The influence of financial risks on the investment decision of enterprises:
Saved in:
| Main Author: | |
|---|---|
| Format: | Thesis Book |
| Language: | English |
| Published: |
Baden-Baden
Nomos
2005
|
| Edition: | 1. Aufl. |
| Series: | Veröffentlichungen des Hamburgischen Welt-Wirtschafts-Archivs
77 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XV, 206 S. |
| ISBN: | 3832914412 |
Staff View
MARC
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Record in the Search Index
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VII
Contents
List of Tables XI
List of Figures XIII
List of Symbols XV
Chapter 1
Introduction 1
1.1 Investment and financial risks 1
1.2 Outline 5
Chapter 2
The Role of Financial Risks in Theories of Investment 9
2.1 The Definition of Financial Risks 10
2.2 Theories of Investment 14
2.2.1 The Accelerator Model 14
2.2.2 The Keynesian Investment Theory 17
2.2.3 The Kaleckian Investment Theory 19
2.2.4 The Liquidity Theory 21
2.2.5 The Neoclassical Investment Theory 24
2.2.6 Tobin's q 28
2.3 Symmetric Information and the Link between Finance and Investment 31
2.3.1 The Modigliani Miller Irrelevance Theorem 31
2.3.2 Symmetric Information and Investment 33
2.4 Asymmetric Information and the Link between Finance and Investment 33
2.4.1 Information Asymmetries on the Credit Market 35
2.4.2 Information Asymmetries on the Equity Market 39
2.4.3 Information Asymmetries and Investment 40
2.5 Conclusion 43
Chapter 3
The Role of Financial Risks in Empirical Models of Investment 45
3.1 Financial Constraints and Cash Flow Sensitivities 46
3.1.1 The Study of Fazzari Hubbard Peterson (1988) 48
3.1.2 The Critique of Kaplan Zingales (1997) 49
3.1.3 Further Empirical Evidence on Financial Constraints 50
VIII CONTENTS
3.2 Financial Constraints and Financial Risks 57
3.2.1 The Risk Premium on External Funds 58
3.2.2 The Risk of Bankruptcy 60
3.3 Conclusion 62
Chapter 4
The Impact of Financial Risks on Investment 63
4.1 The Theoretical Model 65
4.1.1 The Basic Setting of the Firm 67
4.1.2 Debt Contracts and the Risk of Bankruptcy 71
4.1.3 The Lending Behavior of the Bank 77
4.1.4 The Profit Maximization of the Firm 80
4.1.5 The Investment and Financing Decision of the Firm 85
4.2 Econometric Specification of the Investment Function 87
4.3 Discussion 92
Chapter 5
Financial Risks of German Enterprises between 1987 and 1998 95
5.1 The Data 95
5.1.1 The Balance Sheet Statistic of the Deutsche Bundesbank 96
5.1.2 The Classification of the Enterprises 98
5.1.3 The Definition of the Variables and Outlier Control 102
5.2 Descriptive Analysis of the Firm's Economic and Financial Situation 103
5.3 The Probability of Bankruptcy as a Measure of Financial Risks 110
5.3.1 TheZ ScoreofAltman(1968) 112
5.3.2 TheO ScoreofOhlson(1980) 115
5.3.3 Descriptive Analysis of the Bankruptcy Probabilities 118
5.3.4 Applicability of the Bankruptcy Probabilities 121
5.4 Conclusion 123
Chapter 6
Empirical Evidence on the Link between Financial Risks and Invest¬
ment 125
6.1 The Estimation Method 126
6.2 Estimation Results 133
6.2.1 Description of the Included Variables 134
6.2.2 Estimation Results of the Investment Function 139
6.2.3 Different Bankruptcy Measures 145
6.2.4 Different Classification Methods 146
6.2.5 Sector specific Results 148
6.2.6 Different Specifications of the Investment Function 150
6.3 Discussion 153
CONTENTS IX
Chapter 7
Conclusion 155
Appendix
A Mathematical Appendix 157
A.1 The Standard Neoclassical Model of Investment 157
A.1.1 The Basic Setting 157
A.1.2 The Theory of Optimal Capital 158
A.I .3 The Model with Convex Adjustment Costs 159
A.2 The Neoclassical Model of Investment with Financial Risks 160
B Definition of the Variables 165
C The Generalized Method of Moments (GMM) 167
D Descriptive Statistics and Estimation Results 171
