Hành vi đầu tư, hạn chế tài chính và chính sách tiền tệ nghiên cứu thực nghiệm trên thị trường chứng khoán Việt Nam

Nội dung text: Hành vi đầu tư, hạn chế tài chính và chính sách tiền tệ nghiên cứu thực nghiệm trên thị trường chứng khoán Việt Nam

1. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 INVESTMENT BEHAVIOR, FINANCIAL CONSTRAINTS AND MONETARY POLICY – EMPIRICAL STUDY ON VIETNAM STOCK EXCHANGE HÀNH VI ĐẦU TƯ, HẠN CHẾ TÀI CHÍNH VÀ CHÍNH SÁCH TIỀN TỆ NGHIÊN CỨU THỰC NGHIỆM TRÊN THỊ TRƯỜNG CHỨNG KHOÁN VIỆT NAM Hoang Thi Phuong Anh, Dinh Thi Thu Ha, Dinh Thi Thu Hien University of Economics Ho Chi Minh City anhtcdn@ueh.edu.vn ABSTRACT Using the data-set of 200 non-financial companies listed on HOSE and HNX for the period 2007 - 2016, this paper examines the effect of bank financing on corporate investment behavior and the extent to which bank financing affects corporate investment behavior in different monetary policy periods. By applying GMM method, the results find that company with more bank financing will reduce the proportion of investment, and in comparison with the period of loosening monetary policy, company tend to reduce its investments by bank loans in the period of tightening monetary policy. Key words: Investment behavior, bank financing, monetary policy, GMM model. TÓM TẮT Bài nghiên cứu sử dụng dữ liệu của 200 công ty phi tài chính được niêm yết trên hai sàn chứng khoán HOSE và HNX trong giai đoạn 2007 - 2016 với mục tiêu xem xét ảnh hưởng của vay nợ ngân hàng đến hành vi đầu tư của các công ty và liệu trong mỗi thời kì chính sách tiền tệ khác nhau thì ảnh hưởng này có khác biệt gì hay không? Bằng việc sử dụng phương pháp GMM hệ thống, bài nghiên cứu tìm thấy rằng vay nợ ngân hàng càng tăng thì các công ty sẽ giảm mức độ đầu tư, và trong giai đoạn chính sách tiền tệ thắt chặt mức độ giảm đầu tư từ việc vay nợ ngân hàng nhiều hơn so với trong giai đoạn chính sách tiền tệ mở rộng. Đồng thời, bài nghiên cứu cũng tìm thấy sự khác biệt trong hành vi đầu tư của các doanh nghiệp khi phân loại theo tiêu chí quy mô, đòn bẩy và sự phụ thuộc vào ngân hàng. Từ khóa: Đầu tư, vay ngân hàng, chính sách tiền tệ, GMM. 1. Introduction Monetary policy affects the economy through various channels such as credit channels and interest rate channels (Chatelain et al., 2003). Understanding this transmission mechanism is essential for policy makers. In case of traditional interest rate channel, when the interest rate changes, cost of capital changes accordingly, thus affecting investment. Regarding to the credit channel, changes in market interest rates affect the balance sheet and net cash flow of firms in an inefficient market, this net cash flow in return will affect investment. The corporate sector has an important influence on the real economy and financial stability through linkages with the banking sector and financial markets. The sensitivity of the corporate sector to the shocks not only affects the business cycle but also affects the capital structure. Enterprises with low debts and collaterals are more sensitive to interest rate shocks and to financial crisis. Moreover, short-term debts can amplify interest rate risks by reinvestment risks. Understanding the effects of monetary policy on corporate investment decisions contribute to both theoretical and empirical analysis. Based on asymmetric information and agency problems, some theories such as pecking order theory show that the corporate financial model begins with retained earnings, followed by debts, and equity offerings (Myers, 1977; Myers and Majluf, 1984). Moreover, there are costs and distribution differences when a company use external finance from the bank. Contracts that do not have enough information can limit the ability of enterprises to access external financial funds, so it is difficult to have sufficient funding for profitable investment opportunities (Stigliz and Weiss, 1981, Besanki and Thakor, 1987). 292
2. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 Researches on corporate funding, investment behavior and monetary policy have gained significant attentions from researchers; however most of them focus on developed countries such as Japanese studies (Fuchi et al., 2005), United States (Vijverberg, 2004), UK (Mizen and Vermeulen, 2005; Guariglia, 2008), Europe region (Bond with partners, 2003, Chatelain et al., 2003; De Haan and Sterken, 2011), Canada (Alivazian et al., 2005) and Spain (Gonzales and Lopez, 2007). Research on the linkages between corporate finance, investment and the monetary policy transmission mechanism in developing markets is more limited. However, the widespread of financial crisis in the developing markets have attracted more attentions among researchers, policy makers and economists on corporate finance, investment and monetary policy. Among the studies are Borensztein and Lee (2002) for Korea, Rungsomboon (2003) for Thailand, Perotti and Vesnaver (2004) for Hungary, and Firth et al. (2008) for China. Their results support the