Do financing constraints hinder corporate fixed investment? Evidence from the Amman stock exchange

被引：5
作者：
Khataybeh, Mohammad A. [1 ]
机构：
[1] Univ Jordan, Sch Business, Amman 11942, Jordan
来源：
COGENT BUSINESS & MANAGEMENT | 2021年 / 8卷 / 01期
关键词：
cash holdings; financing constraints; fixed investment; RESEARCH-AND-DEVELOPMENT; SMALL FIRMS; PANEL-DATA; CASH; UNCERTAINTY; INNOVATION; INFORMATION; DECISIONS; GROWTH; CREDIT;
D O I：
10.1080/23311975.2021.1910161
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This research provides new evidence on financing constraints on corporate fixed investment by emphasizing the role of cash holdings as a precautionary source of funds. Applying GMM estimates to a sample of 106 Jordanian firms, the results suggest that firms follow trade-off theory in financing their investments but are financially constrained. The coefficient of the cash holdings variable appears to be negative in the fixed-investment regression, suggesting that when firms face financing shocks, they draw upon their precautionary cash reserves to smooth the path of their expenditure on fixed assets.
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页数：11
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