A Panel Analysis of Liquidity Constraints and Firm Investment
A Panel Analysis of Liquidity Constraints and Firm Investment
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DOI：
10.1080/01621459.1997.10473997
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发表时间：
1997-06
影响因子：
3.7
通讯作者：
C. Hsiao;A. K. Tahmiscioglu
中科院分区：
文献类型：
--
作者：
C. Hsiao;A. K. Tahmiscioglu
本文利用1971-1992年美国561家公司的面板数据，重新讨论了公司投资的财务约束问题。一些经济上有意义的因素被发现划分成相对同质的集团公司。一个混合的固定和随机系数的框架，然后用来捕捉组内未观察到的异质性。预测标准用于选择最终规格和评估的重要性，企业的投资决策的财务约束。
Abstract The issue of financial constraints on company investment is revisited using the U.S. panel data of 561 firms from 1971–1992. A number of economically meaningful factors are discovered to partition firms into relatively homogeneous groups. A mixed fixed-and random-coefficients framework is then used to capture unobserved heterogeneity within groups. The prediction criterion is used to select the final specification and evaluate the importance of financial constraints on firm's investment decisions.