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• W1584711867 abstract "This thesis examines the effects of informational imperfections in the financial system onthe investment decisions of firms. Its main theme is that such imperfections are relevant for thedynamic aspects of investment decision making, for they affect the cost of flow of new financing.Since their source is ultimately the decentralized nature of the system, where some of the creditorsof the firm have not access to the firm' s internal operations, the costs involved are likely toarise in every type of financial market and in the use of every kind of financial instrument. Theonly source of funds not affected by the informational problems is the flow of internal financing,but this is either constrained or involves rising costs for the insiders. Therefore, there are costs ofadjustment in capital accumulation that are related to the financial arrangements of the system.A dynamic optimization model is built to examine the combined financial and investmentdecisions of a firm operating in an asymmetric information environment. The resulting policiesare compared with those of a firm facing conventional adjustment costs and a strongly efficientfinancial system. The importance of internal financing is confirmed. The role and problems of theequity market as a source of finance is also illuminated. Equity finance is found to differ fromdebt in so far as equity claims give the right of access to the internal operations of the firm. Amodel with both types of adjustment costs is also examined. When conventional adjustment costsare dismantling costs (when investment is negative), asymmetries arise between under- and over-leveragedfirms with possible implications for policy. Also, Tobin's Q investment approach isre-examined in a model with both type of costs. The Q variable is found to contain interestinginformation even when capital markets are not strongly efficient.An empirical model is built after examining the behaviour of firms in output markets whenfacing a stochastic demand. The model is tested with panel industry level data from Greece forthe manufacturing sector in 1973-1983. An error correction specification is used. The resultsconfirm the importance of the impact effect of net profitability. Demand and the associated capacityutilization are also found to have a significant effect in the short and in the long run. The evidenceis less clear for the user cost of capital and the gross profit margin." @default.
• W1584711867 created "2016-06-24" @default.
• W1584711867 creator A5085223042 @default.
• W1584711867 date "1990-08-01" @default.
• W1584711867 modified "2023-09-23" @default.
• W1584711867 title "Financial factors in the investment decisions of firms : theory and evidence" @default.
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• W1584711867 hasPublicationYear "1990" @default.
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