existence of credit channels in developing markets but shown variations across country and firm specific characteristics. Numerous researches have been devoted to Vietnamese corporate investment decisions such as study on manager behaviors and investment activities in Vietnam (Nguyen Ngoc Dinh, 2015), effects of cash flow on investment decisions (Le Ha Diem Chi, 2016), the impact of excessive cash accumulation on financial decisions (Nguyen Thi Uyen Uyen, 2015), determinants of investment decisions of foreign enterprises in Kien Giang (Pham Le Thong, 2008). However, the number of studies examining the role of monetary policy on investment decisions is still limited; therefore, this research aims to fill the gaps in literature by examining the impact of short-term bank loans on corporate investment behavior under various monetary policies 2. Literature Review The monetary policy transmission mechanism has attracted great attention from researchers and policy makers. First, monetary policy affects the economy through traditional interest rate channel: an expansionary monetary policy reduces interest rate; subsequently, cost of using external capital decreases will stimulate investments. Currency is a type of assets, in an open economy, foreign exchange rate is one of the traditional channels through which monetary policy affects international transactions, domestic production and prices (Deniz Igan, 2013). Numerous researches have been conducted to investigate the traditional transmission channels of monetary policy such as interest rates, asset prices and foreign exchange rates (Boivin, Kiley and Mishkin, 2010). The theory of interest rate channels assumes that financial intermediaries do not play important role in the economy. Bernanke and Gertler (1995-1983) show that the traditional interest rate channel relies on one of three following assumptions: (i) For borrowers: loans and bonds are perfect substitutions for internal financing (ii) For lenders: loans and bonds are perfect substitutions for internal financing. (iii) Credit demand is not sensitive to interest rates. However, the effect of monetary policy on the economy is greater than what can be explained by traditional interest rate channel, researchers have identified other monetary policy transmission channels such as lending channels, balance sheet channels, and risk-taking channels. Mishkin (1996) suggests that monetary policy affect banks, thereby affecting bank loans or lending channels. This lending channel is based on the notion that banks play significant role in financial system due to the fact that the lending channel is suitable for most businesses that need financial funds. Bernanke and Gertler (1983) argue that the balance sheet channels relate to the impact of monetary policy on loan demand. Higher interest rates increase interest payments while reduce the current value of assets and collateral. This will reduce the credibility of assets leading to higher disparity when using external finance. Consequently, credit growth will be slower, aggregate demand and supply will decrease. In addition, Bruno and Shin (2015) offers a risk-taking channel related to changes in the demand of financial resources caused by policy changes, leading to the changes of risk of the banks and financial intermediaries Low interest rates encourage financial intermediaries to take more risks to seek higher profits. 293
3. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 Meanwhile, Bernanke and Gertler (1983) argue that according to credit channel theory, the direct effect of monetary policy on interest rates is amplified by change in the cost of using external capital showing the difference between the cost of using external funds (loans or equity offerings) and internal funds (retained earnings). Cost of external funds represents the inefficiency of credit market when there is a big difference between the expected return of lender (returns from interest expenses) and cost of borrowers (interest expenses). Therefore, a change in monetary policy may increase or decrease interest rates, thereby increasing or decreasing the cost of external capital, affecting credit supply. Credit channel is not an alternative for traditional monetary policy transmission mechanism, but through credit channel, the impact of monetary policy on the economy will be significantly increased. This theory examines the impact of disadvantageous shock that raises the interest costs borrowers have to pay resulting in the increases the external fund costs, and the mechanism of these adverse effects. Financial shocks can affect corporate sector by cutting credit for valuable trading and investment opportunities (Kashyap et al, 1991). Monetary policy is an important macro variable affecting corporate investment decisions. Jing et al (2012) argue that expansionary monetary policy reduces financial constraints for private companies; however, this also leads to ineffective investments. In contrast, a good financial environment