Aggregate investment and corporate indebtedness, Some empirical avidence from Finland

Lauri Kajanoja

No 10/1995, Bank of Finland Research Discussion Papers from Bank of Finland

Abstract: The purpose of this study was to examine whether evidence of the possible effects of firms' indebtedness on their investment decisions can be found in empirical aggregate investment equations. Three different types of equations for aggregate investment in Finland were estimated.The equations were estimated separately for manufacturing and nonmanufacturing investment.An indebtedness variable was used as an additional explanatory variable in every equation.The results support the view that nonmanufacturing firms' indebtedness has had a negative effect on their investment in Finland.In the manufacturing sector no such evidence was found.

Date: 1995
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