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Leverage as a Conditioning Variable for Employment: An Analysis of a Panel of West German Manufacturing Firms

Michael Funke and Holger Strulik ()

Quantitative Macroeconomics Working Papers from Hamburg University, Department of Economics

Abstract: This paper reports an attempt to implement financial factors into a neoclassical model of optimal factor demand. The theoretical shows that factor demand decisions of firms operating under monopolistic competition or with decreasing returns to scale are affected by financial restrictions. The theoretical model is estimated using West German firm data from 1987 to 1994.

Keywords: Financial Restrictions; Labour Demand; Panel Data (search for similar items in EconPapers)
JEL-codes: J23 C33 (search for similar items in EconPapers)
Date: 1998-04
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