Financial constraints and investment decisions: evidence from a highly unstable emerging economy

Aquiles Elie Guimaraes Kalatzis, Carlos Azzoni and Jorge Alberto Achcar

Applied Economics, 2008, vol. 40, issue 11, 1425-1434

Abstract: This study analyses the role of financial constraints on the investment decisions of 497 Brazilian firms. We use panel data, with firm-specific information for different years, allowing for the abandonment of the representative firm model. Information on capital intensity at the firm level is used to group firms. We estimate different models and the results suggest the presence of financial restrictions, especially for capital-intensive firms.

Date: 2008
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DOI: 10.1080/00036840600771379

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