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Do measures of financial constraints measure financial constraints?
Farre-Mensa, Joan; Ljungqvist, Alexander - In: The review of financial studies 29 (2016) 2, pp. 271-308
Persistent link: https://www.econbiz.de/10011447592
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Remedial role of financial development in corporate investment amid financing constraints and agency costs
Khan, Muhammad Kaleem; He, Ying; Kaleem, Ahmad; Akram, Umair - In: Journal of business economics and management 19 (2018) 1, pp. 176-191
concludes that firms suffering from under- (over-) investment problem due to financing constraints (agency problem), are more … study has demonstrated a novel approach by concurrently incorporating the monitoring and financing issues that disturb the … that has the potential to balance the investment distortions by rectifying monitoring and financing deficiencies. …
Persistent link: https://www.econbiz.de/10012174741
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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 the financially constrained firms for the case of Greece. Taking as a fact that managers principally are optimistic and often overconfident an effort is made to highlight the...
Persistent link: https://www.econbiz.de/10012023594
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Investment cash flow sensitivity under managerial optimism : new evidence from NYSE panel data firms
Mohamed, Ezzeddine Ben; Fairchild, Richard; Bouri, … - In: Journal of economics, finance & administrative science 19 (2014) 36, pp. 11-18
Investment cash flow sensitivity constitutes one important block of the corporate financial literature. While it is well documented in standard corporate finance, it is still young under behavioral corporate finance. In this paper, we test the investment cash flow sensitivity among panel data of...
Persistent link: https://www.econbiz.de/10011872441
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Is investment : cashflow sensitivity a good measure of financial constraints?
Wan, Hualin; Zhu, Kai - In: China journal of accounting research : CJAR 4 (2011) 4, pp. 253-270
relative cost of internal and external financing on investment decisions in response to tax changes. China’s 2004 VAT reform … of financing and the value of the tax shield and increased the cost of debt financing. This study shows that in the case …
Persistent link: https://www.econbiz.de/10011823850
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Analysis of bankruptcy threat for risk management purposes : a model approach
Wieczorek-Kosmala, Monika; Błach, Joanna; Trzęsiok, Joanna - In: International Journal of Financial Studies : open … 6 (2018) 4, pp. 1-17
In previous works, the importance of risk management implementation was addressed with regard to the problem of bankruptcy threat, with the explanation of risk impact on higher bankruptcy costs or the underinvestment problem. However, the evaluation of the impact of risk outcomes is technically...
Persistent link: https://www.econbiz.de/10011963925
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Impact of financial constraints and financial distress on cash holdings
Bukalska, Elżbieta; Maziarczyk, Anna - In: International journal of management and economics 59 (2023) 1, pp. 13-31
The aim of the study is to examine the impact of financial constraints and financial distress on cash holdings, both in normal and crisis times. We collected the 4,406 firm-year observations of companies listed on the Warsaw Stock Exchange (WSE). Our research shows that companies maintain higher...
Persistent link: https://www.econbiz.de/10014310085
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Balance sheet effects in currency crises : evidence from Brazil
Janot, Marcio Magalhães; Garcia, Márcio Gomes Pinto; … - In: Economia : revista da ANPEC 22 (2021) 1, pp. 19-37
In third generation currency crises models, balance sheet losses from currency depreciations propagate the crises into the real sector of the economy. To test these models, we built a firm-level database that allowed us to measure currency mismatches around the 2002 Brazilian currency crisis. We...
Persistent link: https://www.econbiz.de/10012506592
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Measuring credit risk in family firms
Abinzano, Isabel; Corredor, Pilar; Martinez, Beatriz - In: Business research quarterly : BRQ 25 (2022) 3, pp. 265-282
This article attempts to identify the default risk measure which best reflects the idiosyncratic context of public family firms. Seven accounting- and market-based measures are compared over a sample of 981 US family and non-family firms for the period 2000-2016. The results show that the...
Persistent link: https://www.econbiz.de/10013272953
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Different measures, different trends : contradictions in macro and micro level growth measures
Juhász, Péter; Váradi, Kata; Száz, János; … - In: Journal of contemporary economic and business issues 4 (2017) 1, pp. 21-39
measurement unit determines what distortions we will face, and thus, using different measures we may end up identifying completely … their operational, investment or financing strategy or when structural changes happen in the economy. This may end in …
Persistent link: https://www.econbiz.de/10011695372