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Comovement of Sales, Retention Practice and Financing Constraints in Dutch Manufacturing

Allard Bruinshoofd () and Wilko Letterie ()

No 1, Research Memorandum from Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR)

Abstract: This paper assesses the significance of financing constraints in investment decisions for a balanced panel of 206 of the largest Dutch manufacturing firms over the period 1983-1996, employing split sample analysis of reduced form investment equations. Our empirical evidence demonstrates that financing constraints matter in Dutch manufacturing and are associated with high retention practice and strong firm-industry sales comovement.

Keywords: mathematical economics (search for similar items in EconPapers)
Date: 2001
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