can help firms take advantage of investments, improve capital efficiency when they have better investment opportunities. Monetary policy transmits to the economy through multiple channels such as currency channels (interest rates, foreign exchange, asset prices) and credit channels. According to classical economists, policy makers use leverage on short-term interest rates to influence capital costs, thus affecting commodity spending such as fixed assets, real estates, inventory. Changes in supply and demand affect the proportion of corporate investments. When the Central Bank raises interest rates, costs of debt financing as well as business financial constraints increase. Consequently, firm becomes more dependent on external funds and therefore reduces investment proportion due to the increase of capital costs. Impact of monetary policy on corporate investment behavior through different channels gain great attention from researchers. Bernanke (1992) suggests the theory of monetary policy transmission channel considering the role of financial intermediaries in monetary policy transmission at micro level. Although theory of monetary policy transmission through credit channels is still controversial, this theory suggests that monetary policy affects the availability of financial resources by increasing or decreasing the supply of bank loans, thus affecting the supply of corporate investments. Bernanke (1995) argues that monetary policy influences long-term investments through interest rate and proportion of financial constraints. Chatelain and Tiomo (2003) argue that monetary policy affects corporate investments through interest rate channels, thus adjusting lending and borrowing costs, through credit channels this mechanism affects enterprise capital costs. Zulkhibri (2013) argues that monetary policy has a significant impact on the ability to access external funds when interest rates rise. Firms become more vulnerable, especially those with high leverage, internal capital becomes more important in the period of low liquidity. Changes in monetary policy (for example, from loosening to tightening) will affect corporate investment opportunities and external financial constraints through credit and currency channels. Rational managers may consider adjusting their investment plans in response to these changes. From the view point of financial constraint of credit channel, in the period of tightening monetary policy, credit restriction and investment costs increase when credit supply decreases; according to NPV method and profit maximization theory, firms will reduce investment proportions in response to those changes. On the contrary, in the period of expansionary monetary policy, financial constraints and capital costs decrease due to the increase of credit supply, projects with negative NPV will become positive, firms will expand investments to maximize profits. From the view point of monetary policy transmission, in the period of expansionary monetary policy, aggregate demand will increase when money base supply increases. Big companies expand productions and investment proportion due to increase of investment opportunities. In the period of tight 294
4. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 monetary policy, total demand decline and capital costs increase due to money supply decrease. Firms reduce investment proportions leading to a decline in investment opportunities. Monetary policy affects the economy directly and indirectly. An increase in interest rates will weaken the balance sheet by reducing net cash flow of interest rates and real asset value. This amplifies the impact of monetary policy on borrowers' spending. This impact process can also take place indirectly. Suppose that tight monetary policy reduces spending, decrease in cash flow and asset value will correlate with spending decrease, thus the balance sheet is affected, then the value is reduced afterwards. This indirect channel has significant impact since it considers that the influence of financial factors may occur later when a change in monetary policy occurs. Monetary policy affects financial factors. First, financial theories of business cycle emphasize the role of borrowers' balance sheet (Bernanke and Gertler (1989), Calomiris and Hubbard (1990), Gertler (1992), Greenwald and Stiglitz (1993), Kiyotaki and Moore (1993)). These theories begin with the idea that inefficient markets make borrowers' spending depend on their balance sheet status because of the link between net asset value and credit terms. This leads to a direct financial transmission mechanism: changes in balance sheet change amplify changes in spending. 