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Investment Under Financial Constraints: Theory and Tests with West German Micro Data

Author

Listed:
  • Michael Funke
  • Wolf Maurer
  • Sikandar Siddiqui
  • Holger Strulik

Abstract

We present a microeconometric study of the impact of financial constraints on investment decisions of 755 quoted and unquoted West German firms over the period 1989 to 1994. The underlying theoretical model is based upon rational expectations and convex adjustment costs. The panel data estimates lead to the hypothesis that limited access to external financial funds can indeed restrain the growth of investment.

Suggested Citation

  • Michael Funke & Wolf Maurer & Sikandar Siddiqui & Holger Strulik, 1998. "Investment Under Financial Constraints: Theory and Tests with West German Micro Data," Quantitative Macroeconomics Working Papers 19802, Hamburg University, Department of Economics.
    • Handle: RePEc:ham:qmwops:19802
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    File URL: http://www.rrz.uni-hamburg.de/wst/qmwps/qm298.ps
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    Citations

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    Cited by:

    1. Klaus Abberger & Sascha Becker & Barbara Hofmann & Klaus Wohlrabe, 2007. "Mikrodaten im ifo Institut für Wirtschaftsforschung – Bestand, Verwendung und Zugang," AStA Wirtschafts- und Sozialstatistisches Archiv, Springer;Deutsche Statistische Gesellschaft - German Statistical Society, vol. 1(1), pages 27-42, June.
    2. Lewe, Stefan, 2003. "Wachstumseffiziente Unternehmensbesteuerung," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 20042, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).

    More about this item

    Keywords

    Investment; Panel Data; Financing Policy;
    All these keywords.

    JEL classification:

    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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