Investment, internal funds and public banking in Germany
Previous studies supposed that low investment-cash flow sensitivities of German firms may be caused by a dominance of public banking. The paper addresses this assumption and applies a unique accounting dataset of German firms. Results from a dynamic version of the sales accelerator model show that t...
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| Veröffentlicht in: | Journal of banking & finance 2009-11, Vol.33 (11), p.2132-2139 |
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| container_end_page | 2139 |
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| container_issue | 11 |
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| container_title | Journal of banking & finance |
| container_volume | 33 |
| creator | Engel, Dirk Middendorf, Torge |
| description | Previous studies supposed that low investment-cash flow sensitivities of German firms may be caused by a dominance of public banking. The paper addresses this assumption and applies a unique accounting dataset of German firms. Results from a dynamic version of the sales accelerator model show that the dependence of investment spending on internal funds does not significantly differ among firms attached to savings banks, cooperative banks or commercial banks. Thus, the importance of the public banking sector in Germany may not explain the rather low dependence of German firms on internal funds, and public ownership of banks does not seem to be important for reducing financing constraints. |
| doi_str_mv | 10.1016/j.jbankfin.2009.05.006 |
| format | Article |
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| ispartof | Journal of banking & finance, 2009-11, Vol.33 (11), p.2132-2139 |
| issn | 0378-4266 1872-6372 |
| language | eng |
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| source | RePEc; Elsevier ScienceDirect Journals Complete |
| subjects | Banking Banking industry Banking system Cash flow Enterprises Financing methods Generalized method of moments Germany GMM Investment Panel data Relationship banking Relationship banking Investment Cash flow Panel data GMM Studies |
| title | Investment, internal funds and public banking in Germany |
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