Déterminants financiers de l'investissement en capital fixele cas Espagnol
ISSN: 0154-3229
Année de publication: 1998
Número: 86
Pages: 25-48
Type: Article
D'autres publications dans: Revue d'economie industrielle
Objectifs de Développement Durable
Résumé
The enrichment of the investment models with the contributions of the economics of information opens the possibility of an opportunist behaviour among agents. Its application to the field of finance implies the existence of financial constraints, tightening especially those firms more involved in asymmetric information. The constraints arise in the absence of substitution between internal and external resources and in the presence of credit rationing. This paper confirms the different validity of the Euler equation for the Spanish firms with or without information problems. Although this equation works for the investment function of the firms with more informative capacity, it doesn't for those without.