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| Tekijä: | Pal, R. Ferrando, A. |
| Otsikko: | Financing constraints and firms' cash policy in the euro area |
| Lehti: | European Journal of Finance
2010 : JAN/FEB, VOL. 16:1-2, p. 153-171 |
| Asiasana: | financing currency euro companies policy European Union |
| Vapaa asiasana: | EMS EMU |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the financing conditions of non-financial companies in the euro currency area. A new firm classification is developed based on micro-data by distinguishing btw. three groups of firms: i. unconstrained, ii. relatively and iii. absolutely constrained firms. Further evidence is also provided on the sources of the correlation btw. corporate cash flow and cash savings by performing the analysis in a dynamic framework. The results suggest that the propensity to save cash out of cash flows is markedly positive regardless of firms' financing conditions. |
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