Autori
Sembenelli, AlessandroSchiantarelli, FabioTitolo
Form of ownership and financial constraints: panel data evidence on leverage and investment choices by Italian firms.Periodico
CERIS-CNR. Working PaperAnno:
1995 - Fascicolo:
1 - Pagina iniziale:
1 - Pagina finale:
17This paper analyzes the effect of the forms of ownership on the substitutability between
internal and external sources of finance. In particular, we test whether financial
constraints are more severe for independent firms and whether there are differences
between members of large national business groups and subsidiaries of foreign
multinational corporations. The results obtained from leverage and investment
equations estimated for a panel of Italian companies imply that independent firms face
greater capital market imperfections. Members of national groups and subsidiaries of multinational corporations do not dispaly excess sensitivity to cash flow in their investment decisions. The leverage equations suggest however that there are interesting differences between the two latter categories of firms.
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