Investment - Cash Flow Sensitivities : Constrained Versus Unconstrained Firms  

Oleh:

Moyen, Nathalie

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 59 no. 5 (Oct. 2004), page 2061-2092.
Topik: FIRMS; studies; cash flow; models; capital formation; regression analysis
Fulltext: p 2061.pdf (198.96KB)

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

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From the existing literature, it is not clear what effect financing constraints have on the sensitivities of firms' investment to their cash flow. I propose an explanation that reconciles the conflicting empirical evidence. I present two models : the unconstrained model, in which firms can raise external funds, and the constrained model, in which firms cannot do so. Using low dividends to identify financing constraints in my generated panel of data produces results consistent with those of Fazzari, Hubbard, and Petersen : using the constrained model produces results consistent with those of Kaplan and Zingales.

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