| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4392 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w4392 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/561761 |
| 推荐引用方式 GB/T 7714 | R. Glenn Hubbard,Anil K. Kashyap,Toni M. Whited. Internal Finance and Firm Investment. 1993. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w4392.pdf（328KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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