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Financial constraints and investment decisions: classic and bayesian analysis

Abstract

This study analyses the role of financial constraints on the investment decisions of 373 Brazilian firms in the 1996-2005 period. The role of financial constraints is considered in a Bayesian and Classic econometric model. We use longitudinal data, with firm-specific information for different years, allowing for the abandonment of the representative firm model. Information on several forms (capital intensity, size, sector, regions, liquidity level, etc) at the firm level is used to classify the firms. The factors of the several ways to group the firms can produce important findings about the proxies for financial constraints and whether any or all affect corporate investment decisions. (AU)

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