BIBLIOGRAFÍA

• Aivazian, V. A.; Ge, Y., y Qiu, J. [2005]: «The impact of leverage on firm investment: Canadian evidence», Journal of Corporate Finance, Vol. 11, pp. 277–291.
   Web of Science ®Google Scholar
• Akerlofp, G. A. [1970]: «The market for ‘lemons’: quality uncertainty and the market mechanism», Quarterly Journal of Economics, Vol. 84, pp. 488–500.
   Google Scholar
• Allayannis, G., y Mozumbar, A. [2004]: «The impacto of negative cash flow and influential observations on investment-cash flow sensitivity estimates», Journal of Banking & Finance, Vol. 28, pp. 901–930.
   Web of Science ®Google Scholar
• Almeida, H.; Campello, M., y Weisbach, M. S. [2004]: «The cash flow sensitivity of cash», Journal of Finance, Vol. 59, n.° 4, pp. 1.777–1.804
   Google Scholar
• Alonso borrego, C. [1994]: «Estimating dynamic investment models with financial constraints», Centro de Estudios Monetarios y Financieros, Working paper, n.° 9418.
   Google Scholar
• Alonso, C., y Bentolila, S. [1993]: «La relación entre la inversion y la q de Tobin en las empresas industriales españolas», La industria y el comportamiento de las empresas españolas. Ensayos en homenaje a Gonzalo Mato, Alianza Editorial. Madrid, pp. 77–116.
   Google Scholar
• Alti, A. [2003]: «How sensitive is investment to cash flow when financing is frictionless?&raquo Journal of Finance, Vol. 58, n.° 2, pp. 707–722.
   Web of Science ®Google Scholar
• Álvarez otero, S. [1998]: «Evidencia empírica de la relación entre la inversion de la empresa industrial española y las variables financieras», Investigaciones Europeas de Dirección y Economía de la Empresa, Vol. 4, n.° 2, pp. 45–56.
   Google Scholar
• Anderson, C. W., y Makhua, A. K. [1999]: «Deregulation, disintermediation, and agency costs of debt: evidence from Japan», Journal of Financial Economics, Vol. 51, pp. 309–339.
   Web of Science ®Google Scholar
• Anderson, G. [1990]: «An empirical note on the independence of technology and financial structure», Canadian Journal of Economics, Vol. 23, n.° 3, pp. 693–699.
   Google Scholar
• Arellano, M. [1993]: «Introducción al análisis econometrico con datos de panel», La industria y el comportamiento de las empresas españolas. Ensayos en homenaje a Gonzalo Mato, Alianza Editorial, Madrid, pp. 23–47.
   Google Scholar
• Arellano, M., y Bond, S. [1991]: «Some tests of specification for panel data: Monte Carlo evidence and
   Google Scholar
• Arellano, M., y Bover, O. [1990]: «La econometria de datos de panel», Investigaciones Económicas (Segunda época), Vol. 14, n.° 1, pp. 3–45.
   Google Scholar
• Balakrishnan, S., y Fox, I. [1993]: «Asset specificy, firm heterogeneity and capital structure», Strategic Management Journal, Vol. 14, pp. 3–16.
   Web of Science ®Google Scholar
• Barton, S., y Gordon, P. [1988]: «Corporate strategy and capital structure», Strategic Management Journal, Vol. 9, pp. 623–632.
   Web of Science ®Google Scholar
• Becht, M., y Ramírez, C. D. [2003]: «Does bank affiliation mitigate liquidity constraints? Evidence from Germany's universal banks in the pre-World War I period», Southern Economic Journal, Vol. 70, n.° 2, pp. 254–272.
   Google Scholar
• Berger, P. G. y Ofek, E. [1995]: «Diversification's effect on the firm value», Journal of Financial Economics, Vol. 37, pp. 39–65.
   Web of Science ®Google Scholar
• Bernanke, B.; Gertler, M.; y Gilchrist, S. [1996]: «The financial accelerator and the flight to quality», The Review of Economics and Statistics, Vol. 78, n.° 1, pp. 1–14.
   Web of Science ®Google Scholar
• Bo, H.; Kuper, G.; Lensink, R., y Sterken, E. [2002]: «Dutch inventory investment: are capital market imperfections relevant?», Applied Economics, n.° 34, pp. 15–22.
   Google Scholar
• Bond, S., y Meghir, C. [1994]: «Dynamic investment models and the firm's financial policy», Review of Economic Studies, Vol. 61, n.° 2, pp. 197–222.
