The impact of capital market imperfections on investment-cash flow sensitivity

被引：81
|
作者：
Agca, Senay [1 ]
Mozumdar, Abon [2 ]
机构：
[1] George Washington Univ, Sch Business, Washington, DC 20052 USA
[2] Virginia Tech, RB Pamplin Coll Business, Falls Church, VA 22043 USA
来源：
JOURNAL OF BANKING & FINANCE | 2008年 / 32卷 / 02期
关键词：
investment-cash flow sensitivity; capital market imperrections;
D O I：
10.1016/j.jbankfin.2007.02.013
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine the investment-cash flow sensitivity of US manufacturing firms in relation to five factors associated with capital market imperfections - fund flows, institutional ownership, analyst following, bond ratings, and an index of antitakeover amendments. We find a steady decline in the estimated sensitivity over time. Furthermore, we find that investment-cash flow sensitivity decreases with increasing fund flows, institutional ownership, analyst following, antitakeover amendments and with the existence of a bond rating. The overall evidence suggests that investment-cash flow sensitivity decreases with factors that reduce capital market imperfections. (c) 2007 Elsevier B.V. All rights reserved.
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页码：207 / 216
页数：10
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