Alonso-Borrego, Cesar; Bentolila, Samuel - In: Oxford Bulletin of Economics and Statistics 56 (1994) 1, pp. 49-65
In this paper, the authors present estimates of Tobin's Q for a panel of Spanish firms over the period 1983-87 and test the Q theory of investment. The results are threefold. First, Q is significant in the investment equation but a variable proxying for liquidity constraints is also significant....