skip to main content
Invitado
Mi portal
Mi Cuenta
Cerrar sesión
Identificarse
This feature requires javascript
Tags
Periódicos Eletrónicos
Libros Eletrónicos
Bases de Datos
Bibliotecas de USP
Ayuda
Ayuda
Idioma:
Inglés
Castellano
Portugués (Brasil)
This feature required javascript
This feature requires javascript
Primo Search
Búsqueda General
Búsqueda General
Colección Física
Colecciones Físicas
Producción Intelectual USP
Producción USP
Search For:
Clear Search Box
Search in:
Búsqueda General
Or hit Enter to replace search target
Or select another collection:
Search in:
Búsqueda General
Búsqueda Avanzada
Búsqueda por Índices
This feature requires javascript
This feature requires javascript
Financial constraints and the interdependence of corporate financial decisions A cross-country study
Kirch, Guilherme; Terra, Paulo Renato
RAUSP Management Journal; v. 55 n. 3 (2020)
Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade 2020-10-28
Acceso en línea
Recurso en línea
Detalles
Comentarios y Etiquetas
Servicios adicionales
This feature requires javascript
Acciones
Agregar a Mi Portal
Eliminar de Mi Portal
Correo Electrónico
Imprimir
Enlae permanente
Cita bibliográfica
EasyBib
EndNote
RefWorks
Delicious
Exportación RIS
Exportar BibTeX
This feature requires javascript
Título:
Financial constraints and the interdependence of corporate financial decisions A cross-country study
Autor:
Kirch, Guilherme
;
Terra, Paulo Renato
Materias:
Financial Constraints
;
Financial Decisions
;
Cash flow Sensitivity
Es parte de:
RAUSP Management Journal; v. 55 n. 3 (2020)
Descripción:
Purpose – This paper aims to examine the interdependence of financial decisions (investment, financing, dividends and cash-holding) under financial constraints. Design/methodology/approach – The authors specify and estimate a system of simultaneous equations with panel data and firm fixed effects by three-stage least squares in a sample of firms from 62 countries from 1996 to 2010. Findings – The main findings largely corroborate previous studies regarding the interdependence of financial decisions. The authors also find evidence suggesting that financial constraints have a major impact on firms’ financial decisions. The results also suggest that financial constraints manifest themselves in virtually all firms, indicating that such constraints are a matter of degree and not of kind. Research limitations/implications – Implications regarding the impact of cash flows on investment and cash-holding decisions are only partially confirmed. Practical implications – The results are consistent with the hypothesis that financial constraints distort the financial policies of firms. For the purpose of formulating policies that reduce these distortions, the authors emphasize the role of the availability of internal funds and the recoverable fraction of assets in easing financial constraints, thus allowing for greater investment on the part of firms. Social implications – The results suggest that regulators should promote policies that reduce the dependence of corporate investment on internally generated cash flows. Originality/value – Unlike previous studies, the authors account for the direct impact endogenous variables could have on each other. In addition, they explore the impact of each country’s particular legal environment on the pledgeability of assets at the company level.
Títulos relacionados:
https://www.revistas.usp.br/rmj/article/view/176807/164145
Editor:
Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade
Fecha de creación:
2020-10-28
Formato:
Adobe PDF
Idioma:
Inglés
Enlaces
Revistas USP
This feature requires javascript
This feature requires javascript
Volver a la lista de resultados
This feature requires javascript
This feature requires javascript
Buscando en bases de datos remotas, por favor espere
Buscando por
en
scope:(USP_VIDEOS),scope:("PRIMO"),scope:(USP_FISICO),scope:(USP_EREVISTAS),scope:(USP),scope:(USP_EBOOKS),scope:(USP_PRODUCAO),primo_central_multiple_fe
Mostrar lo que tiene hasta ahora
This feature requires javascript
This feature requires javascript