (Université du Québec à Montréal)

  • Gouriéroux, Christian


  • Salvas-Bronsard, Lise

    (Université de Montréal)

We introduce a general to specific approach suitable for panel data. We are led to perform singular value decompositions based on a multivariate variance analysis equation, in which the individual and time effects are explicitely taken into account. This methodology is applied to the analysis of liquidity constraints as a determinant of corporate investment in Canada. Nous introduisons une approche du général au spécifique adaptée à des données de panel. Ceci conduit à considérer des décompositions en valeurs singulières menées à partir d’équations d’analyse de la variance multivariées faisant apparaître les effets individuels et temporels. Nous utilisons cette méthodologie pour analyser la présence de contraintes de liquidité comme déterminant de l’investissement des firmes canadiennes.

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Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

Volume (Year): 73 (1997)
Issue (Month): 1 (mars-juin-septembre)
Pages: 331-350

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Handle: RePEc:ris:actuec:v:73:y:1997:i:1:p:331-350
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  1. R. Glenn Hubbard & Anil K Kashyap & Toni M. Whited, 1993. "Internal Finance and Firm Investment," NBER Working Papers 4392, National Bureau of Economic Research, Inc.
  2. Whited, Toni M, 1992. " Debt, Liquidity Constraints, and Corporate Investment: Evidence from Panel Data," Journal of Finance, American Finance Association, vol. 47(4), pages 1425-60, September.
  3. Hayashi, Fumio, 1982. "Tobin's Marginal q and Average q: A Neoclassical Interpretation," Econometrica, Econometric Society, vol. 50(1), pages 213-24, January.
  4. Michael Devereux & Fabio Schiantarelli, 1989. "Investment, Finacial Factors and Cash Flow: Evidence From UK Panel Data," NBER Working Papers 3116, National Bureau of Economic Research, Inc.
  5. R. Glenn Hubbard & Anil Kashyap, 1990. "Internal net worth and the investment process: an application to U.S. agriculture," Finance and Economics Discussion Series 124, Board of Governors of the Federal Reserve System (U.S.).
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  9. Stephen Bond & Costas Meghir, 1990. "Dynamic Investment Models and the Firm's Financial Policy," CEPR Financial Markets Paper 0013, European Science Foundation Network in Financial Markets, c/o C.E.P.R, 77 Bastwick Street, London EC1V 3PZ..
  10. Andrew B. Abel & Olivier J. Blanchard, 1983. "The Present Value of Profits and Cyclical Movements in Investment," NBER Working Papers 1122, National Bureau of Economic Research, Inc.
  11. Abel, Andrew B & Eberly, Janice C, 1994. "A Unified Model of Investment under Uncertainty," American Economic Review, American Economic Association, vol. 84(5), pages 1369-84, December.
  12. Takeo Hoshi & Anil Kashyap & David Scharfstein, 1989. "Bank Monitoring and Investment: Evidence from the Changing Structure of Japanese Corporate Banking Relationships," NBER Working Papers 3079, National Bureau of Economic Research, Inc.
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  15. Robert S. Chirinko, 1992. "Business Fixed Investment Spending: A Critical survey of Modeling Strategies, Empirical Results, and Policy Implications," Working Papers 9213, Harris School of Public Policy Studies, University of Chicago.
  16. Oliner, Stephen D & Rudebusch, Glenn D, 1992. "Sources of the Financing Hierarchy for Business Investment," The Review of Economics and Statistics, MIT Press, vol. 74(4), pages 643-54, November.
  17. Robert E. Carpenter & Steven M. Fazzari & Bruce C. Petersen, 1994. "Inventory Investment, Internal-Finance Fluctuation, and the Business Cycle," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 25(2), pages 75-138.
  18. Frode Johansen, 1994. "Investment and Financial Constraints An Empirical Analysis of Norwegian Firms," Discussion Papers 109, Statistics Norway, Research Department.
  19. Steven M. Fazzari & Bruce C. Petersen, 1993. "Working Capital and Fixed Investment: New Evidence on Financing Constraints," RAND Journal of Economics, The RAND Corporation, vol. 24(3), pages 328-342, Autumn.
  20. Bester,Helmut Hellwig,Martin, 1987. "Moral hazard and equilibrium credit rationing: An overview of the issues," Discussion Paper Serie A 125, University of Bonn, Germany.
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