Testing financing constraints on firm investment using variable capital

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• dc.contributor.author Caggese, Andreaca
• dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
• dc.date.accessioned 2017-07-26T10:40:19Z
• dc.date.available 2017-07-26T10:40:19Z
• dc.date.issued 2003-02-01
• dc.date.modified 2017-07-23T02:10:59Z
• dc.description.abstract We consider a dynamic multifactor model of investment with financing imperfections, adjustment costs and fixed and variable capital. We use the model to derive a test of financing constraints based on a reduced form variable capital equation. Simulation results show that this test correctly identifies financially constrained firms even when the estimation of firms investment opportunities is very noisy. In addition, the test is well specified in the presence of both concave and convex adjustment costs of fixed capital. We confirm empirically the validity of this test on a sample of small Italian manufacturing companies.
• dc.format.mimetype application/pdfca
• dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1009
• dc.identifier.citation Journal of Financial Economics, núm. 86, pp. 683-723, December 2007
• dc.identifier.uri http://hdl.handle.net/10230/1018
• dc.language.iso eng
• dc.relation.ispartofseries Economics and Business Working Papers Series; 1009
• dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
• dc.rights.accessRights info:eu-repo/semantics/openAccess
• dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
• dc.subject.keyword financing constraints
• dc.subject.keyword investment
• dc.subject.keyword Finance and Accounting
• dc.title Testing financing constraints on firm investment using variable capitalca
• dc.type info:eu-repo/semantics/workingPaper