We review the changes in modelling strategy and econometric methodology when estimating a firin-level investment equation on panel data during the past twenty years, in order to assess which of these changes result from new estimation methods and changes in the practice of panel data...

The role of financial institutions and corporate governance in the conduct and performance of industrial firrm, especially in the area of technological innovation and international competition has been hotly debated in the recent past. The results presented here are a contribution to the...

This paper investigates whether the impact of financing constraints on company investment spending differs between firms in Belgium, France, Germany and the UK. Many previous studies have found that investment spending displays "excess sensitivity to cash flow" for individual countries, and...

We study the impact of process and product innovations introduced by firms on employment growth with random samples of manufacturing and services from France, Germany, Spain and the UK for 1998–2000, totaling about 20,000 companies. We develop and estimate a model relating firms' and...

This paper studies the impact of process and product innovations introduced by firms on their employment growth. A model that relates employment growth to process innova- tions and to the growth of sales due to innovative and unchanged products is derived and estimated using a unique source of...

We study the determinants of vertical integration. We first derive a number of predictions regarding the relationship between technology intensity and vertical integration from a simple incomplete contracts model. Then, we investigate these predictions using plant-level data for the UK...