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Financial Factors and Investment in Belgium, France, Germany and the UK: A Comparison Using Company Panel Data / Stephen Bond, Julie Elston, Jacques Mairesse, Benoit Mulkay.
- Format:
- Book
- Author/Creator:
- Bond, Stephen.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w5900.
- NBER working paper series no. w5900
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Financial Factors and Investment in Belgium, France, Germany and the UK
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1997.
- Summary:
- We construct company panel datasets for manufacturing firms in Belgium, France, Germany and the UK, covering the period 1978-89. These datasets are used to estimate a range of empirical investment equations, and to investigate the role played by financial factors in each country. A robust finding is that cash flow or profits terms appear to be both statistically and quantitatively more significant in the UK than in the three continental European countries. This is consistent with the suggestion that financial constraints on investment may be relatively severe in the more market-oriented UK financial system.
- Notes:
- Print version record
- January 1997.
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