Contraste de un modelo de inversión de las firmas en mercados imperfectos basado en la Teoría de la Agencia

In this research, the contrast of a new dynamic model has been made, developed from the agency problem presented in the investment decision. The model allows the inclusion of imperfect market conditions, reflected as financial restrictions, specifically in the Free Cash Flow and Financial Debt. The econometric model, with and without restrictions, is estimated using Panel Data, built out of 36 companies from the automotive industry worldwide, with financial information available from 1998 to 2012. For model contrast, Arellano-Bond estimators were used, in their differences and system versions, based on the Generalized Method Moments. It is concluded that the variation of future investment and sales compared to the period before, have a direct relationship with the investment and the sales of the actual period, and an inverse relationship with costs.