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Dutch inventory investment: are capital market imperfections relevant?

Author

Listed:
  • Hong Bo
  • Gerard Kuper
  • Robert Lensink
  • Elmer Sterken

Abstract

This paper analyses inventory investment using a balanced panel of 82 Dutch firms. We start from the Lovell (1961) inventory model and amend it with cash flow to introduce capital market imperfections. The empirical evidence provides support for the relevance of capital market imperfections in explaining Dutch inventory investment. The results suggest that cash flow is a relevant variable omitted from the original Lovell model. The study provides a better understanding of inventory behaviour in general.

Suggested Citation

  • Hong Bo & Gerard Kuper & Robert Lensink & Elmer Sterken, 2002. "Dutch inventory investment: are capital market imperfections relevant?," Applied Economics, Taylor & Francis Journals, vol. 34(1), pages 15-22.
    • Handle: RePEc:taf:applec:v:34:y:2002:i:1:p:15-22
    DOI: 10.1080/00036840010025128
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    Cited by:

    1. Yi-Chen Lin, 2007. "The cash flow sensitivity of cash: evidence from Taiwan," Applied Financial Economics, Taylor & Francis Journals, vol. 17(12), pages 1013-1024.

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