The interpretation of the significant relation between business investment spending and cash flow has been … controversial. A large body of research has found that investment/cash flow sensitivities are higher for financially constrained … with the Kaplan and Zingales critique, investment/cash flow sensitivities are lower for financially constrained firms. This …

The interpretation of the significant relation between business investment spending andDie Interpretation der …

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 …

income taxation on investment in case of binding and non-binding financial constraints. By employing two different sample … average tax rate to measure liquidity outflow through taxation that corporate taxation affects investment through changing … error-correction models. -- Investment cash flow sensitivity ; financial constraints , taxation ; effective average tax rate …

The paper assesses the role of taxes on investment in Colombian firms. The analysis is carried out at the firm level … the statutory tax rates, tax credits and incentives for corporate investment. The effect of corporate taxation on … investment is estimated by first determining the impact of taxation on the cost of capital by computing the effective marginal …

transmission of bank distress to the real economy—in particular, to real investment and labor employment by nonfinancial firms. We … using other types of financing. The analysis is based on a unique matched data set for Germany that contains firm … supply downsize their real investment and labor employment significantly. This effect islarger for firms that are unable to …

transmission of bank distress to the real economy - in particular, to real investment and labor employment by nonfinancial firms … by using other types of financing. The analysis is based on a unique matched data set for Germany that contains firm … supply downsize their real investment and labor employment significantly. This effect is larger for firms that are unable to …

Does corporate debt overhang affect investment over the medium term? To better uncover this association, I argue that … investment: a 10 p.p. increase in the three-year change in the leverage ratio is associated with 5% lower capex investment after …

Does corporate debt overhang affect investment over the medium term? To uncover this association, I measure debt … to cut permanently back on investment: a 10 percentage point increase in the three-year change in the leverage ratio is … associated with lower investment growth of 5 percentage points after five years compared to the most resilient firms. I also find …