companies. I test the joint hypothesis that 1) a decrease in cash/collateral decreases investment, holding fixed the … profitability of investment, and 2) the finance costs of different parts of the same corporation are interdependent. The results … support this joint hypothesis: oil companies significantly reduced their non-oil investment compared to the median industry …

We study the relationship between corporate debt, corporate risk and firm-level investment, using a sample of 25 …,000 listed companies across 47 countries over the last two decades. We find higher leverage reduces investment but show the … leverage observed during the last decade and as a result of the Covid-19 pandemic, physical investment is expected to remain at …

regulation influences this decision. This paper attempts to give an overview of the literature in order to see what theory …