3. Methdology 3.1. Data description The paper consists of 500 companies listed on two Vietnam stock exchanges: Ho Chi Minh City Stock Exchange (HOSE) and Hanoi Stock Exchange (HNX) in the period 2007 - 2016. The companies are selected as follows: - Excluding companies operating in banking sector, insurance sector, real estate sector, investment funds, securities companies. The sample only includes non-financial companies. - Excluding companies that do not have enough financial statements in 10 years from 2007 – 2016, assuming that firms that do not have enough financial statements are newly established, newly equitized or unsatisfactory to operate continuously, the financial statements of these companies are different and difficult to assess. Finally, a data set of 200 non-financial from 2007-2016, represent observation of 2000 company- year is collected. Data are extracted from audited financial statements and audited consolidated financial statements of companies collected from www.stox.vn and www.vietstock.vn. 3.2. Models First, to examine the impact of short-term bank loans on corporate investment behavior under various monetary policies in Vietnam, we apply the empirical model of Bond et al. (2003) and Zulkhibri (2015) to estimate the technical method of error - correction, as follows: (1) Where: - is company investment at time t, including capital expenditures on property, plant and equipment. It is measured by the proportion of firm capital expenditure on tangible fixed assets. This measurement is similar to the measurement in the researches of Kaplan and Zingales (1997), Chirinko, Fazzari and Meyer (1999), Bhagat, Moyen and Suh (2005), Love and Zicchino (2006), Moyen (2004), Odit et al. (2008), Nguyen Thi Ngoc Trang et al. (2013), Nguyen Ngoc Dinh (2015) and Zulkhibri (2015) 295
5. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 - is capital stock value. It is measured by book value of tangible fixed assets, this measurement is similar to the measurement of Odit et al. (2008), Nguyen Thi Ngoc Trang et al. (2013), Nguyen Ngoc Dinh (2015) and Zulkhibri (2015). - is calculated by natural logarithm of company revenue in which company revenue is measured by revenue/(1+ inflation) - is the first difference , measuring the revenue growth rate. This measurement is similar to research of Zulkhibri (2015). is the first lag of . - is natural logarithm of . - is ratio of short-term debt/total debt. - The existence of adjustment costs is presented by error-correction behavior ( ) in the research model, where and are the second lag of and respectively. The adjustment costs reflect capital stock adjustment toward the target level. The error-correction behavior requires that the coefficient should be negative to be consistent with the presence of adjustment cost, if the current capital is lower (higher) than its target level, investment may be higher (lower) in the future (Guariglia, 2008; Zulkhibri, 2015). - T is a dummy variable indicating tight monetary policy in the period of 2010 - 2011 due to economy stabilizing, inflation controlling (Nguyen Thi Hai Ha, 2012), and in the period of 2007 - 2008 due to the global financial crisis, so T = 1 if the time under consideration is 2007, 2008, 2010, 2011 and otherwise T = 0. In those years, the interest rates are higher; therefore, the selection of these years as proxies for period of tight monetary policy is reasonable. - (1 - T) is proxy for period of loosening monetary policy in 2009, 2012 - 2014, 2015. We consider these two periods when interest rates change to examine the effect of monetary policy on corporate investments. Because the lagged value of dependent variables become explanatory variable, it is not possible to use OLS estimation to solve endogeneity in the regression model; instead, other methods such as: two- step regression, instrument variable regression, three-step regression, GMM can be used. However, due to the characteristics of our research data (high number of company (200 companies) but in short period (from 2007 to 2016, 10 years of observation), the GMM estimation method is appropriate (Mileva, 2007). 4. Results 4.1. Descriptive results Table 1: Variables descriptive statistics VARIABLE MEAN STD.DEV MIN MAX OBSERVATION INV 0.0298 0.1849 -0.7698 4.9482 1800 SIZE 26.6010 1.4429 20.9841 31.3219 1800 DENTASIZE 0.0999 0.3327 -2.8825 2.0376 1800 ERRORCORR -0.0609 0.7483 -2.4543 3.3319 1600 DEBT 0.6233 0.3901 0.0000 1.0000 1800 Source: Author’s calculation 296
6. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 Table 1 shows the descriptive statistics for the main variables. All variables are lagged 1, therefore the observation is reduced from 2000 at first to 1800, except the observation of ERRORCORR is 1600 since this variable is lagged 2. The mean and standard deviation of INV is 0.029 and 0.1849, respectively. It shows that the fluctuation of company investment is not too wide with the minimum value is -0.7698 and the maximum value is 4,9482. Mean and standard deviation of company's size (SIZE) is 26.6 and 1.4429 respectively; the minimum value is 20.98 and the maximum value is 31.32. In comparison to the company which have the mean value of cash flow is 0.1282 and standard deviation value is 0.1023, company which have the mean value of debt ratio is 0.622 and standard deviation value is 0.3901 exhibit more