Testing for the Presence of Financial Constraints in US Agricultural Cooperatives: An Investment Behaviour Approach
用面板数据计量分析美国农业合作社的投资行为，发现内部资金显著影响资本支出，且投资对现金流的敏感度与合作社结构特征相关。
Abstract This study examines the presence of financial constraints in US agricultural cooperatives. We test the cooperative capital constraint hypothesis with a panel data econometric analysis of agricultural cooperatives’ investment behaviour. Regression results suggest that agricultural cooperatives’ capital expenditures are significantly affected by the availability of internal funds. Results also indicate that the sensitivity of investment to cash flow is correlated with cooperative structural characteristics.