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| Author: | Kremp, E. Stöss, E. |
| Title: | Estimating the borrowing behavior of French and German firms: an econometric analysis |
| Journal: | Jahrbücher für Nationalökonomie und Statistik
2001 : OCT, VOL. 221:5-6, p. 620-647 |
| Index terms: | Banking Consumer behaviour France Germany |
| Language: | eng |
| Abstract: | The authors investigate the the borrowing behaviour of 2900 French and 1300 German firms in 1987-95. Applying GMM techniques they estimate identical debt equations for the two total samples and by size class. They find that firm growth has a positive impact on borrowing according to the theory of signalling whereas the negative correlation of profit and debt supports pecking to the theory of signalling whereas the negative corelation of profit and debt supports pecking order approach and the cost of finance has a negative impact of leverage, too. |
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