Déterminants financiers de l'investissement en capital fixele cas Espagnol
- Valentín Azofra Palenzuela
- Félix Javier López Iturriaga
ISSN: 0154-3229
Year of publication: 1998
Issue: 86
Pages: 25-48
Type: Article
More publications in: Revue d'economie industrielle
Abstract
The enrichment of the investment models with the contributions of the economics of information opens the possibility of an opportunist behaviour among agents. Its application to the field of finance implies the existence of financial constraints, tightening especially those firms more involved in asymmetric information. The constraints arise in the absence of substitution between internal and external resources and in the presence of credit rationing. This paper confirms the different validity of the Euler equation for the Spanish firms with or without information problems. Although this equation works for the investment function of the firms with more informative capacity, it doesn't for those without.
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