Multiple market imperfections, firm profitability and investment

被引：8
|
作者：
Calcagnini, Giorgio [1 ,2 ]
Ferrando, Annalisa [3 ]
Giombini, Germana [1 ,2 ]
机构：
[1] Univ Urbino Carlo Bo, Dept Econ Soc & Polit, Urbino, Italy
[2] MoFiR, Ancona, Italy
[3] European Cent Bank, Frankfurt, Germany
来源：
EUROPEAN JOURNAL OF LAW AND ECONOMICS | 2015年 / 40卷 / 01期
关键词：
Investment; Regulation impact; EPL; Financial market development; CASH FLOW SENSITIVITIES; FINANCIAL DEVELOPMENT; LABOR; MODELS; PANEL; CONSTRAINTS; COMPETITION; GROWTH;
D O I：
10.1007/s10657-014-9454-z
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper investigates the impact of the interaction between product, labor and financial market imperfections on firms' investment by using a panel data of European firms over the period 1994-2008. It studies the impact of product and labor market regulations on firm investment and how it changes with the degree of financial market imperfections. Findings show that product and labor market regulations negatively affect firm investment by lowering firm profitability. The presence of more efficient financial markets increases firm investment and lowers the negative effects of market regulations.
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页码：95 / 120
页数：26
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