메뉴 건너뛰기




Volumn 35, Issue 1, 2008, Pages 24-33

Liquidity constraints on hospital investment when credit markets are tight

Author keywords

Debt; Financing; Hospitals; Investment; Liquidity constraints

Indexed keywords

ARTICLE; COMMERCIAL PHENOMENA; CONCEPTUAL FRAMEWORK; DATA BASE; FINANCIAL MANAGEMENT; HEALTH CARE COST; HEALTH CARE INDUSTRY; HOSPITAL FINANCE; HOSPITAL MANAGEMENT; INVESTMENT; MARKETING; MATHEMATICAL COMPUTING; NON PROFIT HOSPITAL; RESOURCE ALLOCATION; SAMPLE SIZE;

EID: 54349127793     PISSN: 10786767     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article
Times cited : (11)

References (47)
  • 2
    • 2642528786 scopus 로고    scopus 로고
    • Can Community Hospitals Survive Without Large Scale Health Reform?
    • J.J. Unland, "Can Community Hospitals Survive Without Large Scale Health Reform?," Journal of Health Care Finance, 30 (2004): 49-58.
    • (2004) Journal of Health Care Finance , vol.30 , pp. 49-58
    • Unland, J.J.1
  • 3
    • 0028295015 scopus 로고
    • Quality of Care and Investment in Property, Plant and Equipment in Hospitals
    • S.W. Levitt, "Quality of Care and Investment in Property, Plant and Equipment in Hospitals," Health Services Research, 28 (1994): 713-728.
    • (1994) Health Services Research , vol.28 , pp. 713-728
    • Levitt, S.W.1
  • 4
    • 54349117067 scopus 로고    scopus 로고
    • Byrd and McCue, supra, n.1.
    • Byrd and McCue, supra, n.1.
  • 5
    • 0028148463 scopus 로고
    • Hospital Plant and Equipment Replacement Decisions: A Survey of Hospital Financial Managers
    • C. Campbell, "Hospital Plant and Equipment Replacement Decisions: A Survey of Hospital Financial Managers," Hospital and Health Services Administration, 39 (1994): 538-547.
    • (1994) Hospital and Health Services Administration , vol.39 , pp. 538-547
    • Campbell, C.1
  • 6
    • 54349104748 scopus 로고    scopus 로고
    • Healthcare Financial Management Association, GE Healthcare Financial Services and PricewaterhouseCoopers, How Are Hospitals Financing the Future? Capital Spending in Health Care Today, Financing the Future Report, 2 (2004).
    • Healthcare Financial Management Association, GE Healthcare Financial Services and PricewaterhouseCoopers, "How Are Hospitals Financing the Future? Capital Spending in Health Care Today," Financing the Future Report, 2 (2004).
  • 7
    • 0033532451 scopus 로고    scopus 로고
    • Byrd and McCue, supra, n.1; J.D. Moore, Jr., Chasm Grows Between Rich and Poor: Top Hospital Performers Get Stronger and Stronger as Weaker Competitors Stumble, New Research Indicates, Modern Healthcare, 29 (1999): 34-36;
    • Byrd and McCue, supra, n.1; J.D. Moore, Jr., "Chasm Grows Between Rich and Poor: Top Hospital Performers Get Stronger and Stronger as Weaker Competitors Stumble, New Research Indicates," Modern Healthcare, 29 (1999): 34-36;
  • 8
  • 9
    • 13844299580 scopus 로고    scopus 로고
    • Accessing Capital: Learning to Live in the Real World
    • J.B. Silvers, "Accessing Capital: Learning to Live in the Real World," Frontiers of Health Services Management, 21 (2004): 43-47;
    • (2004) Frontiers of Health Services Management , vol.21 , pp. 43-47
    • Silvers, J.B.1
  • 10
    • 0035683777 scopus 로고    scopus 로고
    • Health Care Capital Market and Product Market Constraints and the Role of the Chief Financial Officer
    • J.R.C. Wheeler and D.G. Smith, "Health Care Capital Market and Product Market Constraints and the Role of the Chief Financial Officer," Journal of Health Care Finance, 28 (2001): 13-25.
    • (2001) Journal of Health Care Finance , vol.28 , pp. 13-25
    • Wheeler, J.R.C.1    Smith, D.G.2
  • 11
    • 34548036231 scopus 로고    scopus 로고
    • accessed April 25, 2008
