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Persistent link: https://www.econbiz.de/10001587920
In this paper, we present a literature review and classification scheme for investment cash flow sensitivity under … findings. Literature on investment cash flow sensitivity under behavioral corporate finance isn't well developed. In fact, the … explanatory power and they can succeed to explain the dependence of corporate investment on the internal cash flow availability …
Persistent link: https://www.econbiz.de/10013084296
, uncertainty reduces corporate investment and employment. Using a novel firm-level measure of cash flow uncertainty, we find … empirically that uncertainty has a strong negative impact on corporate employment and investment in both tangible and intangible …, investment in tangibles would increase by 1.54%, and investment in intangibles would increase by1.29%. Our findings are robust to …
Persistent link: https://www.econbiz.de/10013092449
Persistent link: https://www.econbiz.de/10013001456
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 …
Persistent link: https://www.econbiz.de/10012902783
Many firms cite financial constraints as some of the most important impediments to their investment and growth. Using a …
Persistent link: https://www.econbiz.de/10012906137
Investment cash flow sensitivity constitutes one important block of the corporate financial literature. While it is … the investment cash flow sensitivity among panel data of American industrial firms during 1999-2010. Using Q-model of … investment (Tobin, 1969), we construct and introduce a proxy of managerial optimism following Malmendier and Tate (2005a) to show …
Persistent link: https://www.econbiz.de/10013052289
The interpretation of the significant relation between business investment spending andDie Interpretation der …
Persistent link: https://www.econbiz.de/10012991259
We contribute to the financial constraints literature and the investment-cash flow sensitivity debate by defining a new …-level employment growth as a control for investment opportunities, we find that constrained firms display the highest investment …
Persistent link: https://www.econbiz.de/10012925010
The authors show that there is a negative relationship between economic policy uncertainty (EPU) and firm overinvestment using Korean data from 2007 to 2016. Since Jensen (1986) shows that a firm's free cash flow is an important factor of overinvestment, the authors examine how free cash flow...
Persistent link: https://www.econbiz.de/10012658770