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Financial Constraints and Firm Capital Structure in Kenya

Kirui, Benard Kipyegon; Gor, Seth Omondi - In: International Journal of Economics and Finance 10 (2018) 1, pp. 177-190

Empirical evidence suggests that capital structure varies across firms facing different levels of information asymmetry, however, this evidence contradict the prediction of pecking order hypothesis. Although debt capacity constraints offer some explanation for this discrepancy, it fails to...

Persistent link: https://www.econbiz.de/10011770452

Modeling the Effects of Financial Constraints on Firm's Investment

Tomat, Gian Maria - In: Economics: The Open-Access, Open-Assessment E-Journal 2 (2008) 2008-9, pp. 1-26

The paper develops a model of firm´s investment under uncertainty with financial market imperfections and analyzes the … effects of financial constraints on firm´s investment. Firm´s investment is an increasing function of the firm´s marginal q …, however the investment function is characterized by an upper bound that depends on the firm´s borrowing capabilities. The firm …

Persistent link: https://www.econbiz.de/10010295307

Financially constrained firms: The impact of managerial optimism and corporate investment : the case of Greece

Maditinos, Dimitrios; Tsinani, Alexandra; Šević, Željko - In: International Journal of Business and Economic Sciences … 12 (2019) 1, pp. 39-49

Purpose: The purpose of this paper is to examine the impact of managerial optimism on corporate investment regarding … often overconfident an effort is made to highlight the effect of this psychological bias on managerial investment decision … - making. Design/methodology/approach: The research methodology is based on the approach that the investment-cash flow …

Persistent link: https://www.econbiz.de/10012622952

Balance sheet effects in currency crises: Evidence from Brazil

Janot, Marcio Magalhães; Garcia, Márcio Gomes Pinto; … - In: EconomiA 22 (2021) 1, pp. 19-37

just before the crisis reduced their investment rates 8.1 percentage points more than other publicly held firms. We also ….5 percentage points more than other exporters. These estimated reductions in investment are economically very significant …

Persistent link: https://www.econbiz.de/10013466690

Credit scarcity in developing countries: An empirical investigation using Brazilian firm-level data

Pinto Ambrozio, Antônio Marcos Hoelz; de Sousa, Filipe Lage - In: EconomiA 18 (2017) 1, pp. 73-87

considered here may affect the sensitiveness of investment to cash flow. Large firms, stock market listed firms as well as firms …

Persistent link: https://www.econbiz.de/10011858477

Financial frictions and the cash flow - external financing sensitivity: Evidence from a panel of Pakistani firms

Jabeen, Noshaba - In: Financial Innovation 4 (2018) 1, pp. 1-20

This paper uses a large panel of Pakistani non-financial firms over the period 2000-2013 to examine the role of financial constraints in establishing the relationship between cash flow and external financing. The results reveal that there exists a negative and significant relationship between...

Persistent link: https://www.econbiz.de/10012602781

Financial constraints and exports: Evidence from Portuguese manufacturing firms

Silva, Armando - In: International Journal of Economic Sciences and Applied … 4 (2011) 3, pp. 7-19

This paper analyses the links between financial constraints and firm export behaviour, at the firm level, by using data on Portuguese manufacturing enterprises. Previous empirical literature has not yet reached a consensus on these subjects and there is a great heterogeneity in measuring...

Persistent link: https://www.econbiz.de/10010289387

The impact of environmental sustainability disclosure on stock return of Saudi listed firms: The moderating role of financial constraints

Alsahlawi, Abdulaziz Mohammed; Chebbi, Kaouther; Ammer, … - In: International Journal of Financial Studies 9 (2021) 1, pp. 1-17

this disclosure into the investment decision-making process. Using a database of Saudi listed firms, this study adds to the …

Persistent link: https://www.econbiz.de/10013200330

Exports of Spanish manufacturing firms and financial constraints

Mañez Castillejo, Juan A.; Vicente-Chirivella, Óscar - In: BRQ Business Research Quarterly 24 (2021) 1, pp. 53-90

We investigate the role of financial constraints on firms' exporting behavior, including firms' export decision, export intensity, firms starting to export decision, and exports persistence. Our financial constraints variable is a synthetic variable that summarizes information on different...

Persistent link: https://www.econbiz.de/10013327709

Do modified audit opinions have economic consequences? Empirical evidence based on financial constraints

Lin, Zhiwei; Jiang, Yihong; Xu, Yixuan - In: China Journal of Accounting Research 4 (2011) 3, pp. 135-154

We present a framework and empirical evidence to explain why, on average, 11% of listed firms in China received modified audit opinions (MAOs) between 1992 and 2009. We argue that there are two reasons for this phenomenon: strong earnings management incentives lower firms' financial reporting...

Persistent link: https://www.econbiz.de/10011936922

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