   Web of Science ®Google Scholar
• Bond, S.; Elston, J.; Mairesse, J., y Mulkay, B. [1997]: «Financial factors and investment in Belgium, France, Germany and the UK: a comparison using company panel data», NBER Working paper, n.° 5900.
   Google Scholar
• Boyle, G. W., y Guthrie, G. A. [2003]: «Investment, uncertainty, and liquidity», Journal of Finance, Vol. 58, n.° 5, pp. 2.143–2.166.
   Google Scholar
• Calomiris, C. W.; Orphanides, A., y Sharpe, S. A. [1994]: «Leverage as a state variable for employment, inventory accumulation, and fixed investment», NBER Working Paper, n.° 4800.
   Google Scholar
• Caminal, R. [1995]: «El papel de las restricciones de crédito y las políticas públicas en la financiación de la pequeña y mediana empresa», Papeles de Economía Española, n.° 65, pp. 224–234.
   Google Scholar
• Cantor, R. [1990]: «Effects of leverage on corporate investment and hiring decisions», Quarterly Review. Federal Reserve Bank of New York, Vol. 15, n.° 2, pp. 31–41.
   Google Scholar
• Carpenter, R. E.; Fazzari, S. M., y Petersen, B. C. [1994]: «Inventory investment, internal finance fluctuations, and the business cycle», Brooking Papers on Economic Activity, Vol. 2, pp. 75–138.
   Google Scholar
• Chapman, D. R.; Junor, C. W., y Stegman, T. R. [1996]: «Cash flow constraints and firms' investment behaviour», Applied Economics, Vol. 28, pp. 1.037–1.044.
   Google Scholar
• Cleary, S. [1999]: «The relationship between firm investment and financial status», Journal of Finance, Vol. 54, n.° 2, pp. 674–692.
   Google Scholar
• Cleary, S. [2002]: «International Corporate Investment and the Role of Financial Constraints», EFMA London Meetings, http://ssrn.com/abstract=313964.
   Google Scholar
• Cristini, A. [1993]: «Real and financial aspects of the firm's investment decisions. A study using a panel of Italian firms», Giornale degli Economisti e Annali di Economia, Voi. 52, n.° 1–3, pp. 85–105.
   Google Scholar
• Dato, S.; Iskandar-Datta, M., y Patel, A. [1999]: «Bank monitoring and the pricing of corporate public debt», Journal of Financial Economics, Vol. 51, pp. 435–449.
   Google Scholar
• Deloof, M. [1998]: «Internal capital markets, bank borrowing, and financing constraints: Evidence from Belgian firms», Journal of Business Finance & Accounting, Vol. 25, n.° 7–8, pp. 945–968.
   Google Scholar
• Denia, A., y Mauleón, I. [1995]: «El método generalizado de los momentos», Instituto Valenciano de Investigaciones Económicas, Documento de trabajo, n.° 95–06.
   Google Scholar
• Devereux, M., y Schantarelli, F. [1990]: «Investment, financial factors, and cash flow: evidence from U.K. panel data», Hubbard, R. G. (Ed.): Asymmetric information, corporate finance and investment, The University of Chicago Press, Chicago, pp. 279–306.
   Google Scholar
• Espitia, M., y Ruiz, F. J. [1996]: «El efecto informativo del anuncio de dividendos en el mercado de capitales español», Investigaciones Económicas, Vol. 20, n.° 3, pp. 411–422.
   Google Scholar
• Estrada, A., y Vallés, J. [1998]: «Investment and financial structure in Spanish manufacturing firms», Investigaciones Económicas, Vol. 22, n.° 3, pp. 337–359.
   Google Scholar
• Faroque, A., y Ton-Tiiat, T. [1995]: «Financing constraints and firm heterogeneity in investment behaviour: an application of non-nested tests», Applied Economics, Vol. 27, n.° 3. pp. 317–326.
   Web of Science ®Google Scholar
• Fazzari, S. M., y Petersen, B. C. [1993]: «Working capital and fixed investment: new evidence on financing constraints», RAND Journal of Economics, Vol. 24, n.° 3, pp. 328–342.
   Web of Science ®Google Scholar
• Fazzari, S. M.; Hubbard, R. G., y Petersen, B. C. [1988]: «Financing constraints and corporate investment», Brooking Papers on Economic Activity, Vol. 1, pp. 141–195.
