کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5081904 1477620 2009 12 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
ReviewInvestment decisions in troubled times: A Bayesian approach applied to Brazilian firms
موضوعات مرتبط
مهندسی و علوم پایه سایر رشته های مهندسی مهندسی صنعتی و تولید
پیش نمایش صفحه اول مقاله
ReviewInvestment decisions in troubled times: A Bayesian approach applied to Brazilian firms
چکیده انگلیسی

This study analyses the investment decision of 497 Brazilian firms during a period of unstable macroeconomic conditions. The role of financial constraints is considered in a Bayesian econometric model. We estimate three different models, and the results indicate the presence of financial restrictions, especially for capital-intensive firms. The recursive predictive density criterion indicates that the most preferred model is the one in which firm-specific effects are correlated with cash-flow. Financial restrictions are more important for capital-intensive firms, probably due to their lower profitability indexes, higher fixed costs and higher degree of property diversification.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Journal of Production Economics - Volume 120, Issue 2, August 2009, Pages 595-606
نویسندگان
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