Corporate Self-Financing and Growth

Ricardo Bebczuk () and Maria Garegnani ()

No 200608, BCRA Working Paper Series from Central Bank of Argentina, Economic Research Department

Abstract: This paper analyzes the advantages and disadvantages of corporate self-financing from de perspective of corporative finance in order to evaluate its macroeconomic consequences. Specifically, a corporate self-financing coefficient is calculated for a group of 15 countries of OECD during the period 1970-2003. Using recent panel data methods, this paper studies the long-run effect of the corporate self-financing coefficient on the corporate investment, the total factor productivity and the output growth. The findings suggest a positive and significant long-run relationship between them.

Keywords: corporate investment; corporate self-financing; pooled mean group estimator (search for similar items in EconPapers)
JEL-codes: C33 G32 O16 (search for similar items in EconPapers)
Pages: 34 pages
Date: 2006-05
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Persistent link: https://EconPapers.repec.org/RePEc:bcr:wpaper:200608

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