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| Author: | Griner, E. Gordon, L. |
| Title: | Internal cash flow, insider owneriship, and capital expenditures: a test of the pecking order and managerial hypotheses |
| Journal: | Journal of Business Finance and Accounting
1995 : MAR, VOL. 22:2, p. 179-200 |
| Index terms: | FINANCE ACCOUNTING CASH FLOW |
| Language: | eng |
| Abstract: | This study tests the two agency-based hypotheses concerning the role of internal cash flow as a determinant of corporate capital expenditures. The pecking order hypothesis attributes the significance of internal cash flow to agency problems between management and potential new shareholders. The managerial hypothesis attributes the significance of internal cash flow to agency problems between management and current shareholders. This finding supports the pecking order hypothesis. |
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