The Cash Flow Sensitivity of Cash  

Oleh:

Almeida, Heitor V. ; Campello, Murillo ; Weisbach, Michael S.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 59 no. 4 (Aug. 2004), page 1777-1804.
Topik: Cash flow; economic models; studies; cash flow; correlation analysis; financial performance; corporate planning
Fulltext: p 1777.pdf (164.88KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We model a firm's demand for liquidity to develop a new test of the effect of financial constraints on corporate policy. The effect of financial constraints is captured by the firm's propensity to save cash out of cash flows (the cash flow sensitivity of cash flow). We hypothesize that constrained firms should have a positive cash flow sensitivity of cash, while unconstrained firms' cash savings should not be systematically related to cash flows. We empirically estimate the cash flow sensitivity of cash using a large sample of manufacturing firms over the 1971 to 2000 period and find robust support for our theory.

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