Credit constraints in Brazilian firms: evidence from panel data
Open Access
- 1 June 2003
- journal article
- Published by FapUNIFESP (SciELO) in Revista Brasileira de Economia
- Vol. 57 (2) , 443-464
- https://doi.org/10.1590/s0034-71402003000200006
Abstract
This paper investigates whether Brazilian firms' investment decisions are affected by credit constraints, using balance sheet data from 1986 to 1997. Estimated results indicate that Brazilian firms are credit-constrained, and the only instance in which credit constraints seemed softer was among large and among multinational firms, during the period 1994-97. Este artigo investiga se as decisões de investimento das firmas brasileiras são afetadas por restrições ao crédito, usando dados de balanço de firmas entre 1986 e 1997. Os resultados empíricos indicam que as firmas brasileiras sofrem de restrição a crédito, e que os únicos casos em que a restrição teve efeito mais suave ocorreram entre grandes firmas e multinacionais, no período entre 1994 e 1997Keywords
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