The East Asian crisis and financing corporate investment: is there a cause for concern?

Agung, 2000, Financial constraint, firms’ investments and the channels of monetary policy in Indonesia, Applied Economics, 32, 1637, 10.1080/000368400420986 Alonso-Borrego, 1994, Investment and Q in Spanish manufacturing firms, Oxford Bulletin of Economics and Statistics, 56, 49, 10.1111/j.1468-0084.1994.mp56001004.x Arellano, M., & Bond, S. (1988). Dynamic panel data estimation using DPD, a guide for users. Institute for Fiscal Studies working paper. Arellano, 1991, Some tests of specification for panel data, Review of Economic Studies, 58, 277, 10.2307/2297968 Athey, 1994, Internal funds and corporate investment in India, Journal of Development Economics, 45, 287, 10.1016/0304-3878(94)90034-5 Baltagi, 1995 Baltagi, 1984, Short and long run effects of pooled models, International Economic Review, 25, 631, 10.2307/2526223 Belsley, 1980 Blundell, 1992, Investment and Tobin’s Q, Journal of Econometrics, 51, 233, 10.1016/0304-4076(92)90037-R Berger, 1998, The economics of small business finance, Journal of Banking and Finance, 22, 613, 10.1016/S0378-4266(98)00038-7 Chang, 2000, The hazard of moral hazard, World Development, 28, 775, 10.1016/S0305-750X(99)00152-7 Corsetti, G., Pesenti, P., & Roubini, N. (1998). Paper tigers? A model of the Asian crisis. Federal Reserve Bank of New York Research Paper 9822. Demetriades, P. (2000). Financial liberalization and credit-asset booms and busts in East Asia. Paper presented at the Royal Economic Society Annual Conference, St. Andrews. DeMeza, 1987, Too much investment—a problem of asymmetric information, Quarterly Journal of Economics, Vol. 102, 281, 10.2307/1885064 Doukas, 1995, Overinvestment, Tobin’s Q and gains from foreign acquisitions, Journal of Banking and Finance, 19, 1285, 10.1016/0378-4266(94)00117-L Fazzari, S., Hubbard, G., & Petersen, B. (1988). Financing constraints and corporate investment. Brookings Papers on Economic Activity, 141–206. Fazzari, 1988, Investment, financing decisions and tax policy, American Economic Review, 78, 200 Gertler, 1994, Monetary policy, business cycles and the behaviours of small manufacturing firms, Quarterly Journal of Economics, 109, 309, 10.2307/2118465 Gordon, 1998, Tobin’s Q and overinvestment, Applied Economics Letters, 5, 1, 10.1080/758540116 Ghosal, V., & Loungani, P. (1996). Firm size and the impact of profit-margin uncertainty on investment: do financing constraints play a role? Board of Governors of the Federal Reserve System, Internal Finance Discussion Paper No. 557. Hall, B. H. (1991). Investment and research and development at the firm level: does the source of financing matter? National Bureau of Economic Research Working Paper 4096. Jensen, 1986, Agency costs of free cash flow, corporate finance and takeover, American Economic Review, 76, 323 Krugman, P. (1998). Bubbles, boom, crash: theoretical notes on Asia’s Crisis. MIT mimeo. Kwack, 2000, An empirical analysis of the factors determining the financial crisis in Asia, Journal of Asian Economics, 11, 195, 10.1016/S1049-0078(00)00050-6 Lang, 1991, A test of the free cash flow hypothesis, Journal of Financial Economics, 29, 315, 10.1016/0304-405X(91)90005-5 Myers, 1984, Capital structure puzzle, The Journal of Finance, 39, 575, 10.2307/2327916 Oliner, 1996, Is there a broad credit channel for monetary policy?, Federal Reserve Bank of San Francisco Economic Review, 1, 3 Rosen, 1998, The future of entrepreneurial finance, Journal of Banking and Finance, 22, 1105, 10.1016/S0378-4266(98)00039-9 Vogt, 1994, The role of internal financial sources in firm financing and investment decisions, Review of Financial Economics, 4, 1, 10.1016/1058-3300(94)90002-7