volatility of debt ratio than that of the cash flow. 4.2. The effect of external finance on corporate investment behavior by monetary policy transmission Table 2: Results Without monetary policy With monetary policy interaction (Model 1) interaction (Model 2) -0.008 -0.010 (-2.32) (-2.66) 0.089 0.096 (17.01) (16.12) 0.042 0.043 (18.73) (18.5) -0.013 -0.013 (-8.4) (-8.56) 0.022 (-4.31) -0.026 *T (-4.28) -0.020 *(1 – T) (-3.87) 0.019 0.019 (5.66) (5.33) AR(1) 0.002 0.002 AR(2) 0.771 0.755 HANSEN 0.274 0.259 OBSERVATION 1600 1600 Source: author’s calculation and *, and indicates significance at the 10%, 5% and 1% level respectively Table 2 presents the estimates of the monetary policy effect on corporate investment behavior. The AR test (1), AR test (2) and Hansen test show that GMM estimation method in Table 2 is appropriate. Specifically, the AR test (2) shows that there is no auto correlation phenomenon in the model (P-value > 5%), and Hansen test shows that the instrument variables do not correlate with the residuals (P-value > 5%). Investment models with and without monetary policy interaction show that the lagged value of investment, size and external finance are important determinants to investment in Vietnam. 297
7. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 Most coefficients of model 1 exhibit reasonable sign and statistical significance. The results show that external funding has a positive impact, and is statistically significant to investment capacity. This suggests that companies often rely on new loans to make new investments. The results are consistent with study of Harris et al. (1994) which suggests the relationship between external funds and investment behavior of large Indonesian companies. The estimated coefficient of Ii,t-1/Ki,t-2 negatively affects the investment proportion at the 10% significance level. This suggests that, when other factors remain unchanged, company funds for investment projects will be limited, in case company used too much funding to invest, it will have to invest less in latter period. This result is similar to the study of Zulkhibri (2015). The positive and significant coefficients of changes in revenue (∆Sit and ∆Si,t-1) show the importance of accelerating sales in explaining investment behavior. The estimated results of model 2 also show similar results. The most important finding of this study is the impact of monetary policy in different monetary periods. The effect of monetary policy on investment behavior in a tight monetary policy period is greater (coefficient of 0.026) than that in the loose monetary policy period (coefficient 0.020). When Vietnamese companies depend on external funds (in particular short-term debts), limited access to external finance during tight liquidity period can lead to a significant reduction in investment proportion. This result is consistent with the evidence of capital market imperfections and liquidity constraint (Fazzari et al., 1988; Bernanke & Gertler, 1989; Hoshi et al., 1991). In addition, the ERRORCORR coefficient of models 1 and 2 are both negative and statistically significant at the 10% level, implying the existence of investment behavior adjustment costs. The results are similar to the study of Zulkhibri (2015). 4.3. Effect of external finance in monetary policy transmission mechanism to corporate investment behavior when company is financial constrained Follow Fazzari et. al. (1988) and Zulkhibri (2015), we interact the financial DEBT in equation (1) with the dummy variable type of company (TYPE) implying the financial constraint degrees faced by companies to examine the effect of external and internal finance on investments. Our sample is divided into 3 categories: (i) Size (large if the average value of company size which is calculated by natural logarithm of total assets is in the upper 25% of distribution while small if firm natural logarithm of total assets is in the lower 25% of distribution ) (ii) bank-dependent if firm ratio of short-term borrowing to total assets falls in the upper of 25% of distribution while non-bank-dependent if firm ratio of short-term borrowing to total assets falls in the lower 25 quartile of the distribution; and (iii) leverage (high if firm ratio of total debts to total assets falls in the upper 25 quartile of the distribution while low if firm ratio of total debts to total assets falls in the lower 25 quartile of the distribution). In table 3, model 1 shows the results of company with size constraint; model 2 exhibits the results of company with leverage constraint and model 3 presents the results of company with or without bank- dependent constraint. Table 3: Results of financially constrained firms INV Model (1) Model (2) Model (3) -0.008 -0.007 -0.006 INV(-1) (-2.18) (-1.68) (-1.48) 0.094 0.101 0.085 DENTASIZE (13.9) (13.86) (11.97) 0.044 0.039 0.037 DENTASIZE(-1) (16.38) (12.65) (13.44) 298
8. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 -0.013 -0.012 -0.011 ERRORCORR (-8.25) (-5.81) (-6.61) -0.036 DEBT*LARGE*T (-4.41) 0.036 DEBT*SMALL*T (1.3) -0.015 DEBT*LARGE*(1 – T) (-2.73) -0.040 DEBT*SMALL*(1 – T) (-4.04) 0.003 DEBT*LOW*T (0.2) -0.029 DEBT*HIGH*T (-3.29) 0.058 DEBT*LOW*(1 – T) (6.04) -0.032 DEBT*HIGH*(1 – T) (-5.12) -0.177 DEBT*NONBANK*T (-2.65) -0.025 DEBT*BANK*T (-3.39) 0.185 DEBT*NONBANK*(1 – T) (5.43) -0.032 DEBT*BANK*(1 – T) (-5.64) 0.018 0.019 0.024 INTERCEPT (4.97) (4.82) (6.57) AR(1) 0.002 0.002 0.002 AR(2) 0.795 0.775 0.465 Hansen 0.343 0.351 0.261 OBSERVATION 1600 1600 1600 Source: Author’s calculation Table 3 shows that in terms of the size, companies tend to reduce investment proportion regardless of company size and monetary policy regimes. In terms of the leverage, in tight monetary policy period, high leverage companies tend to reduce the proportion of investment when the bank loans increased at the significance level of 10%. In expansionary monetary policy period, when short-term bank loans increase, low-leverage companies will increase investment while high-leverage companies will reduce investment. As can be seen that high leveraged companies will reduce investment proportion in both expansionary and tightening monetary 299
9. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 policy period when short-term bank loans increase. In expansionary monetary policy period, low-leverage companies tend to increase the proportion of investment when their bank debt ratio is high. Finally, in the tight monetary policy period, bank-dependent companies tend to reduce investment proportion when their short-term bank loans increase regardless of the extent to which company depend on the bank loans. In the period of expansionary monetary policy, when firm short-term bank loans increase, non- bank-dependent company will increase investment proportion while bank-dependent company will reduce investment proportion. 5. Conclusion This paper aims to evaluate the effect of short-term bank loans on corporate investment behavior in both tight monetary policy period and loose monetary policy period in 2007 - 2016. Based on the GMM method, our results show that companies with higher short-term bank loans tend to increase their investments. Simultaneously, when considering more monetary policy factors, the results show that monetary policy has more effect on corporate investment behavior in the tight monetary policy period compared to that in loose monetary policy period, implying that in the tight monetary policy period, company should limit its access to bank loans since increasing bank loans in this period makes the cost of capital higher resulting in ineffectiveness of investments. At the same time, it may increase the probability of company financial distress. This study, however is subject to several limitations. Firstly, the data excludes non-financial companies. Secondly, research data categories are not divided by industry. Therefore, future studies may consider the effect of bank loans on corporate investment behavior in each period of monetary policy for financial firms since they are more vulnerable when the state changes monetary policies. At the same time, it is necessary to consider the effect of debt on investment behavior in the context of different monetary policies by firm industries. In addition, expanding research to consider the impact of financial crisis on the relationship between bank loans and corporate investment behavior is also interesting issue. REFERENCE [1]. Aivazian, V. A., Ge, Y., & Qiu, J. (2005). The impact of leverage on firm investment: Canadian evidence. Journal of Corporate Finance, 11(1–2), 277-291. doi: 1199(03)00062-2. [2]. Bernanke, B., & Gertler, M. (1989). Agency Costs, Net Worth, and Business Fluctuations. The American Economic Review, 79(1), 14-31. [3]. Bernanke, B. S. (1983). Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression. National Bureau of Economic Research Working Paper Series, No. 1054. doi: 10.3386/w1054. [4]. Bernanke, B. S., & Gertler, M. (1995). Inside the Black Box: The Credit Channel of Monetary Policy Transmission. National Bureau of Economic Research Working Paper Series, No. 5146. doi: 10.3386/w5146. [5]. Besanko, D., & Thakor, A. V. (1987). Collateral and Rationing: Sorting Equilibria in Monopolistic and Competitive Credit Markets. International Economic Review, 28(3), 671-689. doi: 10.2307/2526573. [6]. Bhagat, S., Moyen, N., & Suh, I. (2005). Investment and internal funds of distressed firms. Journal of Corporate Finance, 11(3), 449-472. doi: [7]. Boivin, J., Kiley, M. T., & Mishkin, F. S. (2010). How Has the Monetary Transmission Mechanism Evolved Over Time? National Bureau of Economic Research Working Paper Series, No. 15879. doi: 10.3386/w15879. [8]. Bond, S., Elston, J. A., Mairesse, J., Mulkay, B., & xee. (2003). Financial Factors and Investment in Belgium, France, Germany, and the United Kingdom: A Comparison Using Company Panel Data. The Review of Economics and Statistics, 85(1), 153-165. 300
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