An Empirical Analysis of Cash Flow and Investment Fluctuations Using Firms - Level Panel Data  

Oleh:

Ismail, Abd. Ghafar ; Sanusi, Nur Azura

Jenis: Article from Journal - ilmiah nasional - tidak terakreditasi DIKTI
Dalam koleksi: International Journal of Business vol. 7 no. 1 (Jan. 2005), page 95-108.
Topik: ANALYSIS; asymmetric information; debt financing; equity financing; investment

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: II51.4 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

Since the pioneering work of gurley and shaw (1955), the attempt has been done to justify money as a primary focal point of macroeconomic theorizing. However, other researchers argue that variables such as financial development and indicators are also important to be linked with macroeconomic performance. Here, if money can be thought as means production and consumer foods as the ultimate end toward which production is directed, and then capital also occupies a position that is both logically and temporarily intermediate between original means and ultimate ends. This temporarily itnermediate status of capital is not in serious dispute, but its significance for macroeconomic theorizing is rarely recognized. The firms' decision to acquire funds through debt and equity financings affects the capital structure and in the firm's balance sheet, the impact of capital appears to influence the inventory investment. Hence, the significance of capital structure - induced inventory distortions in the context of firm - level is the basis for our article. The sample for our analysis is compiled from the balance sheets of listed syaria firms in the kuala lumpur stock exchange for the period 1995 - 2000.

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