Capital market imperfections and investment: evidence from Belgian panel data

Abstract

This paper introduces authors' contribution to a joint research project coordinated by BNB on "New views on firms' investment and financial decisions ". That contribution aims at getting a better understanding of Belgian firms investment behaviour. It takes place in the framework of the recent flow of scientific literature on that subject, however adapted to individual data, especially those based on yearly accounts. That resarch can explain, at least theoretically, some stylised facts of today investment behaviour