NO DEEP POCKETS: SOME STYLIZED EMPIRICAL RESULTS ON FIRMS’ FINANCIAL CONSTRAINTS

Carlos Manuel Gonçalves Carreira · Filipe Silva

177 citations0/0 files storedJournal of Economic Surveys

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Corporate Finance and Governance Financial Analysis and Corporate Governance Working Capital and Financial Performance

Abstract

Abstract This paper is a survey of recent empirical work on financial constraints faced by firms. It is organized as a series of stylized results which mirror what is generally understood about the severity of financial constraints and the effects that they have upon firms. The review of the literature shows that (a) financial constraints are a widespread key concern for firms, hindering their ability to carry out their optimal investment and growth trajectories and (b) the severity of such constraints depends on institutional and firm specific characteristics, as well as on the nature of investment projects.

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References

1970The Market for "Lemons": Quality Uncertainty and the Market Mechanism 1984Corporate financing and investment decisions when firms have information that investors do not have 1981Credit Rationing in Markets with Imperfect Information 1997Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?1984Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have 2010New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index 1988Financing Constraints and Corporate Investment 1994The Benefits of Lending Relationships: Evidence from Small Business Data

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