메뉴 건너뛰기




Volumn 33, Issue 10, 2009, Pages 1932-1947

Do financial factors affect the capital-labour ratio? Evidence from UK firm-level data

Author keywords

Capital labour ratio; Financial constraints; Firm specific characteristics

Indexed keywords


EID: 70350053267     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbankfin.2009.05.010     Document Type: Article
Times cited : (30)

References (45)
  • 1
    • 38749142248 scopus 로고    scopus 로고
    • The impact of capital market imperfections on investment-cash flow sensitivity
    • Agca S., and Mozumbar A. The impact of capital market imperfections on investment-cash flow sensitivity. Journal of Banking and Finance 32 (2008) 207-216
    • (2008) Journal of Banking and Finance , vol.32 , pp. 207-216
    • Agca, S.1    Mozumbar, A.2
  • 2
    • 1642279866 scopus 로고    scopus 로고
    • The impact of negative cash flow and influential observations on investment-cash flow sensitivity estimates
    • Allayannis G., and Mozumdar A. The impact of negative cash flow and influential observations on investment-cash flow sensitivity estimates. Journal of Banking and Finance 28 (2004) 901-930
    • (2004) Journal of Banking and Finance , vol.28 , pp. 901-930
    • Allayannis, G.1    Mozumdar, A.2
  • 4
    • 84881844837 scopus 로고
    • Some tests of specification for panel data: Monte carlo evidence and an application to employment equations
    • Arellano M., and Bond S. Some tests of specification for panel data: Monte carlo evidence and an application to employment equations. Review of Economic Studies 58 (1991) 277-297
    • (1991) Review of Economic Studies , vol.58 , pp. 277-297
    • Arellano, M.1    Bond, S.2
  • 5
    • 58149364940 scopus 로고
    • Another look at the instrumental variable estimation of error-components models
    • Arellano M., and Bover O. Another look at the instrumental variable estimation of error-components models. Journal of Econometrics 68 (1995) 29-51
    • (1995) Journal of Econometrics , vol.68 , pp. 29-51
    • Arellano, M.1    Bover, O.2
  • 6
    • 70350078018 scopus 로고    scopus 로고
    • Bank of England, 2001. The UK corporate and household sectors. Financial Stability Review, Bank of England.
    • Bank of England, 2001. The UK corporate and household sectors. Financial Stability Review, Bank of England.
  • 7
    • 34548769258 scopus 로고    scopus 로고
    • Firm behaviour and financial pressure: Evidence from Spanish panel data
    • Benito A., and Hernando I. Firm behaviour and financial pressure: Evidence from Spanish panel data. Bulletin of Economic Research 59 (2007) 283-311
    • (2007) Bulletin of Economic Research , vol.59 , pp. 283-311
    • Benito, A.1    Hernando, I.2
  • 8
    • 43049134507 scopus 로고    scopus 로고
    • Labour demand, flexible contracts and financial factors: Firm-level evidence from Spain
    • Benito A., and Hernando I. Labour demand, flexible contracts and financial factors: Firm-level evidence from Spain. Oxford Bulletin of Economics and Statistics 70 (2008) 283-301
    • (2008) Oxford Bulletin of Economics and Statistics , vol.70 , pp. 283-301
    • Benito, A.1    Hernando, I.2
  • 11
    • 70449530457 scopus 로고    scopus 로고
    • The financial accelerator in a quantitative business cycle framework
    • Taylor J., and Woodford M. (Eds), Elsevier Science, North-Holland
    • Bernanke B., Gertler M., and Gilchrist S. The financial accelerator in a quantitative business cycle framework. In: Taylor J., and Woodford M. (Eds). Handbook of Macroeconomics vol. 1C (1999), Elsevier Science, North-Holland
    • (1999) Handbook of Macroeconomics , vol.1 C
    • Bernanke, B.1    Gertler, M.2    Gilchrist, S.3
  • 12
    • 0001438979 scopus 로고    scopus 로고
    • Initial conditions and moment restrictions in dynamic panel data models
    • Blundell R., and Bond S. Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics 87 (1998) 115-143
    • (1998) Journal of Econometrics , vol.87 , pp. 115-143
    • Blundell, R.1    Bond, S.2
  • 13
    • 0011204851 scopus 로고
    • Investment and Tobin's Q: Evidence from company panel data
    • Blundell R., Bond S., and Schiantarelli F. Investment and Tobin's Q: Evidence from company panel data. Journal of Econometrics 51 (1992) 233-257
    • (1992) Journal of Econometrics , vol.51 , pp. 233-257
