کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5090233 | 1375622 | 2009 | 8 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Investment, internal funds and public banking in Germany
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
Previous studies supposed that low investment-cash flow sensitivities of German firms may be caused by a dominance of public banking. The paper addresses this assumption and applies a unique accounting dataset of German firms. Results from a dynamic version of the sales accelerator model show that the dependence of investment spending on internal funds does not significantly differ among firms attached to savings banks, cooperative banks or commercial banks. Thus, the importance of the public banking sector in Germany may not explain the rather low dependence of German firms on internal funds, and public ownership of banks does not seem to be important for reducing financing constraints.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 33, Issue 11, November 2009, Pages 2132-2139
Journal: Journal of Banking & Finance - Volume 33, Issue 11, November 2009, Pages 2132-2139
نویسندگان
Dirk Engel, Torge Middendorf,