    • American Hospital Association, "Fast Facts on U.S. Hospitals," http://www.aha.org/aha/ resource-center/Statistics-and-Studies/fast-facts. html, accessed April 25, 2008.
    • Fast Facts on U.S. Hospitals
  • 13
    • 54349090157 scopus 로고    scopus 로고
    • Healthcare Financial Management Association, GE Healthcare Financial Services and PricewaterhouseCoopers, How Are Hospitals Financing the Future? Access to Capital in Health Care Today, Financing the Future Report 1 (2004);
    • Healthcare Financial Management Association, GE Healthcare Financial Services and PricewaterhouseCoopers, "How Are Hospitals Financing the Future? Access to Capital in Health Care Today," Financing the Future Report 1 (2004);
  • 14
    • 0036049984 scopus 로고    scopus 로고
    • Debt, Investment and Endowment Accumulation: The Case of Not-For-Profit Hospitals
    • W.M. Gentry, "Debt, Investment and Endowment Accumulation: The Case of Not-For-Profit Hospitals," Journal of Health Economics, 21 (2002): 845-872;
    • (2002) Journal of Health Economics , vol.21 , pp. 845-872
    • Gentry, W.M.1
  • 15
    • 0038019657 scopus 로고    scopus 로고
    • Tax-Exempt Debt and the Capital Structure of Nonprofit Organizations: An Application to Hospitals
    • G.J. Wedig, M. Hassan, and M.A. Morrisey, "Tax-Exempt Debt and the Capital Structure of Nonprofit Organizations: An Application to Hospitals," Journal of Finance, 51 (1996): 1247-1283.
    • (1996) Journal of Finance , vol.51 , pp. 1247-1283
    • Wedig, G.J.1    Hassan, M.2    Morrisey, M.A.3
  • 16
    • 0000294096 scopus 로고
    • The Cost of Capital, Corporation Finance and the Theory of Investment
    • F. Modigliani and M.H. Miller, "The Cost of Capital, Corporation Finance and the Theory of Investment," The American Economic Review, 48 (1958): 261-297.
    • (1958) The American Economic Review , vol.48 , pp. 261-297
    • Modigliani, F.1    Miller, M.H.2
  • 17
    • 54349127912 scopus 로고    scopus 로고
    • Capital-Market Imperfections and Investment
    • R.G. Hubbard, "Capital-Market Imperfections and Investment." Journal of Economic Literature, 9: 1111-1147 (1998).
    • (1998) Journal of Economic Literature , vol.9 , pp. 1111-1147
    • Hubbard, R.G.1
  • 18
    • 0036365651 scopus 로고    scopus 로고
    • Bond-Market Skepticism and Stock-Market Exuberance in the Hospital Industry
    • J.C. Robinson, "Bond-Market Skepticism and Stock-Market Exuberance in the Hospital Industry," Health Affairs, 21 (2002): 104-117;
    • (2002) Health Affairs , vol.21 , pp. 104-117
    • Robinson, J.C.1
  • 19
    • 0035194680 scopus 로고    scopus 로고
    • The Role of the Capital Markets in Restructuring Health Care
    • J.B. Silvers, "The Role of the Capital Markets in Restructuring Health Care," Journal of Health Politics, Policy and Law, 26 (2001): 1019-1030.
    • (2001) Journal of Health Politics, Policy and Law , vol.26 , pp. 1019-1030
    • Silvers, J.B.1
  • 20
    • 48549110620 scopus 로고
    • Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have
    • S.C. Myers and N.S. Majluf, "Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have," Journal of Financial Economics, 13: 187-221 (1984);
    • (1984) Journal of Financial Economics , vol.13 , pp. 187-221
    • Myers, S.C.1    Majluf, N.S.2
  • 21
    • 0000342340 scopus 로고
    • Credit Rationing in Markets with Imperfect Information
    • J.E. Stiglitz and A. Weiss, "Credit Rationing in Markets with Imperfect Information," American Economic Review, 71: (1981) 393-410.
    • (1981) American Economic Review , vol.71 , pp. 393-410
    • Stiglitz, J.E.1    Weiss, A.2
  • 22
    • 44649197264 scopus 로고
    • Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure
    • M.C. Jensen and W.H. Meckling, "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure," Journal of Financial Economics, 1: 305-360 (1976).
