This paper examines the investment-cash flow sensitivities (ICFS) controversy as a representative of financial constraints by investigating the panel data of 288 listed firms from Pakistan. Panel data methodology along with First Difference Generalized Method of Moments (GMM) technique is used...

Purpose The purpose of this paper is to provide new insights about investment-cash flow sensitivities (ICFS) as a representative of financial constraints, by examining panel data consisting of 288 listed firms in Pakistan. Design/methodology/approach This study uses a panel data methodology and...