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Financial Constraints in Investment. Panel Data Results From Estonia, 1995-1999

Mickiewicz, Tomasz and Bishop, Kate and Varblane, Urmas (2004) Financial Constraints in Investment. Panel Data Results From Estonia, 1995-1999. Acta Oeconomica, 54 (4). pp. 425-449. ISSN 0001-6373

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Abstract

To investigate investment behaviour the present study applies panel data techniques, in particular the Arellano-Bond (1991) GMM estimator, based on data on Estonian manufacturing firms from the period 1995-1999. We employ the model of optimal capital accumulation in the presence of convex adjustment costs. The main research findings are that domestic companies seem to be financially more constrained than those where foreign investors are present, and also, smaller firms are more constrained than their larger counterparts.

Item Type: Article
Subjects: H Social Sciences / társadalomtudományok > H Social Sciences (General) / társadalomtudomány általában
Depositing User: Katalin Barta
Date Deposited: 26 Jan 2017 08:42
Last Modified: 26 Jan 2017 08:42
URI: http://real.mtak.hu/id/eprint/46306

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