全球智库信息集成服务系统(G2TT): An Analysis of Divisional Investment Policies

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w5639
来源ID	Working Paper 5639
	An Analysis of Divisional Investment Policies
	Hyun-Han Shin; Rene M. Stulz
发表日期	1996-06-01
出版年	1996
语种	英语
摘要	This paper investigates the divisional investment policies of diversified firms. We find that investment of the smallest division of diversified firms is significantly related to the cash flow of the other segments. We then show that the smallest division's investment is more sensitive to the cash flow of the other divisions for firms where one expects aggregate investment to be related to cash flow also, namely low q firms and firms with high leverage. This and other evidence we provide is consistent with what we call the bureaucratic rigidity hypothesis. This hypothesis states that relative allocations of investment funds in diversified firms are sticky. We fail to find support for the view that diversified firms allocate more funds to divisions in industries with better investment opportunities
URL	https://www.nber.org/papers/w5639
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/563116
推荐引用方式 GB/T 7714	Hyun-Han Shin,Rene M. Stulz. An Analysis of Divisional Investment Policies. 1996.