El Gobierno de empresas cotizadasCódigo de Buen Gobierno y Reglamento tipo del Consejo de Administración

Laburpena

In this article, starting from the micro data supplied by the Spanish Securities and Exhange Commission we develop the estimation ofthree versions of the investment function: the accelerator model, the net cash flows model, and the Tobin "q" model. In addition, we compare whether listed companies exhibit liquidity restrictions in terms of resources generated. We obtain the result that, in line withthe accelerator model, business investment is relatedto sales. Furthermore, the conditions of performance,synthesized by the "q" ratio between market value andasset replacement cost, have a favourable effect on investment. Finally, listed companies do not appear to be subjected to significant financial restrictions dueto their internal generation of resources.