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 …

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 …

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 …

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

We employ a Bayesian estimation technique to construct firm-varying investment-cash flow sensitivities (ICFS) for a …

-equation model in which firms make interdependent decisions in financing, investment, and distribution, under the constraint that … and debt for R&D financing. R&D and physical capital investment are likely to be complementary for mature, but not for …

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 …

The importance of credit market imperfections for investment behavior is analyzed using Swedish firm level data …. Adjustment and agency costs are included in the neoclassical theory of optimal financial and investment decisions for firms. In …