The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
The Value of Financial Flexibility
Abstract
We develop a model that endogenizes dynamic financing, investment, and cash retention/payout policies in order to analyze the effect of financial flexibility on firm value. We show that the value of financing flexibility depends on the costs of external financing, the level of corporate and personal tax rates that determine the effective cost of holding cash, the firm's growth potential and maturity, and the reversibility of capital. Through simulations, we demonstrate that firms facing financing frictions should simultaneously borrow and lend, and we examine the nature of dynamic debt and liquidity policies and the value associated with corporate liquidity.
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Cites
The Determinants of Corporate Liquidity: Theory and Evidence
Kim, C.-S., Mauer, D. C., & Sherman, A. E. (1998) · The Journal of Financial and Quantitative Analysis · doi:10.2307/2331099 · Cited by 1,244
Cited by
Navigating through economic policy uncertainty: The role of corporate cash holdings
Duong, H. N., Nguyen, J. H., Nguyen, M., & Rhee, S. G. (2020) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2020.101607 · Cited by 367
Dynamic Models and Structural Estimation in Corporate Finance
Strebulaev, I. A. (2011) · Foundations and Trends® in Finance · doi:10.1561/0500000035 · Cited by 259
Working capital financing and corporate profitability of Indian manufacturing firms
Panda, A. K., & Nanda, S. (2018) · Management Decision · doi:10.1108/md-07-2017-0698 · Cited by 75
Metadata
- Authors
- GAMBA, A., & TRIANTIS, A.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2008-09-10
- Volume
- 63
- Issue
- 5
- Pages
- 2263-2296
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2081877581
- Cited by
- 725
- References
- 1
- FWCI
- 84.46
- Type
- journal article
- Language
- en
- Open access
- closed
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- GAMBA, A., & TRIANTIS, A. (2008). The Value of Financial Flexibility. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2008.01397.x
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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.
