The impact of financial constraints on investment efficiency in South Africa

被引：0

作者：

Olopade, Oluwaseyi ^{[1
]}

Simo-Kengne, Beatrice D. ^{[1
]}

Ohonba, Abieyuwa ^{[1
]}

机构：

[1] Univ Johannesburg, Johannesburg, South Africa

来源：

ECONOMICS AND BUSINESS LETTERS | 2022年 / 11卷 / 03期

关键词：

Investment efficiency; Financial constraints; Panel data; ISSUES; PANEL; FIRMS;

D O I：

10.17811/ebl.11.3.2022.125-133

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Shifts from firm-level investment efficiency occur due to market imperfections and information asymmetry. This translates to an increased cost of capital, which leads to over or underinvestments. This study demonstrates the absence of a direct association between investment efficiency and financial constraints in African firms, complementing the efficient market hypothesis. We observed firms across different industries listed on the JSE from 2009 to 2019. Empirical results from panel data analysis reveal that financial constraints drive improved investment levels and firms in this region depend on external funds - specifically credits - to invest.

引用

页码：125 / 133

页数：9

共 14 条

[1] How Important Are Financing Constraints? The Role of Finance in the Business Environment [J].