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

被引：57
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.
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页码：112 / 130
页数：19
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