haku: @author Schrand, C. / yhteensä: 3
viite: 2 / 3
| Tekijä: | Minton, B. A. Schrand, C. |
| Otsikko: | The impact of cash flow volatility on discretionary investment and the costs of debt and equity financing |
| Lehti: | Journal of Financial Economics
1999 : DEC, VOL. 54:3, p. 423-460 |
| Asiasana: | Finance Investments Companies Debt Costs |
| Kieli: | eng |
| Tiivistelmä: | It is shown in this paper that higher cash flow volatility is associated with lower average levels of investment in capital expenditures, R&D, and advertising. This association suggests that firms do not use external capital markets to fully cover cash flow shortfalls but rather permanently forgo investment. Cash flow volatility also is associated with higher costs of accessing external capital. Cash flow volatility not only increases the likelihood that a firm will need to access capital markets but it also increases the costs of doing so. |
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