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.
引用
收藏
页码：95 / 120
页数：26
相关论文
共 50 条
  • [31] R&D INVESTMENT, PROFITABILITY UNCERTAINTY AND FIRM'S VALUATION
    Lai Van Vo
    Huong Le
    Danh Vinh Le
    Ly Thi Minh Pham
    PROCEEDINGS OF THE 3RD INTERNATIONAL CONFERENCE ON FINANCE AND ECONOMICS 2016, 2016, : 267 - 285
  • [32] Examining Complementary Effects of IT Investment on Firm Profitability: Are Complementarities the Missing Link?
    Lee, Johnny Jiung-Yee
    Randall, Taylor
    Hu, Paul Jen-Hwa
    Wu, Anne
    INFORMATION SYSTEMS MANAGEMENT, 2014, 31 (04) : 340 - 352
  • [33] EFFECTS OF REGULATION AND CAPITAL-MARKET IMPERFECTIONS ON THE DYNAMIC BEHAVIOR OF A FIRM
    NIHO, Y
    MUSACCHIO, RA
    SOUTHERN ECONOMIC JOURNAL, 1983, 49 (03) : 625 - 636
  • [34] Capital market imperfections and investment:: evidence from Belgian panel data
    Gérard, M
    Verschueren, F
    FIRMS' INVESTMENT AND FINANCE DECISIONS: THEORY AND EMPIRICAL METHODOLOGY, 2003, : 59 - 82
  • [35] Investment dynamics with fixed capital adjustment cost and capital market imperfections
    Bayer, Christian
    JOURNAL OF MONETARY ECONOMICS, 2006, 53 (08) : 1639 - 1677
  • [36] MOTIVES FOR FOREIGN-INVESTMENT - MARKET IMPERFECTIONS AND RISK DIVERSIFICATION HYPOTHESES
    RUGMAN, AM
    JOURNAL OF WORLD TRADE, 1975, 9 (05) : 567 - 573
  • [37] The impact of capital market imperfections on investment-cash flow sensitivity
    Agca, Senay
    Mozumdar, Abon
    JOURNAL OF BANKING & FINANCE, 2008, 32 (02) : 207 - 216
  • [38] Notes and Comments: Profitability in a multiple strategy market
    Giacomo Aletti
    Vincenzo Capasso
    Decisions in Economics and Finance, 2003, 26 (2) : 145 - 152
  • [39] Exporting and firm performance: Market entry, investment and expansion
    Fabling, Richard
    Sanderson, Lynda
    JOURNAL OF INTERNATIONAL ECONOMICS, 2013, 89 (02) : 422 - 431
  • [40] Market sentiment and firm investment decision-making
    Danso, Albert
    Lartey, Theophilus
    Amankwah-Amoah, Joseph
    Adomako, Samuel
    Lu, Qinye
    Uddin, Moshfique
    INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2019, 66
12345