کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
960564 929499 2006 36 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
External finance constraints and the intertemporal pattern of intermittent investment
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
External finance constraints and the intertemporal pattern of intermittent investment
چکیده انگلیسی

Do external finance constraints affect the timing of large investment projects? Simulations of a model with fixed capital-stock adjustment costs establish the hypothesis that external finance constraints lower a firm's investment hazard: the probability of undertaking a large project today as a function of the time since the last project. Hazard model estimation that controls for productivity and adjustment costs supports this hypothesis. Small firms that distribute cash to shareholders have higher hazards than small firms that do not; very small firms have lower hazards than small firms; small stand-alone firms have significantly lower hazards than small segments of conglomerates.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 81, Issue 3, September 2006, Pages 467–502
نویسندگان
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