Investment Sensitivity to Inter-enterprises Payment Deadlines

Aissata Boubacar Moumouni
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Aissata Boubacar Moumouni: AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique

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Abstract: This paper investigates the determinants of firms investment financing constraints. Using an endogenous switching regression model on French Provence-Alpes Côte d'Azur region firms data collected between 2005-2014, we provide a novel evidence of the role of inter-enterprises payment deadlines which are days receivable outstanding and days payable outstanding, as factors determining rms investment nancing constraints. We also show that there is a non-negligible number of firms switching each year either from constrained regime to unconstrained regime or unconstrained regime to constrained one. By developing a model, we highlight the factors determining firms regime change.

Keywords: Firms Investment; Inter-enterprises Payment Deadlines; Endogenous Switching Regression Model (search for similar items in EconPapers)
Date: 2020-07-03
Note: View the original document on HAL open archive server: https://hal.science/hal-02889436
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