This paper studies whether the monotonicity condition of the investment-cash flow sensitivity is satisfied empirically … investment-cash flow sensitivity, rejects the monotonicity condition for any common metric of financing constraints we use. The … testing procedure we propose reconciles the conflicting findings of the literature about the shape of the investment-cash flow …

factors (mainly, cash flows and other controlling variables) on corporate investment. By employing system-GMM estimation for … borrowing activities but also results in more corporate investment activities over the period from 2006 to 2016. Noticeably, the … internal cash flow is also significant factor, which enhances the activities of corporate investment. Finally, there are …