This paper investigates whether investment spending of firms is sensitive to the availability of internal funds. Imperfect capital markets create a hierarchy for the different sources of funds such that investment and financial decisions are not independent. The relation between corporate...

Pt. I: Keiretsu and competition. Vertical organisation versus markets. Sheard, Paul: Keiretsu and market access. An economics of organisation approach. Ariga, Kenn ; Ohkusa, Yasushi: Price formation and the structure of the distribution system. Pt. II: Corporate governance structures. Garvey,...