Investment under Credit Rationing and Uncertainty: Evidence from South Africa

Investment under Credit Rationing and Uncertainty: Evidence from South Africa

Author: 
Fielding, D.
Place: 
Oxford
Publisher: 
Oxford University Press
Date published: 
2000
Record type: 
Journal Title: 
Journal of African Economies
Source: 
Journal of African Economies Volume 9 Issue 2 July 2000 pp. 189-212
Abstract: 

We construct an empirical model of corporate investment which allows for the various effects of uncertainty and credit market imperfections described in the theoretical literature. The model is estimated using cross-sectional data from the South African stock exchange. Evidence is found for some (but not all) of the predictions of the relevant theoretical models, and differences between firms in different sectors and of different sizes are noted.

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CITATION: Fielding, D.. Investment under Credit Rationing and Uncertainty: Evidence from South Africa . Oxford : Oxford University Press , 2000. Journal of African Economies Volume 9 Issue 2 July 2000 pp. 189-212 - Available at: https://library.au.int/investment-under-credit-rationing-and-uncertainty-evidence-south-africa