Internal capital markets, bank borrowing, and financing constraints: Evidence from Belgian firms

Journal of Business Finance and Accounting

Volumn 25, Issue 7-8, 1998, Pages 945-968

  Deloof, Marc ^a  

^a VRIJE UNIVERSITEIT BRUSSEL   (Belgium)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0039687540     PISSN: 0306686X     EISSN: 14685957     Source Type: Journal    
DOI: 10.1111/1468-5957.00220     Document Type: Article

References (32)

1. Beecroft, E. (1993), 'The Role of Internal Funds in Corporate Investment', Unpublished Doctoral Dissertation (Harvard University).
2. Bettonville, H., M. Jegers and J. Vuchelen (1995), 'De formele kwaliteit van de jaarrekeningen van de grootste Belgische ondernemingen: 1977-1989', Kwartaalschrift Accountancy & Bednjfikunde, Vol.20 (March), pp. 33-38
3. Calem, P.S. and J.A. Rizzo (1994), 'Financing Constraints and Investment: New Evidence from Hospital Industry Data', Unpublished Manuscript (Federal Reserve Bank of Philadelphia).
4. Carpenter, R.E. (1994), 'Finance Constraints or Free Cash Flow? The Impact of Asymmetric Information on Investment', Unpublished Manuscript (Emory University).
5. Chirinko, R.S. (1993), 'Business Fixed Investment Spending: Modeling Strategies, Empirical Results, and Policy Implications', Journal of Economic Literature, Vol.31 (December), pp. 1875-1911
6. Cuyvers, L. and W. Meeusen (1976), 'The Structure of Personal Influence of the Belgian Holding Companies: A Quantitative Analysis', European Economic Review, Vol.8, pp. 51-69.
7. Daems.H. (1978), The Holding Company and Corporate Control {Martinus Nijhoff).
8. Deloof, M. (1996), 'Liquidity en groepsstructuren: een onderzoek voor Belgische ondernemingen', Unpublished Doctoral Dissertation (Free University of Brussels).
9. - and M. Jegers (1996), 'Trade Credit, Product Quality, and Intragroup Trade: Some European Evidence', Financial Management , Vol. 25, No. 3 (Autumn), pp. 33-43.
10. Devereux, M. and F. Schiantarelli (1990), 'Investment, Financial Factors, and Cash Flow: Evidence from U.K. Panel Data', Asymmetric Information, Corporate Finance, and Investment (University of Chicago Press), pp. 279-306.
11. The Economist (1995), 'Financial Indicators - Stockmarkets' (23 December).
12. Elston, J.A. and H. Albach (1994), 'Bank Affiliations and Firm Capital Investment in Germany, Unpublished Manuscript (Wissenschaftszentrum Berlin).
13. Fazzari, S.M., R.G. Hubbard and B.C. Petersen (1988), 'Financing Constraints and Corporate Investment', Brookings Papers on Economic Activity, No.1, pp. 141-195
14. - (1996), 'Financing Constraints and Corporate Investment: Response to Kaplan and Zingales', Unpublished Manuscript (National Bureau of Economic Research).
15. Gertner, R.H., D.S. Scharfstein and J.C. Stein (1994), 'Internal Versus External Capital Markets', Quarterly Journal of Economics (November), pp. 1211-1230
16. Hoshi, T., A. Kashyap and D. Scharfstein (1991), 'Corporate Structure, Liquidity and Investment: Evidence from Japanese Industrial Groups', Quarterly Journal of Economics, Vol.106, No.1, pp. 33-60.
17. Jegers, M. and W. Buijink (1987), 'The Reliability of Financial Accounting Data Bases: Some Belgian Evidence', International Journal of Accounting, Vol.23, No.1, pp. 1-21.
18. Jensen, M.C. (1986), 'Agency Costs of Free Cash Flow, Corporate Finance and Takeovers', American Economic Review , Vol. 76, No. 2, pp. 323-9.
19. - (1988), 'Takeovers: Their Causes and Consequences', Journal of Economic Perspectives (Winter), pp. 21-48.
20. Kaplan, S.N. and L. Zingales (1997), 'Do Investment-cash Flow Sensitivities Provide Useful Measures of Financing Constraints?', Quarterly Journal of Economics Vol.112, No.l, pp. 169-216.
21. Lefebvre, C. and J. Flower (1994), European Financial Reporting: Belgium (Routledge).
22. Leleux, B., T. Vermaelen and S. Banerjee (1997), 'Large Shareholdings and Corporate Control: An Analysis of Stake Purchases by French Holding Companies', European Financial Management , Vol. 3, No. 1, pp. 23-43.
23. Ramirez, C.D. (1995), 'Did J.P. Morgan's Men Add Liquidity? Corporate Investment, Cash Flow and Financial Structure at the Turn of the Twentieth Century', Journal of Finance, Vol.50, No.2, pp. 661-678
24. Schaller, H. (1993), 'Asymmetric Information, Liquidity Constraints, and Canadian Investment', Canadian Journal of Economics, Vol.26, No.3, pp. 552-574
25. Strong, J. S. and J. R. Meyer (1990), 'Sustaining Investment, Discretionary Investment, and Valuation: a Residual Funds Study of the Paper Industry', Asymmetric Information, Corporate Finance, and Investment (University of Chicago Press), pp. 127-148
26. Theunisse, H. (1987), 'Accounting and Reporting in Belgium', Advances in International Accounting (J.A.I. Press), pp. 191-248.
27. -and M. Jegers (1991), Elementen van Boekhouden en Analyse van Jaarrekeningen (VUB-Press).
28. Van Hulle, C. (1996), 'On the Nature of European Holding Groups', Unpublished Manuscript (Catholic University of Leuven).
29. Vincent, A. (1990), Les Groupes d'Entrepnses en Belgique (CRISP).
30. Vogt, S.C. (1994), 'The Cash Flow/Investment Relationship: Evidence from U.S. Manufacturing Firms', Financial Management, Vol.23 (Summer), pp. 3-20.
31. White, H. (1980), 'A Heteroskedasticity-consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity', Econometrica, Vol.48 (May), pp. 817-838
32. Wymeersch, E. (1994), 'Institutional Investors, Financial Groups and their Impact on Corporate Governance in Belgium', Institutional Investors and Corporate Governance (Walter de Gruyter), pp. 347-384