财政限制对南非投资效率的影响

IF 0.9 Q3 ECONOMICS

Economics and Business Letters Pub Date : 2022-07-13 DOI:10.17811/ebl.11.3.2022.125-133

Oluwaseyi Olopade, Beatrice D. Simo-Kengne, Abieyuwa Ohonba

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引用次数: 0

摘要

由于市场不完善和信息不对称，企业层面的投资效率发生了转变。这意味着资本成本的增加，从而导致投资过多或过少。这项研究表明，非洲企业的投资效率和财务约束之间没有直接联系，补充了有效市场假说。我们观察了2009年至2019年在JSE上市的不同行业的公司。面板数据分析的实证结果表明，财务约束推动了投资水平的提高，该地区的公司依赖外部资金——特别是信贷——进行投资。

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The impact of financial constraints on investment efficiency in South Africa

Shifts from firm-level investment efficiency occur due to market imperfections and informationasymmetry. This translates to an increased cost of capital, which leads to over or under-investments. This study demonstrates the absence of a direct association between investmentefficiency and financial constraints in African firms, complementing the efficient markethypothesis. We observed firms across different industries listed on the JSE from 2009 to 2019.Empirical results from panel data analysis reveal that financial constraints drive improvedinvestment levels and firms in this region depend on external funds – specifically credits – toinvest.

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来源期刊

Economics and Business Letters ECONOMICS-

CiteScore

1.80

自引率

11.10%

发文量

期刊介绍： Economics and Business Letters is an open access journal that publishes both theoretical and empirical quality original papers in all economics and business fields. In addition, relevant discussions on current policy issues will be considered for the Policy Watch section. As general strategy of EBL, the journal will launch calls for papers for special issues on topics of interest, generally with invited guest editors. The maximum length of the letters is limited to 2,500 words.