Cash flow risk and the implied cost of equity capital

被引：1

作者：

Yu, Huaibing ^{[1
,2
]}

机构：

[1] Kean Univ, Coll Business & Publ Management, Union, NJ USA

[2] Kean Univ, Coll Business & Publ Management, Union, NJ 07083 USA

来源：

APPLIED ECONOMICS | 2024年 / 56卷 / 46期

关键词：

Cash flow risk; cost of equity; firm quality; risk and return; G30; G32; TO-MARKET EQUITY; PORTFOLIO SELECTION; CORPORATE GOVERNANCE; FINANCIAL LEVERAGE; SHAREHOLDER RIGHTS; CROSS-SECTION; INVESTMENT; RETURN; SIZE; VOLATILITY;

D O I：

10.1080/00036846.2023.2257032

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study examines the effect of cash flow risk on the implied cost of equity capital. Empirical results indicate that firms with higher levels of cash flow risk are associated with more expensive equity financing. This positive relationship holds firmly after addressing potential endogeneity and is robust to alternative measures of cash flow risk and the implied cost of equity capital. Moreover, under the influence of firm quality, the positive relationship is more pronounced for firms with younger age and smaller size.

引用

页码：5461 / 5476

页数：16

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