where in each equation the coefficient on ΔNFA, the change in net fixed assets (our proxy for investments), represents the extent
to which investments are financed with a given form of financing (the dependent variable).15 We estimate this system of
equations using the Seemingly Unrelated Regression (SUR) approach to account for simultaneity among the investment and
financing variables given restrictions that require that the use of funds is equal to the sources of funds for each firm.