This paper analyzes whether the financial distress of a firm affects the investment decisions of non … the industry and hence restricting credit access and investment. These average negative effects continue to hold in the …

We use the stochastic frontier approach to estimate the impact of firm characteristics on investment decisions of …) optimum investment that is consistent with a firm's characteristics such as the Tobin's q during each firm-year, and then … estimate the deviation from this unobserved optimum in the form of an (investment) efficiency score that varies between zero …

We aim at obtaining a simple quantitative rule for the joint determining of optimal corporate investment and financing … speculation and hedging motives - for the corporate decision-making process are exposed. The rule is then simplified to offer an …

We assess the impact of credit constraints on investment, inventories and other working capital and firm growth with a …, as firms with poor investment and growth opportunities may have a higher probability of being credit constrained. We … implement several strategies to overcome this obstacle: proxies for investment opportunities, lagged regressors, random effects …

identify the impact of pension overhang on investment. We find that firms with large unfunded pension liabilities increase … investment by 13% after the MAP-21 induced decrease in pension liabilities. The effects are more pronounced for ex- ante … financially constrained firms, yet pension-related cash flows have a minimal impact on investment. Credit ratings of affected …

We assess the impact of credit constraints on investment, inventories and other working capital and firm growth with a …, as firms with poor investment and growth opportunities may have a higher probability of being credit constrained. We … implement several strategies to overcome this obstacle: proxies for investment opportunities, lagged regressors, random effects …

This paper investigates how corporate governance of unlisted firms in an emerging market economy affects financing … constraints, measured by the sensitivity of investment to cash flow. We develop two original corporate governance indices based on … standard investment regressions where the cash flow variable is interacted with our corporate governance indices and variables …

react upon investment opportunities, and we show how it can be optimised to maximise the firm's growth. As an illustration … exogenous. Corporate Finance theory states that the optimisation of investment opportunities is one of three drivers of optimal … structure should incorporate the competitive position of the firm as well as the availability of investment opportunities. Our …

We empirically examine the effect of exposure to temporary and persistent cash flow shocks on firm investment and its … link with cash holdings. Theoretical models demonstrate that an expectation channel drives a wedge between the investment …