Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/153377 
Erscheinungsjahr: 
2008
Schriftenreihe/Nr.: 
ECB Working Paper No. 943
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
This paper analyses the impact that firms financial position has on investment decisions using panel data from a large sample of non-financial corporations(around 120,000 firms) in six euro area countries(Belgium, Germany, France, Italy, the Netherlands and Spain). The results indicate that financial position is important to explain capital expenditures, as financial pressure appears relevant in explaining investment dynamics when it is proxied by cash flow, indebtedness and debt burden. The results also show di¤erences in the sensitivity of investment rates to changes in financial pressure across countries, which appears to be especially large in the Netherlands and Italy and relatively small in Germany.
Schlagwörter: 
balance sheet channel
Financial pressure
fixed investment
panel data
JEL: 
C33
E22
G32
J23
Dokumentart: 
Working Paper

Datei(en):
Datei
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