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Investment Under Financial Constraints: Theory and Tests with West German Micro Data

Michael Funke, Wolf Maurer, Sikandar Siddiqui and Holger Strulik ()

Quantitative Macroeconomics Working Papers from Hamburg University, Department of Economics

Abstract: We present a microeconometric study of the impact of financial constraints on investment decisions of 755 quoted and unquoted West German firms over the period 1989 to 1994. The underlying theoretical model is based upon rational expectations and convex adjustment costs. The panel data estimates lead to the hypothesis that limited access to external financial funds can indeed restrain the growth of investment.

Keywords: Investment; Panel Data; Financing Policy (search for similar items in EconPapers)
JEL-codes: D92 E22 C23 G32 (search for similar items in EconPapers)
Date: 1998-02
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