Artikel
Investment decisions of companies in financial distress
This paper analyzes the influence of financial distress on the investment behavior of companies. The analysis includes companies from Germany, Canada, Spain, France, Italy, UK and USA, which cover a wide spectrum of different institutional environments. The methodology used is panel data estimation using the Generalized Method of Moments (System-GMM), thereby allowing control of both unobservable heterogeneity and the problems of endogeneity in explanatory variables. The results show that the influence of financial distress on investment is different according to the investment opportunities available to companies. So, companies in difficulties with fewer opportunities have the greatest propensity to under-invest, while firms in difficulties with better opportunities do not present different investment behavior than healthy companies."
- Sprache
-
Englisch
- Erschienen in
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Journal: BRQ Business Research Quarterly ; ISSN: 2340-9436 ; Volume: 18 ; Year: 2015 ; Issue: 3 ; Pages: 174-187 ; Barcelona: Elsevier España
- Klassifikation
-
Management
- Thema
-
Financial distress
Over-investment
Under-investment
Tobin's
- Ereignis
-
Geistige Schöpfung
- (wer)
-
López-Gutiérrez, Carlos
Sanfilippo Azofra, Sergio
Torre-Olmo, Begoña
- Ereignis
-
Veröffentlichung
- (wer)
-
Elsevier España
- (wo)
-
Barcelona
- (wann)
-
2015
- DOI
-
doi:10.1016/j.brq.2014.09.001
- Handle
- Letzte Aktualisierung
- 10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- López-Gutiérrez, Carlos
- Sanfilippo Azofra, Sergio
- Torre-Olmo, Begoña
- Elsevier España
Entstanden
- 2015
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