Volltext herunterladen
(639.5 KB)
Zitationshinweis
Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):
https://nbn-resolving.org/urn:nbn:de:0168-ssoar-239040
Export für Ihre Literaturverwaltung
Financial systems, financing constraints, and investment: Empirical analysis of OECD countries
[Zeitschriftenartikel]
Abstract This paper investigates the influence of cash flow on corporate investment in eleven OECD countries. We find that the sensitivity of investment levels to internally available funds differs significantly across countries, and is lower in countries with predominantly close bank-firm relationships than... mehr
This paper investigates the influence of cash flow on corporate investment in eleven OECD countries. We find that the sensitivity of investment levels to internally available funds differs significantly across countries, and is lower in countries with predominantly close bank-firm relationships than in countries with predominantly arm’s-length bank-firm relationships. At the same time, we find no relationship of the levels of financial constraints to indicators of overall financial development. Our results are consistent with the view that information and incentive problems in the capital market have important effects on corporate investment, and that close bank-firm relationships can reduce these problems and thus improve the access of firms to external finance.... weniger
Sprache Dokument
Englisch
Publikationsjahr
2006
Seitenangabe
S. 1963-1974
Zeitschriftentitel
Applied Economics, 38 (2006) 17
DOI
https://doi.org/10.1080/00036840500427122
Status
Postprint; begutachtet (peer reviewed)
Lizenz
PEER Licence Agreement (applicable only to documents from PEER project)