Investitionsnachfrage und Finanzierungsstruktur in der schweizerischen Industrie

Investments of the Swiss industries are viewed as derived factor demand by a firm maximizing its present value. The firm determines its demand for labour by maximizing profits from production. Simultaneously, it determines the optimal structure of finance by minimizing the respective costs. Given these values, the firm maximizes its present value and derives the necessary demand for investment goods. The empirical part consists of a pooled cross-section-time-series-regression. The results show a very different predictive power of the model for different industries, suggesting a very different impact of forms and costs of financing.