What are the causes of the growing trend of excess savings of the corporate sector in developed countries?: an empirical analysis of three hypotheses

 

Autores
Brufman, Leandro; Martinez, Lisana Belén; Perez Artica, Rodrigo
Tipo de recurso
artículo
Estado
Versión publicada
Año de publicación
2013
País
Argentina
Institución
Consejo Nacional de Investigaciones Científicas y Técnicas
Repositorio
CONICET Digital (CONICET)
Descripción
This paper analyzes annual accounting data for a sample of 5,000 publicly traded manufacturing firms from Germany, France, Italy, Japan, and the United Kingdom. The analysis uses data from 1997 to 2011 and finds an increasing trend of excess savings (defined as the difference between gross saving and capital formation) and a gradual decline of gross capital formation. This trend is accompanied by a steady deleveraging process and a decrease in the share of operating assets in total assets. This process is more acute among the more credit constrained, the more volatile, and the less dynamic firms.
Idioma
inglés
OAI Identifier
oai:ri.conicet.gov.ar:11336/26376
Enlace del recurso
http://hdl.handle.net/11336/26376
Nivel de acceso
Acceso abierto
Materia
Liquidity
Savings
Investment
Financial contraints
Otras Economía y Negocios
Economía y Negocios
CIENCIAS SOCIALES