Financial constraints and cash–cash flow sensitivity

Autor:	José López-Gracia, Francisco Sogorb-Mira
Rok vydání:	2014
Předmět:	Finance Economics and Econometrics business.industry media_common.quotation_subject Cash flow forecasting Core (game theory) Operating cash flow Cash Economics Cash flow Cash flow statement Empirical evidence business Cash management media_common
Zdroj:	Applied Economics. 47:1037-1049
ISSN:	1466-4283 0003-6846
DOI:	10.1080/00036846.2014.987918
Popis:	This article explores the cash–cash flow relationship by comparing financially constrained and financially unconstrained companies. Unlike previous research, we test the sensitivity of cash to cash flow by considering unlisted firms as constrained and listed firms as unconstrained. Our empirical evidence is based on findings from Spanish firms and is consistent with the core rationale that unlisted firms face more difficulties than their listed counterparts when looking for funding from external markets. As a result, unlisted firms tend to hoard significant amounts of cash out of the generated cash flow, while listed firms do not. Our findings are robust to a number of additional empirical tests.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::c21649a962305de8d257123cdb012233 https://doi.org/10.1080/00036846.2014.987918 Zobrazit plný text záznamu