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The Impact of Loan Capital on the Baltic Listed Companies’ Investment and Growth

Keywords: financing decisions , investment politics , overinvestment effect , underinvestment effect , growth opportunities.

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Abstract:

Loan capital and investment made with the help of it,grant strategic competitive advantages to companies. Loancapital and investment often are the elementssupplementing each other: growth in investment results inthe growth of loan capital and vice versa. But the conflictsof interests between shareholders, managers and creditorsprecondition either underinvestment or overinvestment,which, in its turn, has a negative impact on corporatevalue. Such an ambiguous influence of loans on corporateinvestment and growth is one of relevant fields of corporatefinance governance that requires extensive analysis.

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