Investment Under Financial Constraints: Theory and Tests with West German Micro Data
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.
|Date of creation:||Feb 1998|
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