Abstract

Analyse: In this thesis entitled "Financial constraint and the financing of industry in five OECD countries", we undertake a comparative study of corporate financing practices.
Our interest is in determining wether differences exist across countries in the relationship between liquidity and investment (financial constraint).
We use information and control theories to motivate a priori beliefs about the level of financial constraint and test, in our econometric study, whether these differences are significant.
Our main hypothesis is that government participation in the allocation and pricing of credit will have a strong impact upon the investment decisions of firms.

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