Investment and Corporate Financial Constraints: The Case of European Union Listed Companies

Leszek Czerwonka; Andrzej Poszewiecki

doi:10.18778/2082-4440.44.02

Autor

Leszek Czerwonka Uniwersytet Gdański, Wydział Ekonomiczny https://orcid.org/0000-0002-8438-6443
Andrzej Poszewiecki Uniwersytet Gdański, Wydział Ekonomiczny https://orcid.org/0000-0003-1137-1168

DOI:

https://doi.org/10.18778/2082-4440.44.02

Słowa kluczowe:

inwestycje przedsiębiorstw, ograniczenia finansowe, Unia Europejska, spółki giełdowe

Abstrakt

Decyzje inwestycyjne przedsiębiorstw stanowią jedno z kluczowych zagadnień w ramach zarządzania finansami podmiotów gospodarczych. Celem niniejszego badania jest identyfikacja czynników wpływających na decyzje inwestycyjne przedsiębiorstw, ze szczególnym uwzględnieniem kierunku badanych zależności, biorąc pod uwagę podział na przedsiębiorstwa, które mogą napotykać ograniczenia finansowe, oraz te, które nie mają problemów z dostępem do kapitału.

Badanymi podmiotami są przedsiębiorstwa niefinansowe notowane na giełdach papierów wartościowych w krajach Unii Europejskiej w latach 2011–2019. Do empirycznej identyfikacji czynników wpływających na decyzje inwestycyjne wykorzystano modele danych panelowych.

Wyniki wskazują, że czynniki takie jak wielkość przepływów pieniężnych, dług, udział aktywów trwałych w aktywach ogółem, możliwości wzrostu, ryzyko operacyjne czy wzrost gospodarczy kraju mają pozytywny wpływ na inwestycje przedsiębiorstw, podczas gdy wielkość przedsiębiorstwa ma wpływ negatywny. Jednakże, gdy całą próbę badawczą podzieli się na przedsiębiorstwa ograniczone finansowo i nieograniczone, kierunek związku odwraca się w przedsiębiorstwach ograniczonych finansowo dla przepływów pieniężnych i długu.

Badanie wnosi do literatury mocne dowody na zmianę związku między przepływami pieniężnymi a wielkością inwestycji w zależności od sytuacji finansowej przedsiębiorstw w krajach europejskich. Podobne badania były przeprowadzane na poziomie krajowym.

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