Debt overhang, global growth opportunities, and investment

被引：19
作者：
Barbiero, Francesca [1 ]
Popov, Alexander [2 ]
Wolski, Marcin [3 ]
机构：
[1] European Cent Bank, Sonnemannstr 20, D-60314 Frankfurt, Germany
[2] Goethe Univ, Theodor W Adorno Pl 6, D-60323 Frankfurt, Germany
[3] European Investment Bank, 98-100 Blvd Konrad Adenauer, L-2950 Luxembourg, Luxembourg
来源：
JOURNAL OF BANKING & FINANCE | 2020年 / 120卷
关键词：
Debt overhang; Global growth opportunities; Investment; Banking crises; FINANCIAL DEVELOPMENT; CORPORATE-INVESTMENT; MATURITY STRUCTURE; FIRM SIZE; CONSTRAINTS; MISALLOCATION; LEVERAGE; ALLOCATION; DEPENDENCE; IMPACT;
D O I：
10.1016/j.jbankfin.2020.105950
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Using a pan-European data set of 8.5 million firms, we find that firms with high debt financing invest relatively more, than otherwise similar firms, if they are operating in sectors facing good global growth opportunities. The positive impact of a marginal increase in debt on investment in good-global-growthopportunities sectors disappears if firm debt is already excessive, if it is dominated by short maturities, and during systemic banking crises. Our results are consistent with theories of the disciplining role of debt, as well as with models highlighting the negative link between firm- and bank-related agency problems and corporate investment. (C) 2020 Elsevier B.V. All rights reserved.
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页数：16
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