Investitionsverhalten und Liquiditätsrestringiertheit. Eine Sensitivitätsanalyse / Investment Behaviour and Liquidity Constraints. A Sensitivity Analysis

Behr Andreas () and Bellgardt Egon ()
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Behr Andreas: Johann Wolfgang Goethe-Universität Frankfurt am Main, FB Wirtschaftswissenschaften, Institut für Statistik und Mathematik, Mertonstraße 17, Postfach 111932, D-60054 Frankfurt am Main
Bellgardt Egon: Johann Wolfgang Goethe-Universität Frankfurt am Main, FB Wirtschaftswissenschaften, Institut für Statistik und Mathematik, Mertonstraße 17, Postfach 111932, D-60054 Frankfurt am Main

Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), 2000, vol. 220, issue 3, 257-283

Abstract: Several empirical papers find that firms a priori classified as liquidity constrained exhibit greater sensitivity of investment to cash flow than those classified as unconstrained. In this paper we analyse the robustness of these findings in different ways. We use three different methods calculating Tobins Q and four different variables for classification as well as different group sizes. For three classification variables measuring liquidity constraints, we find lower sensitivity of investment to cash flow for unconstrained classified firms. Using different group sizes leads to only minor differences in the results. Calculating Tobins Q as a ratio of two rates of return leads to less significant results than methods using stocks for calculating Q.

Keywords: Investment; liquidity constraints; Tobins Q; Investitionen; Liquiditätsrestriktionen; Tobins Q; Investment; liquidity constraints; Tobins Q (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:jns:jbstat:v:220:y:2000:i:3:p:257-283

DOI: 10.1515/jbnst-2000-0302

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