|
EconStor >
Deutsches Institut für Wirtschaftsforschung (DIW), Berlin >
DIW-Diskussionspapiere >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/18483
|
| | |
| Title: | | Financial Constraints and Continental Business Groups: Evidence from German Konzerns  |
| Authors: | | Schäfer, Dorothea Gorodnichenko, Yuriy Talavera, Oleksandr |
| Issue Date: | | 2006 |
| Series/Report no.: | | DIW-Diskussionspapiere 590 |
| Abstract: | | Using a unique, large panel of German firms, we examine whether participation in business groups reduces the sensitivity of investment to cash flow. The main finding is that the reduction in the sensitivity is small for small firms and negligible for medium and large firms. We argue that by virtue of the continental business model, gains from business groups should be in better contract enforcement and coordination rather than in internalizing capital markets. |
| Subjects: | | concern business group investment liquidity constraints |
| JEL: | | G34 G32 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des DIW DIW-Diskussionspapiere
|
| Files in This Item:
| |
| File |
Description |
Size | Format |
| dp590.pdf | | 487.77 kB | Adobe PDF |
|
| No. of Downloads:
| |
| last Month |
last 3 Month |
total |
|
|
|
|
|
| |
| | |
Download bibliographical data as:
BibTeX
|
| |
Share on:http://hdl.handle.net/10419/18483
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|