The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Investment–Cash Flow Sensitivities: Constrained versus Unconstrained Firms
Open accessAbstract
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.
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Citations
Cites
Financing Constraints and Corporate Investment
Fazzari, S. M., Hubbard, R. G., Petersen, B. C., Blinder, A. S., & Poterba, J. M. (1988) · Brookings Papers on Economic Activity · doi:10.2307/2534426 · Cited by 5,574
Cited by
A Survey of Corporate Governance
Shleifer, A., & Vishny, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb04820.x · Cited by 16,243
What Do We Know about Capital Structure? Some Evidence from International Data
RAJAN, R. G., & ZINGALES, L. (1995) · The Journal of Finance · doi:10.1111/j.1540-6261.1995.tb05184.x · Cited by 6,538
Insiders and Outsiders: The Choice between Informed and Arm's‐Length Debt
RAJAN, R. G. (1992) · The Journal of Finance · doi:10.1111/j.1540-6261.1992.tb04662.x · Cited by 3,902
Capital structure decisions: Which factors are reliably important?
Frank, M. Z., & Goyal, V. K. (2009) · Financial Management · doi:10.1111/j.1755-053x.2009.01026.x · Cited by 2,859
Corporate finance and corporate governance
WILLIAMSON, O. E. (1988) · The Journal of Finance · doi:10.1111/j.1540-6261.1988.tb04592.x · Cited by 2,266
Metadata
- Authors
- MOYEN, N.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2004-10
- Volume
- 59
- Issue
- 5
- Pages
- 2061-2092
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3124284666
- Cited by
- 1,041
- References
- 1
- FWCI
- 148.67
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
