文章基本信息

标题：The role of financing frictions in agricultural investment decisions: an analysis pre and post financial crisis
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作者：O'Toole, Conor M. ; Newman, Carol F. ; Hennessy, Thia C. 等
期刊名称：Journal of Agribusiness
印刷版ISSN：0738-8950
出版年度：2011
页码：1-16
出版社：Journal of Agribusiness
摘要：This paper uses a fundamental Q model of investment to consider the role played by financing frictions in agricultural investment decisions, controlling econometrically for censoring, heterogeneity and errors-in-variables. Our findings suggest that farmer's investment decisions are not driven by market fundamentals. We find some evidence that debt overhang restricts investment but investment is not dependent on liquidity or internal funds. The role of financing frictions in determining investment decisions changes in the post-financial crisis period when debt overhang becomes a significant impediment to farm investment. The evidence suggests that farmers increasingly rely on internal liquidity to drive investment. Finally, we find no evidence that farmers use on-farm capital to fund on-farm investment.
关键词：Credit Constraints;Firm Level Investment;Tobin's Q;Debt