Examining the impact of debt on investment for Austrian non-financial sectors and firms:
Using a micro-level model of investment, this paper finds that firm-debt and investment are negatively associated across firms in Austrian manufacturing industries. The finding is robust to various changes to the model specification. Moreover, in an extension of the basic model, different components...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2021
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| Schriftenreihe: | OECD Economics Department Working Papers
no.1695 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Using a micro-level model of investment, this paper finds that firm-debt and investment are negatively associated across firms in Austrian manufacturing industries. The finding is robust to various changes to the model specification. Moreover, in an extension of the basic model, different components of debt are examined, pointing out that debt owed to banks and long-term debt have a stronger negative effect than other forms of debt. Comparisons with investment models estimated for other European countries suggest that the impact of debt on investment is more negative in Austria than elsewhere. Results from interaction models of debt owed to banks with an index of credit easing show that firms in industries which are more bank-dependent invest relatively more than firms in industries that are less bank-dependent after an easing of credit conditions. |
| Beschreibung: | 1 Online-Ressource (18 p.) 21 x 28cm. |
| DOI: | 10.1787/f9b69c90-en |
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| spelling | Dlugosch, Dennis VerfasserIn aut Examining the impact of debt on investment for Austrian non-financial sectors and firms Dennis, Dlugosch and Selçuk, Gul Paris OECD Publishing 2021 1 Online-Ressource (18 p.) 21 x 28cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.1695 Using a micro-level model of investment, this paper finds that firm-debt and investment are negatively associated across firms in Austrian manufacturing industries. The finding is robust to various changes to the model specification. Moreover, in an extension of the basic model, different components of debt are examined, pointing out that debt owed to banks and long-term debt have a stronger negative effect than other forms of debt. Comparisons with investment models estimated for other European countries suggest that the impact of debt on investment is more negative in Austria than elsewhere. Results from interaction models of debt owed to banks with an index of credit easing show that firms in industries which are more bank-dependent invest relatively more than firms in industries that are less bank-dependent after an easing of credit conditions. Economics Austria Gul, Selçuk MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/f9b69c90-en Volltext |
| spellingShingle | Dlugosch, Dennis Examining the impact of debt on investment for Austrian non-financial sectors and firms Economics Austria |
| title | Examining the impact of debt on investment for Austrian non-financial sectors and firms |
| title_auth | Examining the impact of debt on investment for Austrian non-financial sectors and firms |
| title_exact_search | Examining the impact of debt on investment for Austrian non-financial sectors and firms |
| title_full | Examining the impact of debt on investment for Austrian non-financial sectors and firms Dennis, Dlugosch and Selçuk, Gul |
| title_fullStr | Examining the impact of debt on investment for Austrian non-financial sectors and firms Dennis, Dlugosch and Selçuk, Gul |
| title_full_unstemmed | Examining the impact of debt on investment for Austrian non-financial sectors and firms Dennis, Dlugosch and Selçuk, Gul |
| title_short | Examining the impact of debt on investment for Austrian non-financial sectors and firms |
| title_sort | examining the impact of debt on investment for austrian non financial sectors and firms |
| topic | Economics Austria |
| topic_facet | Economics Austria |
| url | https://doi.org/10.1787/f9b69c90-en |
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