   Google Scholar
• Fazzari, S. M.; Hubbard, R. G., y Petersen, B. C. [2000]: «Investment-cash flow sensitivities are useful: A comment on Kaplan and Zingales», Quarterly Journal of Economics, Vol. 115, pp. 695–705.
   Web of Science ®Google Scholar
• Fohlin, C. [1998]: «Relationship banking, liquidity, and investment in the German industrialization», Journal of Finance, Vol. 53, n.° 5, pp. 1.737–1.758.
   Google Scholar
• Galeotti, M.; Schtantarelli, F., y Jaramillo, F. [1994]: «Investment decisions and the role of debt, liquid assets and cash flow: evidence from Italian panel data», Applied Financial Economics, Vol. 4, n.° 2, pp. 121–132.
   Google Scholar
• García marco, M. T. [1996]: «La influencia de la estructura financiera en las decisiones de inversión empresariales», Investigaciones Económicas (Suplemento), pp. 77–82.
   Google Scholar
• García marco, M. T. [1998]: «Liquidez, costes financieros e inversión de las empresas españolas: un análisis empírico», Revista Española de Economía, Vol. 15, n.° 3, pp. 463–486.
   Google Scholar
• García marco, T., y Ocaña, C. [1999]: «The effect of bank monitoring on the investment behavior of Spanish firms», Journal of Banking & Finance, Vol. 23, pp. 1.579–1.603.
   Google Scholar
• García marco, T., y Vicente lorente, J. D. [1999]: «Los efectos de la participación bancaria en la política de inversión de las empresas españolas: una aplicación del modelo neoclásico de inversión», Revista Española de Financiación y Contabilidad, Vol. 28, n.° 99, pp. 325–348.
   Google Scholar
• Gilchrist, S., y Himmelberg, C. P. [1995]: «Evidence on the role of cash flow for investment», Journal of Monetary Economics, Vol. 36, pp. 541–572.
   Web of Science ®Google Scholar
• Giner, E., y Salas, V. [1995]: «Explicaciones alternativas para la política de dividendos: análisis empírico con datos empresariales españoles», Investigaciones Económicas, Vol. 19, n.° 3. pp. 329–348.
   Google Scholar
• Giner, E., y Salas, V. [1997]: «Sensibilidad de la inversion a las variables financieras: la hipótesis de sobreinversión», Revista Española de Economía, Vol. 14, n.° 2. pp. 215–227.
   Google Scholar
• Gonzalez, F. [1995]: «La reacción de los precios de las acciones ante anuncios de dividendos: la evidencia empírica en el mercado español de valores», Investigaciones Económicas, Vol. 19, n.° 2, pp. 249–268.
   Google Scholar
• Hair, J. F.; Anderson, R. E.; Tatham, R. L., y Black, W. C. [1999]: Análisis multivariante, Prentice Hall Iberia, Madrid.
   Google Scholar
• Hernández maestro, M., Miguel hidalgo, A., y Pindado, J. [2001]: «Financial Constraints: Models and Evidence from International Data», EFMA 2001 Lugano Meetings, http://ssrn.com/ abstract = 274690.
   Google Scholar
• Hernando, I., y Martínez-Carrascal, C. [2003]: «The impact of financial variables on firms' real decisions: Evidence from Spanish firm-level data», Banco de España, Documento de Trabajo, n.° 0319.
   Google Scholar
• Hernando, I., y Tiomo, A. [2002]: «Financial constraints and investment in France and Spain: a compa
   Google Scholar
• Hoshi, T.; Kahyap, A., y Scharfstein, D. [1990a]: «The role of banks in reducing the costs of financial distress in Japan», Journal of Finandal Economics, Vol. 27, n.° 1, pp. 67–88.
   Web of Science ®Google Scholar
• Hoshi, T.; Kashyap, A., y Scharfstein, D. [1990b]: «Bank monitoring and investment: evidence from the changing structure of Japanese corporate banking relationships», Hubbard, R. G. (Ed.): Asymmetric information, corporate finance and investment, The University of Chicago Press. Chicago, pp. 105–126.
   Google Scholar
• Hoshi, T.; Kashyap, A., y Scharfstein, D. [1991]: «Corporate structure, liquidity and investment: evidence from Japanese industrial groups», Quarterly Journal of Economics, Vol. 106, n.° 1, pp. 33–60.