D.1 Classification according to Ohlson's O Score 171
D.2 Financial Ratios 172
D.3 Bankruptcy Probabilities 178
D.4 Estimation Results 182
Bibliography 191 |
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| dewey-raw | 332.67/253 |
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| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 1. Aufl. |
| format | Thesis Book |
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| spelling | Kirchesch, Kai 1971- Verfasser (DE-588)131453661 aut The influence of financial risks on the investment decision of enterprises Kai Kirchesch 1. Aufl. Baden-Baden Nomos 2005 XV, 206 S. txt rdacontent n rdamedia nc rdacarrier Veröffentlichungen des Hamburgischen Welt-Wirtschafts-Archivs 77 Zugl.: Hamburg, Univ., Diss., 2004 Unternehmen Business enterprises Finance Capital investments Investments Unternehmen (DE-588)4061963-1 gnd rswk-swf Risikoanalyse (DE-588)4137042-9 gnd rswk-swf Insolvenzrisiko (DE-588)4161863-4 gnd rswk-swf Investitionsentscheidung (DE-588)4162244-3 gnd rswk-swf Investitionsrisiko (DE-588)4475258-1 gnd rswk-swf Investitionspolitik (DE-588)4137114-8 gnd rswk-swf Deutschland (DE-588)4011882-4 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Deutschland (DE-588)4011882-4 g Unternehmen (DE-588)4061963-1 s Investitionsentscheidung (DE-588)4162244-3 s Insolvenzrisiko (DE-588)4161863-4 s Risikoanalyse (DE-588)4137042-9 s DE-604 Investitionsrisiko (DE-588)4475258-1 s Investitionspolitik (DE-588)4137114-8 s Veröffentlichungen des Hamburgischen Welt-Wirtschafts-Archivs 77 (DE-604)BV013697603 77 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=013320257&sequence=000004&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Kirchesch, Kai 1971- The influence of financial risks on the investment decision of enterprises Veröffentlichungen des Hamburgischen Welt-Wirtschafts-Archivs Unternehmen Business enterprises Finance Capital investments Investments Unternehmen (DE-588)4061963-1 gnd Risikoanalyse (DE-588)4137042-9 gnd Insolvenzrisiko (DE-588)4161863-4 gnd Investitionsentscheidung (DE-588)4162244-3 gnd Investitionsrisiko (DE-588)4475258-1 gnd Investitionspolitik (DE-588)4137114-8 gnd |
| subject_GND | (DE-588)4061963-1 (DE-588)4137042-9 (DE-588)4161863-4 (DE-588)4162244-3 (DE-588)4475258-1 (DE-588)4137114-8 (DE-588)4011882-4 (DE-588)4113937-9 |
| title | The influence of financial risks on the investment decision of enterprises |
| title_auth | The influence of financial risks on the investment decision of enterprises |
| title_exact_search | The influence of financial risks on the investment decision of enterprises |
| title_full | The influence of financial risks on the investment decision of enterprises Kai Kirchesch |
| title_fullStr | The influence of financial risks on the investment decision of enterprises Kai Kirchesch |
| title_full_unstemmed | The influence of financial risks on the investment decision of enterprises Kai Kirchesch |
| title_short | The influence of financial risks on the investment decision of enterprises |
| title_sort | the influence of financial risks on the investment decision of enterprises |
| topic | Unternehmen Business enterprises Finance Capital investments Investments Unternehmen (DE-588)4061963-1 gnd Risikoanalyse (DE-588)4137042-9 gnd Insolvenzrisiko (DE-588)4161863-4 gnd Investitionsentscheidung (DE-588)4162244-3 gnd Investitionsrisiko (DE-588)4475258-1 gnd Investitionspolitik (DE-588)4137114-8 gnd |
| topic_facet | Unternehmen Business enterprises Finance Capital investments Investments Risikoanalyse Insolvenzrisiko Investitionsentscheidung Investitionsrisiko Investitionspolitik Deutschland Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=013320257&sequence=000004&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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