    • (1976) Journal of Financial Economics , vol.1 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 24
    • 0342540657 scopus 로고
    • Hospital Capital Structure and Prospective Payment: Theory and Evidence of Hospital Behavior under Financial Risk
    • G.J. Wedig, "Hospital Capital Structure and Prospective Payment: Theory and Evidence of Hospital Behavior under Financial Risk," Journal of the Midwest Financial Association, 19 (1990): 69-84;
    • (1990) Journal of the Midwest Financial Association , vol.19 , pp. 69-84
    • Wedig, G.J.1
  • 25
    • 0009250927 scopus 로고
    • Risk, Leverage, Donations and Dividends-in-Kind: A Theory of Nonprofit Financial Behavior
    • G.J. Wedig, "Risk, Leverage, Donations and Dividends-in-Kind: A Theory of Nonprofit Financial Behavior," International Review of Economics and Finance, 3 (1994): 257-278.
    • (1994) International Review of Economics and Finance , vol.3 , pp. 257-278
    • Wedig, G.J.1
  • 26
    • 0000383379 scopus 로고
    • Hospital Investment Decisions and the Cost of Capital
    • G.J. Wedig, M. Hassan, and F.A. Sloan, "Hospital Investment Decisions and the Cost of Capital," Journal of Business, 62 (1989): 517-537.
    • (1989) Journal of Business , vol.62 , pp. 517-537
    • Wedig, G.J.1    Hassan, M.2    Sloan, F.A.3
  • 27
    • 0009250927 scopus 로고
    • Risk, Leverage, Donations and Dividends-in-Kind: A Theory of Nonprofit Financial Behavior
    • G.J. Wedig, "Risk, Leverage, Donations and Dividends-in-Kind: A Theory of Nonprofit Financial Behavior," International Review of Economics and Finance, 3 (1994): 257-278.
    • (1994) International Review of Economics and Finance , vol.3 , pp. 257-278
    • Wedig, G.J.1
  • 28
    • 21844491351 scopus 로고
    • Financing Constraints and Investment: New Evidence from Hospital Industry Data
    • P.S. Calem and J.A. Rizzo, "Financing Constraints and Investment: New Evidence from Hospital Industry Data," Journal of Money, Credit and Banking, 27 (1995): 1002-1014.
    • (1995) Journal of Money, Credit and Banking , vol.27 , pp. 1002-1014
    • Calem, P.S.1    Rizzo, J.A.2
  • 29
    • 0032950254 scopus 로고    scopus 로고
    • Financial and Organizational Determinants of Hospital Diversification into Subacute Care
    • J.R.C. Wheeler, J. Burkhardt, J.A. Alexander, and S.A. Magnus, "Financial and Organizational Determinants of Hospital Diversification into Subacute Care," Health Services Research, 34 (1999): 61-81.
    • (1999) Health Services Research , vol.34 , pp. 61-81
    • Wheeler, J.R.C.1    Burkhardt, J.2    Alexander, J.A.3    Magnus, S.A.4
  • 31
    • 54349092872 scopus 로고    scopus 로고
    • Merritt Research Services, LLC, New York: Author
    • Merritt Research Services, LLC, Investor Tools, (2001) New York: Author.
    • (2001) Investor Tools
  • 32
    • 0004089926 scopus 로고    scopus 로고
    • American Hospital Association, Chicago: Healthcare InfoSource, Inc
    • American Hospital Association, AHA Guide to the HealthCare Field (1997) Chicago: Healthcare InfoSource, Inc.;
    • (1997) AHA Guide to the HealthCare Field
  • 33
    • 0004089926 scopus 로고    scopus 로고
    • American Hospital Association, Chicago: Healthcare InfoSource, Inc
    • American Hospital Association, AHA Guide to the HealthCare Field (1998) Chicago: Healthcare InfoSource, Inc.;
    • (1998) AHA Guide to the HealthCare Field
  • 34
    • 54349101875 scopus 로고    scopus 로고
    • AHA Guide to the HealthCare Field
    • American Hospital Association
    • American Hospital Association, AHA Guide to the HealthCare Field (1999) Chicago: Health Forum, LLC.
    • (1999) Chicago: Health Forum, LLC
  • 35
    • 0036049984 scopus 로고    scopus 로고
    • Debt, Investment and Endowment Accumulation: The Case of Not-For-Profit Hospitals
