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dc.contributor.authorSchäfer, Dorotheaen_US
dc.contributor.authorGorodnichenko, Yuriyen_US
dc.contributor.authorTalavera, Oleksandren_US
dc.date.accessioned2009-01-28T15:47:27Z-
dc.date.available2009-01-28T15:47:27Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/18483-
dc.description.abstractUsing 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.en_US
dc.language.isoengen_US
dc.publisherDeutsches Institut für Wirtschaftsforschung (DIW) Berlinen_US
dc.relation.ispartofseriesDIW-Diskussionspapiere 590en_US
dc.subject.jelG34en_US
dc.subject.jelG32en_US
dc.subject.ddc330en_US
dc.subject.keywordconcernen_US
dc.subject.keywordbusiness groupen_US
dc.subject.keywordinvestmenten_US
dc.subject.keywordliquidity constraintsen_US
dc.titleFinancial Constraints and Continental Business Groups: Evidence from German Konzernsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn514139005en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Publikationen von Forscherinnen und Forschern des DIW
DIW-Diskussionspapiere

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