Guariglia, Alessandra; Tsoukalas, John; Tsoukas, Serafeim - School of Economics, University of Nottingham
Using a panel of 4223 Bulgarian, Czech, Polish, and Romanian firms, over the period 1998-2005, we show that financially constrained firms likely to face irreversibility constraints exhibit low and insignificant sensitivities of investment to cash flow. These firms typically use their cash flow...
