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Investment Sensitivity to Inter-enterprises Payment Deadlines

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  • Aissata Boubacar Moumouni

    (AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper investigates the determinants of firms investment financing constraints. Using an endogenous switching regression model on French Provence-Alpes Côte d'Azur region firms data collected between 2005-2014, we provide a novel evidence of the role of inter-enterprises payment deadlines which are days receivable outstanding and days payable outstanding, as factors determining rms investment nancing constraints. We also show that there is a non-negligible number of firms switching each year either from constrained regime to unconstrained regime or unconstrained regime to constrained one. By developing a model, we highlight the factors determining firms regime change.

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  • Aissata Boubacar Moumouni, 2020. "Investment Sensitivity to Inter-enterprises Payment Deadlines," Working Papers hal-02889436, HAL.
    • Handle: RePEc:hal:wpaper:hal-02889436
    Note: View the original document on HAL open archive server: https://hal.science/hal-02889436
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