Mit dem vorliegenden Aufsatz wird das Ziel verfolgt, die Erklärung der gesamtwirtschaftlichen Unternehmensinvestitionen (Ausrüstungsinvestitionen der Unternehmen und Wirtschaftsbauinvestitionen) durch die Einbeziehung von Variablen, mit denen sich Unsicherheit abbilden läßt, zu ergänzen. In...

The link between investment and finance usually enters the empirical literature in the form of financial constraints which are defined as the wedge between the costs of internal and external finance or as the risk of being rationed on the credit market. In this context, the sensitivity of...

This paper examines the link between liquidity constraints and investment behavior for German firms of different sizes from 1970 to 1986. Results indicate that medium sized firms appear to be more liquidity constrained in their investment behavior than either the smallest or largest firms in the...

This paper uses a large panel of survey data on German firms in the manufacturing sector to analyse the effects of financing constraints for investors in general and for innovative firms in particular. Survey data with information on financing conditions are potentially a valuable tool that...

The impact of uncertainty on firms' investment outlays is subject to an ongoing debate. Theory identifies several channels. Irreversibility, financing constraints and risk aversion make a negative relationship between uncertainty and investment likely. On the other hand, the ability of firms to...

The interpretation of the significant relation between business investment spending and cash flow has been controversial. A large body of research has found that investment/cash flow sensitivities are higher for financially constrained firms. This fundamental result underlying the finance...