论文摘要：
This article examines the financial constraint of 18 listed Canadian forest firms between 2000 and 2014 following the stochastic frontier approach. Empirical results support the observation that Canadian forest firms have a strong dependence of using both equity financing and debt financing as the coefficients of both equity and debt financing mean functions are significant at 1% level. The distribution of investment efficiency index (IEI) of all 18 firms demonstrates a loss of around 40% of the rate of investment due to financing constraints. Regional analysis demonstrates that the time-varying patters of IEI of three provinces are significantly different.
论文全文链接
Abu Reza Mohammad Islam & Robin Hang Luo (2018) Financing constraints and investment efficiency: evidence from a panel of Canadian forest firms, Applied Economics, 50:48, 5142-5154, DOI: 10.1080/00036846.2018.1478387
https://www.tandfonline.com/doi/full/10.1080/00036846.2018.1478387
Applied Economics是SSCI三区期刊，由英国Taylor & Francis出版社出版。