A panel analysis of liquidity constraints and firm investment

• 成果类型: Article
• 署名作者: Hsiao, C; Tahmiscioglu, AK
• 署名单位: University of Wisconsin System; University of Wisconsin Milwaukee
• 刊物名称: JOURNAL OF THE AMERICAN STATISTICAL ASSOCIATION
• ISSN/ISSBN: 0162-1459
• DOI: 10.2307/2965693
• 发表日期: 1997
• 页码: 455-465
• 关键词: information; models; econometrics; POLICY

摘要

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.