Modelo de inversión basado en la ecuación de Euler con límite máximo de endeudamientoevidencia empírica internacional

  1. Maestro, Mónica M.
  2. Miguel Hidalgo, Alberto de
  3. Pindado García, Julio
Cuadernos de economía y dirección de la empresa

ISSN: 1138-5758

Year of publication: 2007

Issue: 30

Pages: 93-128

Type: Article

DOI: 10.1016/S1138-5758(07)70075-0 DIALNET GOOGLE SCHOLAR lock_openDialnet editor

More publications in: Cuadernos de economía y dirección de la empresa


This paper studies the determinants of firms¿ investment. Our model with a credit limit is derived from the Euler equation. The set of models obtained derived have been estimated by using the Generalized Method of Moments with data from Canada, Spain, The United States and The United Kingdom. Our results show that the sensitivity of investment to cash flow is greater for financially constrained firms than for those financiallyunconstrained. This greater sensitivity is caused by the higher effect of the capital market imperfections in the financially constrained firms. As a consequence, a separate study of the firm according to the financial constraints suffered is required in order to precisely identify the determinants of firms` investment.