Autore
Bottasso, Anna

Titolo
La relazione tra struttura finanziaria e decisioni reali delle imprese: una rassegna critica dell'evidenza empirica.
Periodico
CERIS-CNR. Working Paper
Anno: 1996 - Fascicolo: 23 - Pagina iniziale: 1 - Pagina finale: 44

Theoretical literature suggests that firms’ financial structure affects their real decisions because of capital markets imperfections. Several empirical studies have been conducted to test this hypothesis. This survey illustrates the main results of this literature focusing on the effects of capital markets mperfections on firms’ real decisions: fixed capital investments, R&D investments, inventory investments, labour demand and profit margins determination. Unlike previous surveys on this topic, this paper includes empirical evidence on Italian firms and discusses recent contributions supporting the “managerial discretion theory” as an alternative explanation of the positive relationship between investments and financial variabiles.



Testo completo: http://www.ceris.cnr.it/ceris/workingpaper/1996/Wp23_96.PDF

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