This paper analyzes the determinants of investment for a sample of 334 companies in Brazil for the period from 1998 to 2000. The sample was selected according to the criteria of liquidity, based on 1998 Sao Paulo Stock Exchange equity index of merchantability, which indicates the degree of liquidity of shares. We seek to contribute to the understanding of corporate finance in Brazil under conditions of macroeconomic instability.
investment; financing; instability