   Web of Science ®Google Scholar
• Houston, J. F., y James, C. M. [2001]: «Do relationships have limits? Banking relationships, financial constraints, and investment», Journal of Business, Vol. 74, n.° 3, pp. 347–374.
   Google Scholar
• Hsiao, C. [2003]: Analysis of panel data, Cambridge University Press, Cambridge.
   Google Scholar
• Hsiao, C., y Tahmiscioglu, K. [1997]: «A panel analysis of liquidity constraints and firm investment», Journal of the American Statistical Assodation, Vol. 92, n.° 438, pp. 455–465.
   Google Scholar
• Hu, X., y Schiantarellli, F. [1998]: «Investment and capital market imperfections: A switching regression approach using U.S. firm panel data», Review of Economics and Statistics, Vol. 80, n.° 3?, pp. 466–479.
   Web of Science ®Google Scholar
• Hubbard, R. G.; Kashyap, A. K., y Whited, T. M. [1995]: «Internal finance and firm investment», Journal of Money, Credit and Banking, Vol. 27, n.° 3, pp. 683–701.
   Web of Science ®Google Scholar
• Johnson, S. A. [1997]: «An empirical analysis of the determinants of corporate debt ownership structure», Journal of Finandal and Quantitative Analysis, Vol. 32, n.° 1, pp. 47–69.
   Web of Science ®Google Scholar
• Jorgenson, D. W. [1967]: «The theory of investment behavior», Determinants of investment behavior, Universities-NBER Committee for Economic Research, New York, pp. 129–155.
   Google Scholar
• Kaplan, S. N., y Zingales, L. [1997]: «Do investment-cash flow sensitivities provide useful measures of financing constraints?», Quarterly Journal of Economics, Vol. 112, pp. 169–213.
   Web of Science ®Google Scholar
• Kaplan, S. N., y Zingales, L. [2000]: «Investment-cash flow sensitivities are not valid measures of financing constraints», Quarterly Journal of Economics, Vol. 115, pp. 707–712.
   Web of Science ®Google Scholar
• Kashyap, A. K.; Lamont, O. A., y Stein, J. C. [1994]: «Credit conditions and the cyclical behavior of inventories», Quarterly Journal of Economics, Vol. 109, n.° 3, pp. 565–592.
   Web of Science ®Google Scholar
• Kholdy, S., y Sohrabian, A. [2001]: «Internal finance and corporate investment», Finandal Review, Vol. 37, pp. 97–114.
   Google Scholar
• Koulayom, H. [1998]: «Trésorerie des entreprises industrielles et politique d'investissement. Une vérification empirique sur données de panel», Revue d'Économie Politique, Vol. 108, n.° 1. pp. 53–74.
   Google Scholar
• Krishnaswami, S.; Spindt, P. A., y Subramaniam, V. [1999]: «Information asymmetry, monitoring and the placement structure of corporate debt», Journal of Finandal Economics, Vol. 51, pp. 407–434.
   Web of Science ®Google Scholar
• Lamont, O. [1996]: «Cash flow and investment: evidence from internal capital markets», Journal of Finance, Vol. 52, n.° 1, pp. 83–109.
   Google Scholar
• Lang, L.; Ofek, E., y Stolz, R. M. [1995]: «Leverage, investment, and firm growth», Journal of Financial Economics, n.° 40, pp. 3–29.
   Google Scholar
• Lang, L., y Stolz, R. M. [1994]: «Tobin's q, corporate diversification, and firm performance», Journal of Political Economy, Vol. 102, n.° 6, pp. 1.248–1.280.
   Google Scholar
• Love, I. [2003]: «Financial development and financing constraints: International evidence from the structural investment model», Review of Finandal Studies, Vol. 16, pp. 765–779.
   Web of Science ®Google Scholar
• Lozano, B.; Miguel, A. y Pindado, J. [2001]: «Determinantes financieros de los activos inmateriales», Revista de Economía Aplicada, n.° 27, Vol. 9, pp. 63–81.
   Google Scholar
• Maroto acín, J. A. [1997]: «Ahorro empresarial e inversión», Papeles de Economía Española. n.° 70, pp. 84–99.
   Google Scholar
• Mato, G. [1989]: «Inversión, coste de capital y estructura financiera: un estudio empírico», Moneda y Crédito, n.° 188, pp. 177–201.
   Google Scholar
• Mato, G. [1990]: «Estructura financiera y actividad real de las empresas industriales», Economía Industrial, n.° 272, pp. 107–114.
