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Investment-Cash Flow Sensitivities: Constrained versus Unconstrained Firms

The Journal of finance (New York), 2004-10, Vol.59 (5), p.2061-2092 [Peer Reviewed Journal]

Copyright 2004 The American Finance Association ;2004 the American Finance Association ;Copyright Blackwell Publishers Inc. Oct 2004 ;ISSN: 0022-1082 ;EISSN: 1540-6261 ;DOI: 10.1111/j.1540-6261.2004.00692.x ;CODEN: JLFIAN

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  • Title:
    Investment-Cash Flow Sensitivities: Constrained versus Unconstrained Firms
  • Author: MOYEN, NATHALIE
  • Subjects: Capital formation ; Capital stocks ; Cash flow ; Debt ; Dividends ; Enterprises ; Equity ; Finance ; Financial investments ; Investment ; Investment funds ; Investment policy ; Loan defaults ; Regression analysis ; Securities sales ; Studies
  • Is Part Of: The Journal of finance (New York), 2004-10, Vol.59 (5), p.2061-2092
  • Description: From the existing literature, it is not clear what effect financing constraints have on the sensitivities of firms' investment to their cash flow. I propose an explanation that reconciles the conflicting empirical evidence. I present two models: the unconstrained model, in which firms can raise external funds, and the constrained model, in which firms cannot do so. Using low dividends to identify financing constraints in my generated panel of data produces results consistent with those of Fazzari, Hubbard, and Petersen; using the constrained model produces results consistent with those of Kaplan and Zingales.
  • Publisher: 350 Main Street , Malden , MA 02148 , USA , and 9600 Garsington Road , Oxford OX4 2DQ , UK: Blackwell Science Inc
  • Language: English
  • Identifier: ISSN: 0022-1082
    EISSN: 1540-6261
    DOI: 10.1111/j.1540-6261.2004.00692.x
    CODEN: JLFIAN
  • Source: Alma/SFX Local Collection
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