Investment, firm-specific uncertainty, and financial flexibility

被引：21

作者：

Chortareas, Georgios ^{[1
,3
,4
]}

Noikokyris, Emmanouil ^{[2
,4
]}

机构：

[1] Kings Coll London, Kings Business Sch, Econ Grp, Bush House,30 Aldwych, London WC2 B4BG, England

[2] Queen Mary Univ London, Sch Econ & Finance, Mile End Rd, London E1 4NS, England

[3] Natl & Kapodistrian Univ Athens, Dept Econ, 1 Sofokleous St, Athens 10559, Greece

[4] Kings Coll London, Kings Business Sch, Ctr Data Analyt Finance & Macroecon, Bush House,30 Aldwych, London WC2 B4BG, England

来源：

JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION | 2021年 / 192卷

关键词：

Corporate investment; Uncertainty; Financial constraints; Financial flexibility; CASH FLOW SENSITIVITY; RESEARCH-AND-DEVELOPMENT; REAL OPTIONS; CONSTRAINTS; RISK; VOLATILITY; ABILITY; IMPACT; DEBT;

D O I：

10.1016/j.jebo.2021.09.042

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study how financial flexibility impacts on firm's investment decisions under uncertainty. We use a comprehensive dataset covering US firms for the period 1983-2019. We develop a baseline model of investment under uncertainty and characterize the bindingness of financial constraints. We then use this model to explore firms' investment responses under uncertainty in the presence of financial constraints under different assumptions regarding the value they assign to financial flexibility. Our results point to a negative uncertainty-investment relationship for constrained firms, withstanding the impact of the value of financial flexibility on this relationship. This negative relationship, however, is less pronounced when the value of financial flexibility is higher (especially for younger financially constrained firms). (c) 2021 Published by Elsevier B.V.

引用

页码：25 / 35

页数：11