In this paper we use balance-sheet data and information on bankruptcy to study the relationship between investment …-2011, which also allows us to study the impact of the 2008 crisis on Czech companies. Using investment-cash flow sensitivity to … significant impact on the investment rate. By taking a closer look at individual subsamples we reveal that the existence of …

opportunities and investment demand. Financial development primarily affects firms' external financing constraints. (2) Large firms …

We test whether firms with a single bank are better shielded from loss of credit and investment cuts in periods of … adverse cash flow shocks than firms with multiple bank relationships. Our estimates of the cash flow sensitivity of investment … shocks. In these periods, firms incur lower cuts in investment expenditures when they can obtain extra credit. In periods of …

In this paper, we explore the link between SME investment, firm economic characteristics, and the presence of financing … disaggregates investment by asset type and allows a granular assessment typically not present in the existing literature. Our … approach links investment to the marginal product of capital using a stochastic frontier model to explore, and measure, the …

This paper investigates the financial determinants of research and development (R&D) investment in Asia, where …&D investment to changes in cash flow, indicating reliance on internal financing of R&D and financially constrained firms, and a … cash flow sensitivity of R&D investment, suggesting more stable funding of innovation. Overall, there does not seem to be …

We use the stochastic frontier approach to estimate the impact of firm characteristics on investment decisions of …) optimum investment that is consistent with a firm's characteristics such as the Tobin's q during each firm-year, and then … estimate the deviation from this unobserved optimum in the form of an (investment) efficiency score that varies between zero …