Corporate debt and investment: A firm-level analysis for stressed euro area countries

被引：52

作者：

Gebauer, Stefan ^{[1
,2
]}

Setzer, Ralph ^{[3
]}

Westphal, Andreas ^{[3
]}

机构：

[1] German Inst Econ Res DIW Berlin, Mohrenstr 58, D-10117 Berlin, Germany

[2] Free Univ Berlin, Boltzmannstr 20, D-14195 Berlin, Germany

[3] European Cent Bank, Sonnemannstr 20, D-60314 Frankfurt, Germany

来源：

JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2018年 / 86卷

关键词：

Corporate debt; Leverage; Debt overhang; Investment; Threshold model; CAPITAL STRUCTURE; FINANCING CONSTRAINTS; DYNAMIC PANELS; DETERMINANTS; BEHAVIOR; POLICY;

D O I：

10.1016/j.jimonfin.2018.04.009

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the link between corporate debt and investment for a group of five peripheral euro area countries. Using firm-level data from 2005 to 2014, we postulate a non-linear corporate leverage-investment relationship and derive thresholds beyond which leverage has a negative and significant impact on investment. The investment sensitivity of debt increased after 2008 when financial distress intensified and firms had a lower capacity to finance investment from internal sources of funds. Our results also suggest that even moderate levels of debt can exert a negative influence on investment for smaller firms or when profitability is low. (C) 2018 Elsevier Ltd. All rights reserved.

引用

页码：112 / 130

页数：19

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