TY  - JOUR
AU  - Bond,Stephen
AU  - Elston,Julie
AU  - Mairesse,Jacques
AU  - Mulkay,Benoit
TI  - Financial Factors and Investment in Belgium, France, Germany and the UK:A Comparison Using Company Panel Data
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 5900
PY  - 1997
Y2  - January 1997
UR  - http://www.nber.org/papers/w5900
L1  - http://www.nber.org/papers/w5900.pdf
N1  - Author contact info:
Jacques Mairesse
CREST-INSEE
15, Boulevard Gabriel PERI
92245 MALAKOFF CEDEX
FRANCE
Tel: 33-1-41-17-35-50
Fax: 33-1-41-17-76-34
E-Mail: mairesse@ensae.fr

BENOIT MULKAY
LEREPS,Université Toulouse 1
2 rue du Doyen Gabriel Marty
31042 Toulouse cedex 9
FRANCE
E-Mail: benoit.mulkay@univ-montp1.fr
AB  - We construct company panel datasets for manufacturing firms in Belgium, France, Germany and the UK, covering the period 1978-89. These datasets are used to estimate a range of empirical investment equations, and to investigate the role played by financial factors in each country.  A robust finding is that cash flow or profits terms appear to be both statistically and quantitatively more significant in the UK than in the three continental European countries.   This is consistent with the suggestion that financial constraints on investment may be relatively severe in the more market-oriented UK financial system.
ER  -