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Corporate debt and investment: a firm level analysis for stressed euro area countries

ECB 2017.09.19
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This paper investigates the link between corporate debt and investment for a group of five peripheral euro area countries. Using ?rm-level data from 2005-2014, we postulate a non-linear corporate leverage-investment relationship and derive thresholds beyond which leverage has a negative and signi?cant impact on investment. The investment sensitivity of debt increased after 2008 when ?nancial distress intensi?ed and ?rms had a lower capacity to ?nance investment from internal sources of funds. Our results also suggest that even moderate levels of debt can exert a negative influence on investment for smaller ?rms or when pro?tability is low.

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