Investment Sensitivity to Inter-enterprises Payment Deadlines

Aissata Boubacar Moumouni ()
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Aissata Boubacar Moumouni: Aix-Marseille Univ., CNRS, AMSE, Marseille, France

No 1938, AMSE Working Papers from Aix-Marseille School of Economics, France

Abstract: This paper investigates the determinants of firms investment financing constraints. Using an endogenous switching regression model on French Provence-Alpes Côte d'Azur region firms data collected between 2005-2014, we provide a novel evidence of the role of inter-enterprises payment deadlines which are days receivable outstanding and days payable outstanding, as factors determining rms investment nancing constraints. We also show that there is a non-negligible number of firms switching each year either from constrained regime to unconstrained regime or unconstrained regime to constrained one. By developing a model, we highlight the factors determining firms regime change.

Keywords: firms investment; inter-enterprises payment deadlines; endogenous switching regression model (search for similar items in EconPapers)
JEL-codes: C30 C33 G30 G32 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2020-09
New Economics Papers: this item is included in nep-sbm
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Persistent link: https://EconPapers.repec.org/RePEc:aim:wpaimx:1938

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