   Google Scholar
• Mcconnell, J. J., y H. Mcconnell [1995]: «Equity ownership and the two faces of debt», Journal of Financial Economics, Vol. 39, pp. 131–157.
   Web of Science ®Google Scholar
• Miller, M. H., y Rock, K. [1985]: «Dividend policy under asymmetric information», Journal of Finance, Vol. 40, pp. 1.031–1.051.
   Google Scholar
• Moyen, N. [2004]: «Investment-cash flow sensitivities: Constrained versus unconstrained firms», Journal of Finance, Vol. 59, n.° 5, pp. 2.061–2.092.
   Google Scholar
• Myers, S. C. [1977]: «Determinants of corporate borrowing», Journal of Financial Economics, Vol. 5, n.° 2, pp. 147–175.
   Web of Science ®Google Scholar
• Nickell, S. y Nicolitsas, D. [1999]: «How does financial pressure affect firms?», European Economic Review, Vol. 43, pp. 1.435–1.456.
   Google Scholar
• Nieto sánchez, M.aJ., y TRIBÓ GINÉ, J. A. [2000]: «Determinantes de la emisión de deuda negociable en las empresas españolas», Revista Europea de Dirección y Economía de la Empresa, Vol. 9, n.° 4, pp. 61–80.
   Google Scholar
• Parejo, J. A.; Cuervo, A.; Calvo, A. y Rodríguez sáiz, L. [2001]: Manual de sistema financiero español Ariel, Barcelona.
   Google Scholar
• Perfect, S., y Wiles, K. [1994]: «Alternative constructions of Tobin's q: An empirical comparison», Journal of Empirical Finance, Vol. 1, pp. 313–341.
   Google Scholar
• Rajan, R., y Zingales, L. [1995]: «What do we know about capital structure? Some evidence from international data», Journal of Finance, Vol. 50, n.° 5, pp. 1.421–1.460.
   Google Scholar
• Rodríguez brito, M. G. [2001]: «Restricciones financieras en un contexto de asimetrías informativas: incidencia de la estructura financiera en las decisiones de inversión», Estudios de Economía Aplicada, n.° 18, pp. 209–232.
   Google Scholar
• Rondi, L.; Sack, B.; Schtantarelli, F., y Sembenelli, A. [1998]: «Firms' financial and real responses to business cycle shocks and monetary tightening: evidence for large and small Italian companies», Giornale degli Economisti e Annali di Economia, Voi. 57, n.° 1, pp. 35–64.
   Google Scholar
• Schaller, H. [1993]: «Asymmetrie information, liquidity constraints and Canadian investment», Canadian Journal of Economics, Vol. 26, n.° 3, pp. 552–574.
   Google Scholar
• Schiantarelli, F. [1996]:«Financial constraints and Investment: A critical review of the methodological issues and of the international evidence», Oxford Review of Economic Policy, Vol. 12, n.° 2, pp. 70–89.
   Web of Science ®Google Scholar
• Smith, C. W., y Watts, R. [1992]: «The investment opportunity set and corporate financing, dividend, and compensation policies», Journal of Financial Economics, Vol. 32, pp. 263–292.
   Web of Science ®Google Scholar
• Stiglitz, J. E., y Weiss, A. [1981]: «Credit rationing in markets with imperfect information», American Economic Review, Vol. 71, n.° 3, pp. 393–410.
   Web of Science ®Google Scholar
• Vogt, S. C. [1994]: «The cash flow/investment relationship: Evidence from U.S. manufacturing firms», Financial Management, Vol. 23, n.° 2, pp. 3–20.
   Web of Science ®Google Scholar
• Vogt, S. C. [1997]: «Cash flow and capital spending: Evidence from capital expenditure announcements», Financial Management, Vol. 26, n.° 2. pp. 44–57.
   Web of Science ®Google Scholar
• Whited, T. M. [1991]: «Investment and financial asset accumulation», Journal of Financial Intermediation, Vol. 1, n.° 4, pp. 307–334.
   Google Scholar
• Whited, T. M. [1992]: «Debt, liquidity constraints, and corporate investment: evidence from panel data», Journal of Finance, Vol. 47, n.° 4, pp. 1.425–1.460.
   Google Scholar
• Williamson, O. E. [1988]: «Corporate finance and corporate governance», Journal of Finance, Vol. 43, n.° 3, pp. 567–591.
   Web of Science ®Google Scholar