Loose Monetary Policy and Corporate Investment of Manufacturing Firms in the Czech Republic

被引：5
|
作者：
Kajurova, Veronika [1 ]
Linnertova, Dagmar [2 ]
机构：
[1] Mendel Univ Brno, Fac Business & Econ, Dept Econ, Zemedelska 1, Brno 61300, Czech Republic
[2] Masaryk Univ, Fac Econ & Adm, Inst Financial Complex Syst, Lipova 41a, Brno 60200, Czech Republic
来源：
REVIEW OF ECONOMIC PERSPECTIVES | 2018年 / 18卷 / 04期
关键词：
balance sheet channel; corporate investment; loose monetary policy; low interest rates;
D O I：
10.2478/revecp-2018-0019
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The aim of the paper is to evaluate the effects of loose monetary policy on corporate investment of manufacturing firms in the Czech Republic during the period between 2006 and 2015. The main focus of the paper is on the effect of low interest rates on investment activity of Czech firms; additionally, the effects of interactions between interest rate and other firm-specific variables are investigated. The results indicate that corporate investment is positively associated with firm size, investment opportunities, and long term debt. Also, a negative effect of the cash position is found. Further, the findings show that monetary policy is a significant determinant of firm investment activity: when the monetary policy is loose, investment is positively affected. Furthermore, differences in the determinants of investment between highly and low leveraged firms were revealed.
引用
收藏
页码：371 / 385
页数：15
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