Determinants of firm-level investment in India: does size matter?

被引：7
|
作者：
Bhardwaj, Parul [1 ]
Kumar, Abhishek [2 ]
机构：
[1] Univ Delhi, Econ Policy & Res Confederat Indian Ind, New Delhi, India
[2] IGIDR, Dept Econ, Mumbai, Maharashtra, India
来源：
MACROECONOMICS AND FINANCE IN EMERGING MARKET ECONOMIES | 2020年 / 13卷 / 02期
关键词：
Monetary policy; investment spending; dynamic system GMM; interest rate channel; credit rate channel; MONETARY TRANSMISSION; PANEL-DATA; POLICY;
D O I：
10.1080/17520843.2019.1667848
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The study estimates the dynamic panel version of augmented neoclassical investment model using ARDL specification. There are evidence in support of interest rate and credit channels of monetary transmission. Our evidence of interest rate channel is robust and is not driven by outliers on the basis of size, investment to capital and cash flow to capital ratio. We also correct for the presence of financially distressed and constrained firms. The heterogeneous impact of cash flow to capital stock ratio on investment spending of small and large firms provides further evidence in favour of working of credit channel.
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页码：140 / 160
页数：21
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