level investment sensitivity to cash flow is used to identify financing constraints. We find that the sensitivities are … importantly, the cash flow sensitivity of investment is lower in countries with better-developed financial markets. This suggests …

We explore whether the sensitivity of firm-level investment to cash-flow, typically associated with an external … conditions have indeed played a significant role in corporate investment decisions over recent years, rendering financing …, with constrained firms being substantially more likely to condition their investment decisions on overall credit conditions …

their investment more after the crisis. This negative effect is stronger for firms linked to weak banks with exposures to … corporate investment. …

their investment more after the crisis. This negative effect is stronger for firms linked to weak banks with exposures to … corporate investment …

level investment sensitivity to cash flow is used to identify financing constraints. We find that the sensitivities are … importantly, the cash flow sensitivity of investment is lower in countries with better-developed financial markets. This suggests …

We contribute to the financial constraints literature and the investment-cash flow sensitivity debate by defining a new …-level employment growth as a control for investment opportunities, we find that constrained firms display the highest investment …

Financial accelerator theories imply that weak balance sheets can amplify adverse shocks on firm investment. This … balance sheets are more important in explaining investment during downturns than during upturns. It is further shown that the …