Investment Decisions of Nonprofit Firms: Evidence from Hospitals

被引：28
作者：
Adelino, Manuel [1 ]
Lewellen, Katharina [2 ]
Sundaram, Anant [2 ]
机构：
[1] Duke Univ, Fuqua Sch Business, Durham, NC 27706 USA
[2] Tuck Sch Business, Dartmouth, NS, Canada
来源：
JOURNAL OF FINANCE | 2015年 / 70卷 / 04期
关键词：
CASH FLOW SENSITIVITIES; HEALTH-CARE; ASYMMETRIC INFORMATION; PATIENT PREFERENCES; CORPORATE JETS; COST; OWNERSHIP; INTENSITY; LIQUIDITY; RETURNS;
D O I：
10.1111/jofi.12234
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper examines investment choices of nonprofit hospitals. It tests how shocks to cash flows caused by the performance of the hospitals' financial assets affect hospital expenditures. Capital expenditures increase, on average, by 10 to 28 cents for every dollar received from financial assets. The sensitivity is similar to that found earlier for shareholder-owned corporations. Executive compensation, other salaries, and perks do not respond significantly to cash flow shocks. Hospitals with an apparent tendency to overspend on medical procedures do not exhibit higher investment-cash flow sensitivities. The sensitivities are higher for hospitals that appear financially constrained.
引用
收藏
页码：1583 / 1628
页数：46
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