Corporate Investment and Cash-Flow Sensitivity: Evidence from a Jasmin Revolution Period in Tunisian Market
نویسندگان
چکیده
منابع مشابه
Corporate governance and investment-cash flow sensitivity: Evidence from emerging markets
Article history: Received 4 July 2009 Received in revised form 26 May 2012 Accepted 3 August 2012 Available online 5 October 2012 Controlling for country-level governance, we investigate how firms' corporate governance influences financing constraints. Using firm-level corporate governance rankings across 14 emerging markets, we find that better corporate governance lowers the dependence of eme...
متن کاملBank Health and Cash Flow Sensitivity of Cash: Evidence from TSE Listed Firms
Achieving a strong and efficient monetary cycle is of great importance and necessity due to the dependency of corporates on banks in Iran. Owing to the importance of cash management in firms, this study assesses the impact of bank health on Cash flow sensitivity of cash of listed corporates on Tehran Stock Exchange (TSE) by analyzing 102 firms which have received facilities from 20 active Irani...
متن کاملBank ties and bond market access: evidence on investment-cash flow sensitivity in Japan
The banking literature has established that banks can alleviate information asymmetries between lenders and borrowers, while the Q literature has used cash flow sensitivity analysis to test whether financing constraints hinder investment. This paper investigates whether bank ties in Japan were costly for mature and healthy firms in the 1980’s and 1990’s, and whether banks continued to facilitat...
متن کاملCostly External Financing, Investment Timing, and Investment-Cash Flow Sensitivity
This paper examines the effects of costly external financing on the optimal timing of a firm’s investment. By altering the optimal investment timing, costly financing affects current investment and the sensitivity of investment to internal cash flow. Importantly, the relation between the cost of external funds and investment-cash flow sensitivity is non-monotonic. Investment-cash flow sensitivi...
متن کاملCash Flow Diversion and Corporate Governance: Evidence from Russia
Using the unique dataset of banking transactions data that contains 236 million transactions of 1.7 million rms, I identify "spacemen", short-lived special purpose entities created for cash ow diversion purposes. I estimate diversion in Russia as 11.3% of GDP in 2003 and 13.1% of GDP in 2004 that corresponds to tax evasion 4.6%-5.0% and 5.4%-5.8% of GDP accordingly. Based on transfers to "spa...
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: Asian Economic and Financial Review
سال: 2016
ISSN: 2305-2147,2222-6737
DOI: 10.18488/journal.aefr/2016.6.11/102.11.634.646