حساسیت های سرمایه گذاری/ بنیادی تحت محدودیت های مالی
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|42227||2014||35 صفحه PDF||سفارش دهید||21500 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Journal of Economics and Business, Volume 75, September–October 2014, Pages 25–59
While most models with financial market imperfections predict investment by financially constrained firms to be more sensitive to financial variables, contracting models argue that investment by such firms should be more sensitive to fundamental determinants of investment because fundamentals capture both investment opportunities and changes in the financial position. By first grouping U.S. manufacturing firms as either financially constrained or unconstrained, this paper examines systematic differences in investment/fundamental sensitivities. The findings show that, as expected of contracting models, investment by financially constrained firms is more responsive to fundamentals. These fundamentals are captured by two prominent empirical measures: profitability shocks and mandated investment rate.