Ferrando, Annalisa; Altomonte, Carlo; Blank, Sven; … - 2015
relevance of leverage for investment, in addition to other common determinants, such as cash flow or sales growth. In particular … positions of firms have affected firms’ investment decisions, especially during the recent crisis. Our results confirm the …, we find evidence that higher levels of indebtedness act as a drag on investment. We investigate cash holding policies and …