Abstract

http://ssrn.com/abstract=1857367
 
 

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Internal Finance and Corporate Investment: Belgian Evidence with Panel Data


Fernando Barran


affiliation not provided to SSRN

Marga Peeters


De Nederlandsche Bank

May 1, 1998

Economic Modelling, Vol. 15, 1998

Abstract:     
In this paper the corporate investment decision under financial restrictions is investigated with Belgian firm data from 1984 to 1992. An investment Euler equation is derived from a dynamic optimization model with debt ceilings and an elastic credit supply. The model is estimated by GMM for different firm groups. An important aspect is that the sample is split according to a firm’s association with coordination centers. These centers have become the major external funding source of corporate investment in Belgium since 1986. The estimation results show the dependence of corporate investment on financial factors, both for non-coordination center as well as coordination center firms.

Number of Pages in PDF File: 23

Keywords: Investment, corporate, financial, financial restrictions, coordination centers, panel, GMM

JEL Classification: C23, G32, G3, D92

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Date posted: June 3, 2011 ; Last revised: August 22, 2011

Suggested Citation

Barran, Fernando and Peeters, Marga, Internal Finance and Corporate Investment: Belgian Evidence with Panel Data (May 1, 1998). Economic Modelling, Vol. 15, 1998. Available at SSRN: http://ssrn.com/abstract=1857367

Contact Information

Fernando Barran
affiliation not provided to SSRN ( email )
Marga Peeters (Contact Author)
De Nederlandsche Bank ( email )
PO Box 98
1000 AB Amsterdam
Amsterdam, 1000 AB
Netherlands
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