期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2005
出版社：European Central Bank
摘要：The excess sensitivity of investment to cash ow has been demonstrated in numerous stud- ies. Recent research has identi ed di¤erences in the degree of sensitivity across countries, which it ascribes to the nature of the lender-borrower relationship in the nancial systems of those countries. In this paper we o¤er new methods and results to determine whether di¤erences are associated with structural explanations such as the nature of the nancial system and industrial composition, or due to other rm-speci c determinants such as size or creditworthiness. Unlike previous research we are able to systematically control for competing explanations in our data from more than one country and thereby isolate what drives the relationship. We nd that creditworthiness is the main driving force of cash ow sensitivity.
