linkages between investment in fixed and working capital and financing constraints. We find that those firms characterized by … high working capital display high sensitivities of investment in working capital to cash flow (WKS) and low sensitivities … of investment in fixed capital to cash flow (FKS). We then construct and analyze firm-level FKS and WKS measures and find …

linkages between investment in fixed and working capital and financing constraints.  We find that those firms characterized by … high working capital display high sensitivities of investment in working capital to cash flow (WKS) and low sensitivities … of investment in fixed capital to cash flow (FKS).  We then construct and analyze firm-level FKS and WKS measures and …

linkages between investment in fixed and working capital and financing constraints. We find that those firms characterized by … high working capital display high sensitivities of investment in working capital to cash flow (WKS) and low sensitivities … of investment in fixed capital to cash flow (FKS). We then construct and analyze firm-level FKS and WKS measures and find …

The interpretation of the correlation between cash flow and investment is highly controversial. Some argue that it is … caused by financial constraints, others by the correlation between cash flow and investment opportunities that are not … opportunities available only to insiders and thus not included in Q. When this variable is added in investment regressions, the …

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 …

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 …

larger drop in demand for external finance and their cost of external finance, implying higher investment-cash flow …

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

In this paper we describe a theoretical model of optimal investment of various types of financially constrained firms …. We show that the resulting relationship between internal funds and investment is non-monotonic. In particular, the … magnitude of the cash flow sensitivity of the investment is lower for firms with credit rationing compared to firms that are …