The Effects of Future Capital Investment and R&D Expenditures on Firms' Liquidity

被引：16
|
作者：
Baum, Christopher F. [1 ,2 ]
Caglayan, Mustafa [3 ]
Talavera, Oleksandr [4 ]
机构：
[1] Boston Coll, Dept Econ, Chestnut Hill, MA 02467 USA
[2] DIW Berlin, D-10117 Berlin, Germany
[3] Univ Sheffield, Dept Econ, Sheffield S1 4DT, S Yorkshire, England
[4] Univ Durham, Durham Business Sch, Durham DH1 3LB, England
来源：
REVIEW OF INTERNATIONAL ECONOMICS | 2013年 / 21卷 / 03期
关键词：
CASH HOLDINGS; CORPORATE GOVERNANCE; FLOW SENSITIVITY; FINANCE;
D O I：
10.1111/roie.12048
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The paper explores factors that lead to accumulation or decumulation of firms' cash reserves. In particular, the paper empirically examines whether additional future fixed capital and R&D investment expenditures induce firms to change their liquidity ratio while considering the role of market imperfections. Implementing a dynamic framework on a panel of US, UK, and German firms, it is found that firms in all three countries make larger adjustments to cash holdings when they plan additional future R&D rather than fixed capital investment expenditures. This behavior is particularly prevalent among financially constrained firms.
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页码：459 / 474
页数：16
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