| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12003 |
| DP12003 Financial frictions and corporate investment in bad times. Who cut back most? | |
| Immacolata Marino; Brunella Bruno; Alexandra D'Onofrio | |
| 发表日期 | 2017-04-28 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We explore the differential impact of leverage and debt maturity structure on investment in European firms belonging to different countries and industries during the financial and sovereign crisis period. We find that in crisis years (i) leverage exerts a strong and negative effect on the level of investment and (ii) firms with more long-term debt invest less. We also uncover heterogeneous reactions to the crisis due to the level of debt and its maturity by sorting firms by country-specific and firm-specific characteristics. We find that firms who cut back most investment in crisis years (conditional on the level of leverage and maturity) (i) are located in Eurozone periphery countries, and (ii) are featured by a small-scale. Factors that help firms alleviate financial frictions and shield investment are being able to rely on multiple bank relationships and the ability to generate internal resources (cash flows). We find no evidence of a positive nexus between cash and investment, and only little evidence of a positive effect on investment of access to capital markets, to mitigate the negative impact of debt in crisis years. |
| 主题 | Financial Economics |
| 关键词 | investment Leverage Long-term debt Crisis |
| URL | https://cepr.org/publications/dp12003 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540815 |
| 推荐引用方式 GB/T 7714 | Immacolata Marino,Brunella Bruno,Alexandra D'Onofrio. DP12003 Financial frictions and corporate investment in bad times. Who cut back most?. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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