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Financial Factors and Investment in Belgium, France, Germany, and the United Kingdom: A Comparison Using Company Panel Data

Author

Listed:
  • Benoit Mulkay

    (MRE - Montpellier Recherche en Economie - UM - Université de Montpellier)

  • Stephen Bond

    (QLVL - KU Leuven - Catholic University of Leuven = Katholieke Universiteit Leuven)

  • Julie Ann Elston
  • Jacques Mairesse

    (CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - X - École polytechnique - IP Paris - Institut Polytechnique de Paris - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - CNRS - Centre National de la Recherche Scientifique)

  • Benoît Mulkay

Abstract

We construct company panel data sets for manufacturing firms in Belgium, France, Germany, and the United Kingdom, covering the period 1978-1989. These data sets are used to estimate empirical investment equations, and to investigate the role played by financial factors in each country. A robust finding is that cash flow and profits terms appear to be both statistically and quantitatively more significant in the United Kingdom than in the three continental European countries. This is consistent with the suggestion that financial constraints on investment may be relatively severe in the more market-oriented U.K. financial system. © 2003 President and Fellows of Harvard College and the Massachusetts Institute of Technology.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Benoit Mulkay & Stephen Bond & Julie Ann Elston & Jacques Mairesse & Benoît Mulkay, 2003. "Financial Factors and Investment in Belgium, France, Germany, and the United Kingdom: A Comparison Using Company Panel Data," Post-Print hal-01815075, HAL.
    • Handle: RePEc:hal:journl:hal-01815075
    DOI: 10.1162/003465303762687776
    as

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