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dc.contributor.authorSchäfer, Dorotheaen
dc.contributor.authorGorodnichenko, Yuriyen
dc.contributor.authorTalavera, Oleksandren
dc.date.accessioned2009-01-28T15:47:27Z-
dc.date.available2009-01-28T15:47:27Z-
dc.date.issued2006-
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
dc.language.isoengen
dc.publisher|aDeutsches Institut für Wirtschaftsforschung (DIW) |cBerlinen
dc.relation.ispartofseries|aDIW Discussion Papers |x590en
dc.subject.jelG34en
dc.subject.jelG32en
dc.subject.ddc330en
dc.subject.keywordconcernen
dc.subject.keywordbusiness groupen
dc.subject.keywordinvestmenten
dc.subject.keywordliquidity constraintsen
dc.titleFinancial Constraints and Continental Business Groups: Evidence from German Konzerns-
dc.typeWorking Paperen
dc.identifier.ppn514139005en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:diw:diwwpp:dp590en

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