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How is Investment Financed? A Study of Germany, Japan, UK and US

Author

Listed:
  • Jenkinson, T
  • Corbett, J

Abstract

The main aims of this paper are, first, to construct a consistent comparative set of data on the sources of finance for investment over the period 1970-94 for the UK, US, Germany and Japan, and second, to challenge some conventional views of the international differences in financing patterns. We find that there is little evidence to support the view that Germany is a "bank financed" system nor that the UK or US are "market financed".

Suggested Citation

  • Jenkinson, T & Corbett, J, 1997. "How is Investment Financed? A Study of Germany, Japan, UK and US," Papers 16, American Institute for Contemporary German Studies-.
    • Handle: RePEc:fth:amiger:16
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    Cited by:

    1. Bond, Stephen & Xing, Jing, 2015. "Corporate taxation and capital accumulation: Evidence from sectoral panel data for 14 OECD countries," Journal of Public Economics, Elsevier, vol. 130(C), pages 15-31.
    2. Dirk Kiesewetter & Tobias Steigenberger & Matthias Stier, 2018. "Can formula apportionment really prevent multinational enterprises from profit shifting? The role of asset valuation, intragroup debt, and leases," Journal of Business Economics, Springer, vol. 88(9), pages 1029-1060, December.
    3. Tuomas A. Peltonen & Ricardo M. Sousa & Isabel S. Vansteenkiste, 2009. "Asset prices, Credit and Investment in Emerging Markets," NIPE Working Papers 18/2009, NIPE - Universidade do Minho.
    4. Chowdhury, Ibrahim & Hoffmann, Mathias & Schabert, Andreas, 2006. "Inflation dynamics and the cost channel of monetary transmission," European Economic Review, Elsevier, vol. 50(4), pages 995-1016, May.
    5. Geoff Willis, 2011. "Why Money Trickles Up - Wealth & Income Distributions," Papers 1105.2122, arXiv.org, revised May 2011.
    6. Jo, Tae-Hee, 2016. "A Heterodox Theory of the Business Enterprise," MPRA Paper 72426, University Library of Munich, Germany.
    7. Majumdar, Sumit K., 2016. "R&D and the overseas earnings of Indian firms," Technology in Society, Elsevier, vol. 44(C), pages 104-111.
    8. Tae-Hee Jo, 2015. "Financing Investment under Fundamental Uncertainty and Instability: A Heterodox Microeconomic View," Bulletin of Political Economy, Bulletin of Political Economy, vol. 9(1), pages 33-54, June.
    9. Carlin, Wendy & Mayer, Colin, 2003. "Finance, investment, and growth," Journal of Financial Economics, Elsevier, vol. 69(1), pages 191-226, July.
    10. Detzer, Daniel & Hein, Eckhard, 2014. "Financialisation and the financial and economic crises: The case of Germany," IPE Working Papers 44/2014, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    11. Cobham, David & Subramaniam, Ramesh, 1998. "Corporate finance in developing countries: New evidence for India," World Development, Elsevier, vol. 26(6), pages 1033-1047, June.
    12. Karl Pinno & Apostolos Serletis, 2007. "Financial structure and economic growth: the role of heterogeneity," Applied Financial Economics, Taylor & Francis Journals, vol. 17(14), pages 1129-1139.
    13. Ferrando, Annalisa & Preuss, Carsten, 2018. "What finance for what investment? Survey-based evidence for European companies," EIB Working Papers 2018/01, European Investment Bank (EIB).
    14. Ongena, S. & Smith, D.C., 2000. "Bank relationships : A review," Other publications TiSEM 993b88a5-9a0f-42de-9cec-6, Tilburg University, School of Economics and Management.
    15. Julia Koralun-Bereźnicka, 2014. "On the Relative Importance of Corporate Working Capital Determinants: Findings from the EU Countries," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 8(4), December.
    16. Christopher J. Green & Victor Murinde & Joy Suppakitjarak, 2003. "Corporate Financial Structures in Indiaâ€," South Asia Economic Journal, Institute of Policy Studies of Sri Lanka, vol. 4(2), pages 245-273, September.
    17. Saleheen, Jumana & Levina, Iren & Melolinna, Marko & Tatomir, Srdan, 2017. "The financial system and productive investment: new survey evidence," Bank of England Quarterly Bulletin, Bank of England, vol. 57(1), pages 4-17.
    18. William Lazonick, 2010. "The Chandlerian corporation and the theory of innovative enterprise," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 19(2), pages 317-349, April.
    19. Govori, Fadil, 2014. "The development of capital market and its impact on providing alternative sources of business financing: Empirical analysis," MPRA Paper 58189, University Library of Munich, Germany.
    20. David Chambers, 2007. "New issues, New Industries and Firm Survival in Interwar Britain," Working Papers 7002, Economic History Society.
    21. Annalisa Ferrando & Carsten Preuss, 2018. "What finance for what investment? Survey-based evidence for European companies," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 35(3), pages 1015-1053, December.
    22. Egert Juuse & Rainer Kattel, 2014. "Financialisation and the Financial and Economic Crises: The Case of Estonia," FESSUD studies fstudy20, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.

    More about this item

    Keywords

    INVESTMENTS ; GERMANY ; JAPAN ; UNITED KINGDOM ; UNITED STATES;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity

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