La relazione tra struttura finanziaria e decisioni reali delle imprese: una rassegna critica dell'evidenza empirica

Anna Bottasso

Giornale degli Economisti, 1998, vol. 57, issue 1, 109-155

Abstract: Theoretical literature suggests that firms’ financial structure affects their real decisions because of capital markets imperfections. Several empirical studies have been conducted to test this hypothesis. This survey illustrates the main results of this literature focusing on the effects of capital markets imperfections on firms’ real decisions: fixed capital investments, F&D investments, inventory investments, labour demand and profit margins determination. Unlike previous surveys on this topic, this paper includes empirical evidence on Italian firms and discusses recent contributions supporting the “managerial discretion theory” as an alternative explanation of the positive relationship between investments and financial variables.

Keywords: capital markets imperfections; financial constraints; investment (search for similar items in EconPapers)
JEL-codes: E22 E44 G32 (search for similar items in EconPapers)
Date: 1998
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