Measuring firms´ financial constraints: a rough guide
نویسندگان
چکیده
منابع مشابه
Foreign-Owned Firms and Financial Constraints: [Evidence from Ghana]
The ability of foreign firms to bring in additional capital to a host country together with technological and skill spillovers may relieve domestic firms of their financial constraints. Yet, some foreign firms borrow more from the local capital markets than the amount of capital they bring in, worsening the financial constraints of the domestic firms. We use a panel of 182 Ghanaian manufacturin...
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We estimate firms’ cash flow sensitivity of cash to empirically test how the financial system’s structure and activity level influence their financial constraints. For this purpose we merge Almeida et al. (2004), a path-breaking design for evaluating a firm’s financial constraints, with Levine (2002), who paved the way for comparative analysis of financial systems around the world. We conjectur...
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Results: The analysis finds that cash flow sensitivity is a valid measure of financial constraints in the Indian manufacturing sector. Results according to splitting criteria found that investment decisions of standalone firms are more sensitive to cash flow than group affiliated firms. Further, splitting the firms according to market capitalization and tangible net worth reveals a higher degre...
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Mammalian genomes are punctuated by DNA sequences containing an atypically high frequency of CpG sites termed CpG islands (CGIs). CGIs generally lack DNA methylation and associate with the majority of annotated gene promoters. Many studies, however, have identified examples of CGI methylation in malignant cells, leading to improper gene silencing. CGI methylation also occurs in normal tissues a...
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ژورنال
عنوان ژورنال: Notas Económicas
سال: 2012
ISSN: 2183-203X,0872-4733
DOI: 10.14195/2183-203x_36_2