Investment under credit rationing and uncertainty: evidence from South Africa

David Fielding

Journal of African Economies, 2000, vol. 9, issue 2, 189-212

Abstract: We construct an empirical model of corporate investment which allows for the various effects of uncertainty and credit market imperfections described in the theoretical literature. The model is estimated using cross-sectional data from the South African stock exchange. Evidence is found for some (but not all) of the predictions of the relevant theoretical models, and differences between firms in different sectors and of different sizes are noted.

Date: 2000
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