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Financing Constraints and Investment Efficiency of Canadian Real Estate and Construction Firms: A Stochastic Frontier Analysis

ديسمبر 31, 2019

/ Abureza Islam

This article investigates the financing constraints and investment efficiency of Canadian real estate and construction firms (RECFs) using a stochastic frontier approach. Our results support the observation that Canadian RECFs have a strong dependence of using both equity financing and debt financing and debt financing is likely to reduce the uncertainty of future financing while equity financing might enlarge the uncertainty. Regional analysis shows that the investment efficiency level o...


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