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Corporate debt and investment: a firm level analysis for stressed euro area countries

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Personen und Körperschaften: Gebauer, Stefan (VerfasserIn), Setzer, Ralph (VerfasserIn), Westphal, Andreas (VerfasserIn)
Titel: Corporate debt and investment: a firm level analysis for stressed euro area countries/ Stefan Gebauer, Ralph Setzer, Andreas Westphal
Format: E-Book
Sprache: Englisch
veröffentlicht:
Frankfurt am Main, Germany European Central Bank [2017]
Gesamtaufnahme: Europäische Zentralbank: Working paper series ; no 2101 (September 2017)
Schlagwörter:
Arbeitspapier
Online-Publikation
Quelle: Verbunddaten SWB
Lizenzfreie Online-Ressourcen
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contents This paper investigates the link between corporate debt and investment for a group of five peripheral euro area countries. Using firm-level data from 2005-2014, we postulate a non-linear corporate leverage-investment relationship and derive thresholds beyond which leverage has a negative and significant impact on investment. The investment sensitivity of debt increased after 2008 when financial distress intensified and firms had a lower capacity to finance investment from internal sources of funds. Our results also suggest that even moderate levels of debt can exert a negative influence on investment for smaller firms or when profitability is low.
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spelling Gebauer, Stefan VerfasserIn (DE-588)112809889X (DE-627)882380443 (DE-576)48568652X aut, Corporate debt and investment a firm level analysis for stressed euro area countries Stefan Gebauer, Ralph Setzer, Andreas Westphal, Frankfurt am Main, Germany European Central Bank [2017], 1 Online-Ressource (circa 39 Seiten) Illustrationen, Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, Working paper series / European Central Bank no 2101 (September 2017), This paper investigates the link between corporate debt and investment for a group of five peripheral euro area countries. Using firm-level data from 2005-2014, we postulate a non-linear corporate leverage-investment relationship and derive thresholds beyond which leverage has a negative and significant impact on investment. The investment sensitivity of debt increased after 2008 when financial distress intensified and firms had a lower capacity to finance investment from internal sources of funds. Our results also suggest that even moderate levels of debt can exert a negative influence on investment for smaller firms or when profitability is low., Arbeitspapier DE-206, Online-Publikation DE-206, Setzer, Ralph 1975- VerfasserIn (DE-588)134244613 (DE-627)564554758 (DE-576)185324800 aut, Westphal, Andreas 1958- VerfasserIn (DE-588)170005240 (DE-627)060007737 (DE-576)130922374 aut, Europäische Zentralbank Working paper series no 2101 (September 2017) 210100 (DE-627)372370322 (DE-576)108090442 (DE-600)2123559-4 1725-2806, http://hdl.handle.net/10419/175725 Resolving-System kostenfrei Volltext, https://dx.doi.org/10.2866/987849 Resolving-System kostenfrei Volltext, http://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2101.en.pdf?2645fee1a1eebe05dc9e67bfde8cb117 Verlag kostenfrei Volltext, https://dx.doi.org/10.2866/987849 LFER, LFER 2019-07-22T00:00:00Z
spellingShingle Gebauer, Stefan, Setzer, Ralph, Westphal, Andreas, Corporate debt and investment: a firm level analysis for stressed euro area countries, Europäische Zentralbank, Working paper series, no 2101 (September 2017), This paper investigates the link between corporate debt and investment for a group of five peripheral euro area countries. Using firm-level data from 2005-2014, we postulate a non-linear corporate leverage-investment relationship and derive thresholds beyond which leverage has a negative and significant impact on investment. The investment sensitivity of debt increased after 2008 when financial distress intensified and firms had a lower capacity to finance investment from internal sources of funds. Our results also suggest that even moderate levels of debt can exert a negative influence on investment for smaller firms or when profitability is low., Arbeitspapier, Online-Publikation
swb_id_str 9898126310
title Corporate debt and investment: a firm level analysis for stressed euro area countries
title_auth Corporate debt and investment a firm level analysis for stressed euro area countries
title_full Corporate debt and investment a firm level analysis for stressed euro area countries Stefan Gebauer, Ralph Setzer, Andreas Westphal
title_fullStr Corporate debt and investment a firm level analysis for stressed euro area countries Stefan Gebauer, Ralph Setzer, Andreas Westphal
title_full_unstemmed Corporate debt and investment a firm level analysis for stressed euro area countries Stefan Gebauer, Ralph Setzer, Andreas Westphal
title_in_hierarchy no 2101 (September 2017). Corporate debt and investment: a firm level analysis for stressed euro area countries ([2017])
title_short Corporate debt and investment
title_sort corporate debt and investment a firm level analysis for stressed euro area countries
title_sub a firm level analysis for stressed euro area countries
topic Arbeitspapier, Online-Publikation
topic_facet Arbeitspapier, Online-Publikation
url http://hdl.handle.net/10419/175725, https://dx.doi.org/10.2866/987849, http://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2101.en.pdf?2645fee1a1eebe05dc9e67bfde8cb117