Financial Factors and Investment in Belgium, France, Germany and the UK:A Comparison Using Company Panel Data
Year: 1997
Type: report
Abstract: We construct company panel datasets for manufacturing firms in Belgium, France, Germany and the UK, covering the period 1978-89. These datasets are used to estimate a range of empirical investment equations, and to investigate the role played by financial factors in each country. A robust finding is that cash flow or profits terms appear to be both statistically and quantitatively more significant in the UK than in the three continental European countries. This is consistent with the suggestion that financial constraints on investment may be relatively severe in the more market-oriented UK financial system.
DOI: 10.3386/w5900
Institutions: Oregon State University, Oregon State University Cascades, National Bureau of Economic Research, Institut National de la Statistique et des Etudes Economiques, United Nations University – Maastricht Economic and Social Research Institute on Innovation and Technology, Maastricht University, Centre de Recherche en Économie et Statistique, Université de Montpellier, Université Montpellier 1
Language: English
Subfield: Accounting
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W2114316701