Ownership Structure, Financial Constraints and Investment Decisions: Evidence from a Panel of Italian Firms
نویسندگان
چکیده
منابع مشابه
Financial constraints and investment decisions of listed Indian manufacturing firms
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...
متن کاملOwnership structure and financial constraints Evidence from a structural estimation
This article examines the impact of the divergence between corporate insiders’ control rights and cash-flow rights on firms’ external finance constraints via generalized method of moments estimation of an investment Euler equation. Using a large sample of U.S. firms during the 1994–2002 period, we find that the shadow value of external funds is significantly higher for companies with a wider in...
متن کاملFinancial Structure and Corporate Growth: Evidence from Italian Panel Data *
We study the relationships between firm financial structure and growth for a large sample of Italian firms (1998-2003). We expand upon existing analyses testing whether liquidity constraints affect firm performance by considering among growth determinants also firm debt structure. Panel regression analyses show that more liquid firms tend to grow more. However, firms do not use their capital to...
متن کاملthe effect of mispricing on investment and capital structure of financial constraints firms
the objective of this study is to examine the effect of mispricing on firm’s investment behavior and capital structure. it also tests the role of the level of financial constraints in the relationship between mispricing , investment and capital structure. using data of 110 firms of tehran stock exchang from 1384-1389, results indicated that mispricing has negative impact to firms investment. ho...
متن کاملOwnership structure and financial performance: Evidence from panel data of South Korea
The study seeks to examine the effect of equity ownership structure on firm financial performance in South Korea. I focus on the role of two main dimensions of the ownership structure: Ownership concentration (i.e., the distribution of shares owned by majority shareholders) and identity of owners (especially, foreign investors and institutional investors). Using panel data for South Korea in 20...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2007
ISSN: 1556-5068
DOI: 10.2139/ssrn.987996