    • Blundell, R.1    Bond, S.2    Schiantarelli, F.3
  • 15
    • 55149105711 scopus 로고    scopus 로고
    • Microeconometric models of investment and employment
    • Heckman J., and Leamer E. (Eds), Elsevier, North-Holland
    • Bond S., and Van Reenen J. Microeconometric models of investment and employment. In: Heckman J., and Leamer E. (Eds). Handbook of Econometrics vol. 6 (2006), Elsevier, North-Holland
    • (2006) Handbook of Econometrics , vol.6
    • Bond, S.1    Van Reenen, J.2
  • 16
    • 32144449723 scopus 로고    scopus 로고
    • Access to external finance: Theory and evidence on the impact of firm-specific characteristics
    • Bougheas S., Mizen P., and Yalcin C. Access to external finance: Theory and evidence on the impact of firm-specific characteristics. Journal of Banking and Finance 30 (2006) 199-227
    • (2006) Journal of Banking and Finance , vol.30 , pp. 199-227
    • Bougheas, S.1    Mizen, P.2    Yalcin, C.3
  • 18
    • 60749120552 scopus 로고    scopus 로고
    • Why has the investment-cash flow sensitivity declined so sharply? Rising R&D and equity market developments
    • Brown J., and Petersen B. Why has the investment-cash flow sensitivity declined so sharply? Rising R&D and equity market developments. Journal of Banking and Finance 33 (2009) 971-984
    • (2009) Journal of Banking and Finance , vol.33 , pp. 971-984
    • Brown, J.1    Petersen, B.2
  • 21
    • 0011682136 scopus 로고
    • Effects of leverage on corporate investment and hiring decisions
    • Federal Reserve Bank of New York
    • Cantor, R., 1990. Effects of leverage on corporate investment and hiring decisions. Quarterly Review 15, Federal Reserve Bank of New York.
    • (1990) Quarterly Review , vol.15
    • Cantor, R.1
  • 22
    • 48749117422 scopus 로고    scopus 로고
    • Cash flow, investment, and investment opportunities: New tests using UK panel data
    • Carpenter R., and Guariglia A. Cash flow, investment, and investment opportunities: New tests using UK panel data. Journal of Banking and Finance 32 (2008) 1894-1906
    • (2008) Journal of Banking and Finance , vol.32 , pp. 1894-1906
    • Carpenter, R.1    Guariglia, A.2
  • 23
    • 18744386379 scopus 로고    scopus 로고
    • Is the growth of small firms constrained by internal finance?
    • Carpenter R., and Petersen B. Is the growth of small firms constrained by internal finance?. Review of Economics and Statistics 84 (2002) 298-309
    • (2002) Review of Economics and Statistics , vol.84 , pp. 298-309
    • Carpenter, R.1    Petersen, B.2
  • 24
    • 0002354296 scopus 로고
    • Investment, financial factors and cash flow: Evidence from UK panel data
    • Information. Hubbard G. (Ed), University of Chicago Press, Chicago
    • Devereux M., and Schiantarelli F. Investment, financial factors and cash flow: Evidence from UK panel data. In: Hubbard G. (Ed). Information. Capital Market and Investment (1990), University of Chicago Press, Chicago
    • (1990) Capital Market and Investment
    • Devereux, M.1    Schiantarelli, F.2
  • 26
    • 41549118446 scopus 로고    scopus 로고
    • Production in entrepreneurial firms: The effects of financial constraints on labor and capital
    • Garmaise M. Production in entrepreneurial firms: The effects of financial constraints on labor and capital. Review of Financial Studies 21 (2008) 543-577
    • (2008) Review of Financial Studies , vol.21 , pp. 543-577
    • Garmaise, M.1
  • 27
    • 34547433726 scopus 로고
    • Monetary policy, business cycles, and the behavior of small manufacturing firms
    • Gertler M., and Gilchrist S. Monetary policy, business cycles, and the behavior of small manufacturing firms. Quarterly Journal of Economics 109 (1994) 309-340
    • (1994) Quarterly Journal of Economics , vol.109 , pp. 309-340
    • Gertler, M.1    Gilchrist, S.2
  • 29
    • 0032927109 scopus 로고    scopus 로고
    • The effects of financial constraints on inventory investment: Evidence from a panel of UK firms
    • Guariglia A. The effects of financial constraints on inventory investment: Evidence from a panel of UK firms. Economica 66 (1999) 43-62
    • (1999) Economica , vol.66 , pp. 43-62
    • Guariglia, A.1
  • 30
    • 48749098155 scopus 로고    scopus 로고