    • W.M. Gentry, "Debt, Investment and Endowment Accumulation: The Case of Not-For-Profit Hospitals," Journal of Health Economics, 21 (2002): 845-872;
    • (2002) Journal of Health Economics , vol.21 , pp. 845-872
    • Gentry, W.M.1
  • 36
    • 0038019657 scopus 로고    scopus 로고
    • Tax-Exempt Debt and the Capital Structure of Nonprofit Organizations: An Application to Hospitals
    • G.J. Wedig, M. Hassan, and M.A. Morrisey, "Tax-Exempt Debt and the Capital Structure of Nonprofit Organizations: An Application to Hospitals," Journal of Finance, 51 (1996): 1247-1283;
    • (1996) Journal of Finance , vol.51 , pp. 1247-1283
    • Wedig, G.J.1    Hassan, M.2    Morrisey, M.A.3
  • 37
    • 0000383379 scopus 로고
    • Hospital Investment Decisions and the Cost of Capital
    • G.J. Wedig, M. Hassan, and F.A. Sloan, "Hospital Investment Decisions and the Cost of Capital," Journal of Business, 62 (1989): 517-537;
    • (1989) Journal of Business , vol.62 , pp. 517-537
    • Wedig, G.J.1    Hassan, M.2    Sloan, F.A.3
  • 38
    • 21844491351 scopus 로고
    • Financing Constraints and Investment: New Evidence from Hospital Industry Data
    • P.S. Calem and J.A. Rizzo, "Financing Constraints and Investment: New Evidence from Hospital Industry Data," Journal of Money, Credit and Banking, 27 (1995): 1002-1014;
    • (1995) Journal of Money, Credit and Banking , vol.27 , pp. 1002-1014
    • Calem, P.S.1    Rizzo, J.A.2
  • 40
    • 0042481764 scopus 로고    scopus 로고
    • How Sensitive Is Investment to Cash Flow When Financing is Frictionless?
    • A. Alti, "How Sensitive Is Investment to Cash Flow When Financing is Frictionless?" The Journal of Finance, 58 (2003): 707-722.
    • (2003) The Journal of Finance , vol.58 , pp. 707-722
    • Alti, A.1
  • 41
    • 0036049984 scopus 로고    scopus 로고
    • Debt, Investment and Endowment Accumulation: The Case of Not-For-Profit Hospitals
    • W.M. Gentry, "Debt, Investment and Endowment Accumulation: The Case of Not-For-Profit Hospitals," Journal of Health Economics, 21 (2002): 845-872;
    • (2002) Journal of Health Economics , vol.21 , pp. 845-872
    • Gentry, W.M.1
  • 42
    • 0038019657 scopus 로고    scopus 로고
    • Tax-Exempt Debt and the Capital Structure of Nonprofit Organizations: An Application to Hospitals
    • G.J. Wedig, M. Hassan, and M.A. Morrisey, "Tax-Exempt Debt and the Capital Structure of Nonprofit Organizations: An Application to Hospitals," Journal of Finance, 51 (1996): 1247-1283;
    • (1996) Journal of Finance , vol.51 , pp. 1247-1283
    • Wedig, G.J.1    Hassan, M.2    Morrisey, M.A.3
  • 43
    • 0000383379 scopus 로고
    • Hospital Investment Decisions and the Cost of Capital
    • G.J. Wedig, M. Hassan, and F.A. Sloan, "Hospital Investment Decisions and the Cost of Capital," Journal of Business, 62 (1989): 51 7-537;
    • (1989) Journal of Business , vol.62 , Issue.51 , pp. 7-537
    • Wedig, G.J.1    Hassan, M.2    Sloan, F.A.3
  • 44
    • 21844491351 scopus 로고
    • Financing Constraints and Investment: New Evidence from Hospital Industry Data
    • P.S. Calem and J.A. Rizzo, "Financing Constraints and Investment: New Evidence from Hospital Industry Data," Journal of Money Credit and Banking, 27 (1995): 1002-1014.
    • (1995) Journal of Money Credit and Banking , vol.27 , pp. 1002-1014
    • Calem, P.S.1    Rizzo, J.A.2
  • 45
    • 0000692893 scopus 로고
    • The Empirical Relationship Between the Dividend and Investment Decisions of Firms
    • E.F. Fama, "The Empirical Relationship Between the Dividend and Investment Decisions of Firms." The American Economic Review, 64 (1974): 304-318.
    • (1974) The American Economic Review , vol.64 , pp. 304-318
    • Fama, E.F.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.