| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| The Impact of Financing Constraints on Markups: Theory and Evidence from Italian Firm Level Data | |
| Marzio Galeotti; Anna Bottasso; Alessandro Sembenelli | |
| 发表日期 | 1997 |
| 出处 | Economy and Society |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | In this paper we look at both the theoretical and empirical behaviour of price-cost margins when capital market imperfections affect firms' markup policies. We present a model of a firm operating in an industry with differentiated products and facing imperfect markets for financing operations. The model results in an Euler equation for the optimal price path which is estimated using data for several hundreds Italian firms over the period 1981-1993. The empirical results suggest that: (i) capital market imperfections are present in the sense that firms in our sample pay a premium on external finance which significantly depends on the debt to sales ratio; (ii) according to our estimates constrained firms find it optimal to cut price compared to unconstrained firms; (iii) as firms are more likely to be financially constrained in recessions, our results imply that financial market imperfections tend to make markups procyclical. |
| 特色分类 | D21,D43,D92,E30 |
| 关键词 | Markup,Financing constraints,Differentiated products |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/the-impact-of-financing-constraints-on-markups-theory-and-evidence-from-italian-firm-level-data/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/116272 |
| 推荐引用方式 GB/T 7714 | Marzio Galeotti,Anna Bottasso,Alessandro Sembenelli. The Impact of Financing Constraints on Markups: Theory and Evidence from Italian Firm Level Data. 1997. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| NDL1997-073.pdf（93KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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