The relationship between firm investment and financial status

被引：707
|
作者：
Cleary, S [1 ]
机构：
[1] St Marys Univ, Halifax, NS B3H 3C3, Canada
来源：
JOURNAL OF FINANCE | 1999年 / 54卷 / 02期
关键词：
D O I：
10.1111/0022-1082.00121
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Firm investment decisions are shown to be directly related to financial factors. Investment decisions of firms with high creditworthiness (according to traditional financial ratios) are extremely sensitive to the availability of internal funds; less creditworthy firms are much less sensitive to internal fund availability. This large sample evidence is based on an objective sorting mechanism and supports the results of Kaplan and Zingales (1997), who also find that investment outlays of the least constrained firms are the most sensitive to internal cash flow.
引用
收藏
页码：673 / 692
页数：20
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