Corporate fixed investment and internal liquidity: Evidence from Greek listed companies

Autor:	Christos Kallandranis, Petros Kalantonis, Abdulkader Aljandali
Rok vydání:	2020
Předmět:	050208 finance 0502 economics and business 05 social sciences Fixed investment Economics General Medicine Monetary economics 050207 economics Market liquidity
Zdroj:	Corporate Governance and Sustainability Review. 4:68-76
ISSN:	2519-898X 2519-8971
DOI:	10.22495/cgsrv4i2p7
Popis:	Utilizing a unique panel dataset of 273 listed firms in the Athens Stock Exchange (ASE) we explore the issue of capital market imperfections with respect to access to investment financing. In particular, we investigate the extent to which investment is sensitive to the availability of internal finance. By employing a fixed-effect model, our empirical results indicate a positive association of cash flow and investment, leading to the conclusion of imperfect substitutability between internal and external finance and thus the importance of the former for investment decisions. According to our knowledge, this is the first study covering the specific tremble period of ASE for Greek manufacturing firms.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::000cc24970f5f6566e8f3654e10f8331 https://doi.org/10.22495/cgsrv4i2p7 Zobrazit plný text záznamu