Corporate governance and liquidity constraints: A dynamic analysis

被引：1
作者：
Hobdari B. [1 ]
Jones D.C. [2 ]
Mygind N. [1 ]
机构：
[1] International Economics and Management, Copenhagen Business School, Frederiksberg, 2000
[2] Hamilton College, Clinton
来源：
Comparative Economic Studies | 2010年 / 52卷 / 1期
关键词：
Corporate governance; Corporate investment; GMM estimates; Liquidity constraints;
D O I：
10.1057/ces.2009.10
中图分类号：
学科分类号：
摘要：
Rich panel data for a large and representative sample of Estonian firms are used to estimate the sensitivity of access to capital to differing ownership structures. This is done through explicitly modelling firm investment behaviour in a dynamic setting in the presence of adjustment costs, liquidity constraints and imperfect competition. We estimate Euler equations derived in the presence of symmetric and quadratic adjustment costs and both debt and equity constraints. Generalized Method of Moments (GMM) estimates confirm the importance of access to capital in determining investment rates and suggest that firms owned by insiders, especially non-managerial employees, are more prone to be liquidity constrained than others. © 2010 ACES.
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页码：82 / 103
页数：21
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