کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5088176 1478298 2017 57 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
What drives investment-cash flow sensitivity around the World? An asset tangibility Perspective
ترجمه فارسی عنوان
چه چیزی حساسیت جاری به سرمایه گذاری در نقاط جهان را هدایت می کند؟ چشم انداز قابل سنجش دارایی
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
Motivated by ongoing debates on investment-cash flow sensitivity (ICFS) and its documented decline and disappearance in the U.S., we investigate the determinants of ICFS. Using firm-level data across 41 countries for the 1993-2013 period, we document an important role of asset tangibility in explaining the patterns in ICFS. Asset tangibility affects ICFS through two channels: investment intensity and cash flow persistence. As the share of tangible capital, investment and cash flow persistence has fallen in developed economies, ICFS has declined. In contrast, as developing economies operate with more tangible capital, have higher investment rates and more persistent cash flows, their ICFS is more stable. The results support our explanation of ICFS as a reflection of capital (investment) intensity and income predictability, rather than a measure of financial constraints.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 77, April 2017, Pages 1-17
نویسندگان
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