Mario, Calderini; Elisa, Ughetto - In: L'industria (2009) 3, pp. 467-488
This paper investigates the relationship between finance and capital investment for a panel of more than 1.000 Italian … manufacturing firms. We estimate the sensitivity of capital investment to cash flow, testing for the presence (absence) of … sensitivity of investment to cash flow, which is interpreted as a measure of financial constraints, is assumed to be higher for …