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| Tekijä: | Hadlock, C. |
| Otsikko: | Ownership, liquidity, and investment |
| Lehti: | RAND Journal of Economics
1998 : AUTUMN, VOL. 29:3, p. 487-508 |
| Asiasana: | LIQUIDITY INVESTMENT ECONOMICS |
| Kieli: | eng |
| Tiivistelmä: | This article documents a nonlinear relationship between insider shareholding and the sensitivity of a firm's investment to its cash flow. As insider holdings increase from zero, investment-cash flow sensitivities rise sharply. This relationship weakens at higher levels of insider ownership, and the author finds some evidence that investment-cash flow sensitivities decrease slowly with insider holdings after a certain point. The author argues that these results are inconsistent with the hypothesis that free-cash-flow problems cause the widely noted sensitivity of investment to cash flow. |
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