    • Internal financial constraints, external financial constraints, and investment choice: Evidence from a panel of UK firms
    • Guariglia A. Internal financial constraints, external financial constraints, and investment choice: Evidence from a panel of UK firms. Journal of Banking and Finance 32 (2008) 1795-1809
    • (2008) Journal of Banking and Finance , vol.32 , pp. 1795-1809
    • Guariglia, A.1
  • 31
    • 33747330193 scopus 로고    scopus 로고
    • Credit channel, trade credit channel, and inventory investment: Evidence from a panel of UK firms
    • Guariglia A., and Mateut S. Credit channel, trade credit channel, and inventory investment: Evidence from a panel of UK firms. Journal of Banking and Finance 30 (2006) 2835-2856
    • (2006) Journal of Banking and Finance , vol.30 , pp. 2835-2856
    • Guariglia, A.1    Mateut, S.2
  • 32
  • 33
    • 0000180018 scopus 로고    scopus 로고
    • Capital market imperfections and investment
    • Hubbard G. Capital market imperfections and investment. Journal of Economic Literature 35 (1998) 193-225
    • (1998) Journal of Economic Literature , vol.35 , pp. 193-225
    • Hubbard, G.1
  • 34
    • 0003112060 scopus 로고    scopus 로고
    • Do investment-cash flow sensitivities provide useful measures of financial constraints?
    • Kaplan S., and Zingales L. Do investment-cash flow sensitivities provide useful measures of financial constraints?. Quarterly Journal of Economics 112 (1997) 169-216
    • (1997) Quarterly Journal of Economics , vol.112 , pp. 169-216
    • Kaplan, S.1    Zingales, L.2
  • 35
    • 0002135003 scopus 로고
    • Monetary policy and credit conditions: Evidence from the composition of external finance
    • Kashyap A., Stein J., and Wilcox D. Monetary policy and credit conditions: Evidence from the composition of external finance. American Economic Review 83 (1993) 78-98
    • (1993) American Economic Review , vol.83 , pp. 78-98
    • Kashyap, A.1    Stein, J.2    Wilcox, D.3
  • 36
    • 0037294418 scopus 로고    scopus 로고
    • Investment and financial constraints in transition economies: Micro evidence form Poland, the Czech Republic, Bulgaria, and Romania
    • Konings J., Rizov M., and Vandenbussche H. Investment and financial constraints in transition economies: Micro evidence form Poland, the Czech Republic, Bulgaria, and Romania. Economics Letters 78 (2003) 253-258
    • (2003) Economics Letters , vol.78 , pp. 253-258
    • Konings, J.1    Rizov, M.2    Vandenbussche, H.3
  • 39
    • 0032859668 scopus 로고    scopus 로고
    • How does financial pressure affect firms?
    • Nickell S., and Nicolitsas D. How does financial pressure affect firms?. European Economic Review 43 (1999) 1435-1456
    • (1999) European Economic Review , vol.43 , pp. 1435-1456
    • Nickell, S.1    Nicolitsas, D.2
  • 40
    • 13344286282 scopus 로고    scopus 로고
    • Unemployment in the OECD since the 1960s. What do we know?
    • Nickell S., Nunziata L., and Ochel W. Unemployment in the OECD since the 1960s. What do we know?. Economic Journal 115 (2005) 1-27
    • (2005) Economic Journal , vol.115 , pp. 1-27
    • Nickell, S.1    Nunziata, L.2    Ochel, W.3
  • 41
    • 0000914563 scopus 로고    scopus 로고
    • Monetary policy and credit conditions: Evidence from the composition of external finance: Comment
    • Oliner S., and Rudebusch G. Monetary policy and credit conditions: Evidence from the composition of external finance: Comment. American Economic Review 86 (1996) 300-309
    • (1996) American Economic Review , vol.86 , pp. 300-309
    • Oliner, S.1    Rudebusch, G.2
  • 42
    • 0001268374 scopus 로고
    • Financial market imperfections, firm leverage, and the cyclicality of employment
    • Sharpe S. Financial market imperfections, firm leverage, and the cyclicality of employment. American Economic Review 84 (1994) 1060-1074
    • (1994) American Economic Review , vol.84 , pp. 1060-1074
    • Sharpe, S.1
  • 45
    • 0036662273 scopus 로고    scopus 로고
    • Business fixed investment: Evidence of a financial accelerator in Europe
    • Vermeulen P. Business fixed investment: Evidence of a financial accelerator in Europe. Oxford Bulletin of Economics and Statistics 64 (2002) 217-235
    • (2002) Oxford Bulletin of Economics and Statistics , vol.64 , pp. 217-235
    • Vermeulen, P.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.