Erasmus Research Institute of Management Report Series Research in Management Bibliographic Data and Classifications
نویسندگان
چکیده
This paper examines the relation between cash-flow availability and investment spending in the Netherlands. In particular, we are interested whether managerial discretion and/or asymmetric information drive the positive relation between cash-flow and investment spending. This relation is positive for both firms with low and high investment opportunities. It is however significantly larger for firms with low investment opportunities suggesting that the managerial-discretion problem is most important in the Dutch setting. Effective corporate-governance may reduce this agency problem.Specific to the Netherlands, firms with low shareholder influence posit a higher cash-flow-investment sensitivity. The relevance of asymmetric information is confirmed as smaller firms and firms from information-sensitive industries show a larger cash-flow-investment sensitivity. 5001-6182 Business 4001-4280.7 Finance Management, Business Finance, Corporation Finance Library of Congress Classification (LCC) HG 2028.C45 Cash management; corporation finance M Business Administration and Business Economics G 3 Corporate Finance and Governance Journal of Economic Literature (JEL) G 31 Investment policy 85 A Business General 220 A Financial Management European Business Schools Library Group (EBSLG) 220 P Investments Gemeenschappelijke Onderwerpsontsluiting (GOO) 85.00 Bedrijfskunde, Organisatiekunde: algemeen 85.30 Financieel management, financiering Classification GOO 85.30 Financieel management, financiering Bedrijfskunde / Bedrijfseconomie Financieel management, bedrijfsfinanciering, besliskunde
منابع مشابه
Informed Option Trading Strategies: the Impact on the Underlying Price Process Cyriel De Jong Erasmus Research Institute of Management Report Series Research in Management Bibliographic Data and Classifications
ERIM Report Series reference number ERS-2001-55-F&A Publication September 2001 Number of pages 31 Email address corresponding author [email protected] Address Erasmus Research Institute of Management (ERIM) Rotterdam School of Management / Faculteit Bedrijfskunde Erasmus Universiteit Rotterdam P.O. Box 1738 3000 DR Rotterdam, The Netherlands Phone: + 31 10 408 1182 Fax: + 31 10 408 9640 Email: i...
متن کاملBergh, U. Kaymak Erasmus Research Institute of Management Report Series Research in Management Bibliographic Data and Classifications
متن کامل
Resource-based Perspective Ernst Verwaal and Bas Donkers Erasmus Research Institute of Management Report Series Research in Management Bibliographic Data and Classifications
This paper presents a unifying theory, explaining the different relationships between firm size and export intensity that have been found in previous studies. We propose that transaction costs economies and different types of resources induce a moderating effect on the firm size and export intensity relationship. Data on international businesses in the Netherlands are used to test the theoretic...
متن کاملThe Effect of Relational Constructs on Relationship PERFORMANCE: DOES DURATION MATTER? PETER C. VERHOEF, PHILIP HANS FRANSES, JANNY C. HOEKSTRA ERASMUS RESEARCH INSTITUTE OF MANAGEMENT REPORT SERIES RESEARCH IN MANAGEMENT BIBLIOGRAPHIC DATA AND CLASSIFICATIONS
We examine the effect of relational constructs, such as satisfaction, trust and commitment on relationship performance (that is, positive word-of-mouth communication and the margin provided by each customer) of customers of an insurance company. A central issue concerns the effect of duration on the associations between relational constructs and relationship performance. Our empirical results p...
متن کاملChanging Perceptions and Changing Behavior in Customer Relationships Peter C. Verhoef, Philip Hans Franses, Bas Donkers Erasmus Research Institute of Management Report Series Research in Management Bibliographic Data and Classifications
We formulate a theoretical model in which we postulate that if a customers' behavior is perceived as not optimal, customers will adjust this behavior based on their current satisfaction and payment equity. Furthermore, customers will also include new experiences. In our empirical study we particularly investigate customer referrals and the amount of services purchased. Our results show positive...
متن کاملReverse Logistics Network Structures and Design Moritz Fleischmann Erasmus Research Institute of Management Report Series Research in Management Bibliographic Data and Classifications
Logistics network design is commonly recognized as a strategic supply chain issue of prime importance. The location of production facilities, storage concepts, and transportation strategies are major determinants of supply chain performance. This chapter considers logistics network design for the particular case of closed-loop supply chains. We highlight key issues that companies are facing whe...
متن کامل