G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w4392
来源IDWorking Paper 4392
Internal Finance and Firm Investment
R. Glenn Hubbard; Anil K. Kashyap; Toni M. Whited
发表日期1993-06-01
出版年1993
语种英语
摘要We examine the neoclassical investment model using a panel of U.S. manufacturing firms. The standard model with no financing constraints cannot be rejected for firms with high (pre-sample) dividend payouts. However, it is decisively rejected for firms with low (pre-sample) payouts (firms we expect to face financing constraints). Hem, investment is sensitive to both firm cash flow and macroeconomic credit conditions, holding constant investment opportunities. Sample splits based on firm size or maturity do not produce such distinctions. The latter comparison identifies firms where "free-cash-flow" problems might be expected to produce correlations between investment and cash flow.
主题Macroeconomics ; Consumption and Investment ; Financial Economics ; Corporate Finance
URLhttps://www.nber.org/papers/w4392
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/561761
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GB/T 7714
R. Glenn Hubbard,Anil K. Kashyap,Toni M. Whited. Internal Finance and Firm Investment. 1993.
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