Investment, irreversibility, and financing constraints: Evidence from a panel of transition economies

被引：12

作者：

Guariglia, Alessandra ^{[1
]}

Tsoukalas, John ^{[2
]}

Tsoukas, Serafeim ^{[2
]}

机构：

[1] Univ Durham, Durham Business Sch, Durham DH1 3HY, England

[2] Univ Glasgow, Sch Business, Glasgow G12 8QQ, Lanark, Scotland

来源：

ECONOMICS LETTERS | 2012年 / 117卷 / 03期

关键词：

Investment; Irreversibility; Cash flow; Financing constraints;

D O I：

10.1016/j.econlet.2012.07.031

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Focusing on a panel of unlisted firms from transition economies, we observe that only firms facing low irreversibility exhibit high and significant investment-cash flow sensitivities. Our findings provide a new explanation for why some financially constrained firms may exhibit low sensitivities. (C) 2012 Elsevier B.V. All rights reserved.

引用

页码：582 / 584

页数：3

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