Investment and Financial Decision Making in the UK Company Sector

Carol Padgett
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Carol Padgett: Reading University

No 1988024, Discussion Papers (REL - Recherches Economiques de Louvain) from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES)

Abstract: This paper looks at the interrelationships between the real and financial decisions made by the UK industrial and commercial company sector. It uses a capital gains augmented version of Purvis' integrated expenditure and portfolio allocation model, a development of the Brainard-Tobin "pitfalls" approach. Investment, dividend payments, working capital, debt and equity decisions are modelled simultaneously subject to an income constraint. The results show that the size and composition of the sector's borrowing commitment play an important part in determining the level of capital spending.

Date: 1988-06-01
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Persistent link: https://EconPapers.repec.org/RePEc:ctl:louvre:1988024

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