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Financing and investment interdependencies in unquoted belgian companies: the role of venture capital

Manigart, Sophie; Baeyens, Katleen; Verschueren, Ilse - 2002

There is ample empirical evidence that investments in (public) companies are correlated with cash flow. This may either be explained as evidence of financing constraints (Fazzari, Hubbard and Petersen, 1988), as excessive conservatism by managers, restraining investments to the internally...

Persistent link: https://www.econbiz.de/10011506551

Finance, uncertainty and investment: assessing the gains and losses of a generalized non linear structural approach using Belgian panel data

Gérard, Marcel; Verschueren, Frédéric - 2002

Using panel data for 2,329 Belgian firms observed between 1985 and 1999, this paper aims at getting a better understanding of Belgian firms' investment behavior. Two main and interrelated topics are investigated: the link between financial structure and investment decision, on the one hand, the...

Persistent link: https://www.econbiz.de/10011506548

The impact of exporting on SME capital structure and debt maturity choices

Maes, Elisabeth; Dewaelheyns, Nico; Fuss, Catherine; … - 2016

Using a longitudinal dataset comprising of detailed financial and exporting data from Belgian small and medium-sized enterprises (SME) between 1998 and 2013, this article examines the manner in which firms manage to finance their export activities and the resulting impact on corporate capital...

Persistent link: https://www.econbiz.de/10011786066

The interest rate and credit channels in Belgium: an investigation with micro-level firm data

Butzen, Paul; Fuss, Catherine; Vermeulen, Philip - 2001

This paper investigates the effects of monetary policy on firms' investment behaviour. The analysis relies on a comprehensive database of Belgian firms covering all sectors of economic activity and firms of all sizes. We proceed in two steps. First, we estimate a reduced-form investment equation...

Persistent link: https://www.econbiz.de/10011506540

Investment, uncertainty and irreversibility: evidence from belgian accounting data

Cassimon, Danny; Engelen, Peter-Jan; Meersman, Hilde; … - 2002

This paper investigates the effects of uncertainty on the investment behaviour using firm-level data for a sample of Belgian manufacturing firms. In general, the results confirm former analysis at the aggregate level, stating that uncertainty does matter but that the sign of the effect and its...

Persistent link: https://www.econbiz.de/10011506545

The impact of uncertainty on investment plans

Butzen, Paul; Fuss, Catherine; Vermeulen, Philip - 2002

In this paper we investigate how demand and output price uncertainty affect investment plans of Belgian manufacturing firms. We obtain time-varying uncertainty measures at the firm and industry level from the Belgian monthly business cycle survey and investment plans from the half-yearly...

Persistent link: https://www.econbiz.de/10011506546

Financing constraints, fixed capital and R&D investment decisions of belgian firms

Cincera, Michele - 2002

This paper aims at assessing the relationship between the possible existence of financial constraints and the decisions of Belgian private firms as regards their investments in both capital and R&D investments over the last decade. The main system GMM estimates from the error-correction...

Persistent link: https://www.econbiz.de/10011506554

Investment, R&D and liquidity constraints: A corporate governance approach to the Belgian evidence

Van Cayseele, Pr. D. Patrick - 2002

In this contribution, we present a novel instrument to control for investment opportunities in studying the investment-cash-flow sensitivity. More in particular we introduce the book value of R&D. We argue this instrument has advantages over other theories of investment, especially when...

Persistent link: https://www.econbiz.de/10011506555

Firms' investment decisions in response to demand and price uncertainty

Fuss, Catherine; Vermeulen, Philip - 2004

We estimate the effect of demand and price uncertainty on firms' investment decisions from a panel of manufacturing firms. Uncertainty measures are derived from firms' subjective qualitative expectations. They are close to their theoretical counterparts, the variances of future demand and price...

Persistent link: https://www.econbiz.de/10011506567

The process of European monetary integration: a comparison of the Belgian and Italian approaches

Maes, Ivo; Quaglia, Lucia - 2003

This paper analyses and compares the roles which Belgium and Italy have played in the process of European monetary … of the Belgian and Italian EMU strategies and the concrete contributions made by Belgium and Italy. Overall, these two … to be skilful negotiators. The main difference is that Belgium has been a constant and consistent "pace-setter" in …

Persistent link: https://www.econbiz.de/10011506562

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