메뉴 건너뛰기




Volumn 35, Issue 7-8, 2008, Pages 943-968

Investment-cash flow sensitivities or cash-cash flow sensitivities? An evaluative framework for measures of financial constraints

Author keywords

Corporate finance; Entropy econometrics; Financial constraints; Slope heterogeneity; Small business finance

Indexed keywords


EID: 54749109913     PISSN: 0306686X     EISSN: 14685957     Source Type: Journal    
DOI: 10.1111/j.1468-5957.2008.02101.x     Document Type: Article
Times cited : (22)

References (44)
  • 1
    • 38749142248 scopus 로고    scopus 로고
    • The Impact of Capital Market Imperfections on Investment-Cash Flow Sensitivity
    • and. February. pp.
    • Aca, S. and A. Mozumdar (2008 The Impact of Capital Market Imperfections on Investment-Cash Flow Sensitivity Journal of Banking and Finance, Vol. 32, No. 2 (February pp. 207 16.
    • (2008) Journal of Banking and Finance , vol.32 , Issue.2 , pp. 207-16
    • Aca, S.1    Mozumdar, A.2
  • 2
    • 1642279866 scopus 로고    scopus 로고
    • The Impact of Negative Cash Flow and Influential Observations on Investment-Cash Flow Sensitivity Estimates
    • and. May. pp.
    • Allayannis, G. and A. Mozumdar (2004 The Impact of Negative Cash Flow and Influential Observations on Investment-Cash Flow Sensitivity Estimates Journal of Banking and Finance, Vol. 28, No. 5 (May pp. 901 30.
    • (2004) Journal of Banking and Finance , vol.28 , Issue.5 , pp. 901-30
    • Allayannis, G.1    Mozumdar, A.2
  • 3
    • 34548527528 scopus 로고    scopus 로고
    • Financial Constraints, Asset Tangibility, and Corporate Investment
    • and. September. pp.
    • Almeida, H. and M. Campello (2007 Financial Constraints, Asset Tangibility, and Corporate Investment Review of Financial Studies, Vol. 20, No. 5 (September pp. 1429 60.
    • (2007) Review of Financial Studies , vol.20 , Issue.5 , pp. 1429-60
    • Almeida, H.1    Campello, M.2
  • 4
    • 4344602136 scopus 로고    scopus 로고
    • The Cash Flow Sensitivity of Cash
    • and. August. pp.
    • Almeida, H., M. Campello and M.S. Weisbach (2004 The Cash Flow Sensitivity of Cash Journal of Finance, Vol. 59, No. 4 (August pp. 1777 804.
    • (2004) Journal of Finance , vol.59 , Issue.4 , pp. 1777-804
    • Almeida, H.1    Campello, M.2    Weisbach, M.S.3
  • 5
    • 0042481764 scopus 로고    scopus 로고
    • How Sensitive is Investment to Cash Flow When Financing is Frictionless
    • April. pp.
    • Alti, A. (2003 How Sensitive is Investment to Cash Flow When Financing is Frictionless Journal of Finance, Vol. 58, No. 2 (April pp. 707 22.
    • (2003) Journal of Finance , vol.58 , Issue.2 , pp. 707-22
    • Alti, A.1
  • 6
    • 84881844837 scopus 로고    scopus 로고
    • Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations
    • and. April. pp.
    • Arellano, M. and S.R. Bond (2001 Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations The Review of Economic Studies, Vol. 58, No. 2 (April pp. 277 97.
    • (2001) The Review of Economic Studies , vol.58 , Issue.2 , pp. 277-97
    • Arellano, M.1    Bond, S.R.2
  • 7
    • 21344436915 scopus 로고    scopus 로고
    • Growing Firms and the Credit Constraint
    • and. February. pp.
    • Binks, M.R. and C.T. Ennew (1996 Growing Firms and the Credit Constraint Small Business Economics, Vol. 8, No. 8 (February pp. 17 25.
    • (1996) Small Business Economics , vol.8 , Issue.8 , pp. 17-25
    • Binks, M.R.1    Ennew, C.T.2
  • 8
    • 0037322696 scopus 로고    scopus 로고
    • Financial Factors and Investment in Belgium, France, Germany, and the United Kingdom: A Comparison Using Company Panel Data
    • and. February. pp.
    • Bond, S., J.A. Elston, J. Mairesse and B. Mulkay (2003 Financial Factors and Investment in Belgium, France, Germany, and the United Kingdom: A Comparison Using Company Panel Data The Review of Economics and Statistics, Vol. 85, No. 1 (February pp. 153 65.
    • (2003) The Review of Economics and Statistics , vol.85 , Issue.1 , pp. 153-65
    • Bond, S.1    Elston, J.A.2    Mairesse, J.3    Mulkay, B.4
  • 9
    • 18744386379 scopus 로고    scopus 로고
    • Is the Growth of Small Firms Constrained by Internal Finance
    • and. May. pp.
    • Carpenter, R.E. and B.C. Petersen (2002 Is the Growth of Small Firms Constrained by Internal Finance The Review of Economics and Statistics, Vol. 84, No. 2 (May pp. 298 309.
    • (2002) The Review of Economics and Statistics , vol.84 , Issue.2 , pp. 298-309
    • Carpenter, R.E.1    Petersen, B.C.2
  • 10
    • 21344473964 scopus 로고    scopus 로고
    • Small Firm Growth, Access to Capital Markets, and Financial Structure: Review of Issues and Empirical Investigation
    • and. February. pp.
    • Chittenden, F., G. Hall and P. Hutchinson (1996 Small Firm Growth, Access to Capital Markets, and Financial Structure: Review of Issues and Empirical Investigation Small Business Economics, Vol. 8, No. 1 (February pp. 59 67.
    • (1996) Small Business Economics , vol.8 , Issue.1 , pp. 59-67
    • Chittenden, F.1    Hall, G.2    Hutchinson, P.3
  • 11
    • 35148836011 scopus 로고    scopus 로고
    • Bank Relationships and the Value Relevance of the Income Statement: Evidence from Income-Statement Conservatism
    • SeptemberOctober. pp.
    • Choi, W. (2007 Bank Relationships and the Value Relevance of the Income Statement: Evidence from Income-Statement Conservatism Journal of Business Finance & Accounting, Vol. 34, Nos. 7&8 (SeptemberOctober pp. 1051 72.
    • (2007) Journal of Business Finance & Accounting , vol.34 , Issue.78 , pp. 1051-72
    • Choi, W.1
  • 13
    • 0009093975 scopus 로고    scopus 로고
    • The Relationship between Firm Investment and Financial Status
    • April. pp.
    • Cleary, S. (1999 The Relationship Between Firm Investment and Financial Status Journal of Finance, Vol. 54, No. 2 (April pp. 673 91.
    • (1999) Journal of Finance , vol.54 , Issue.2 , pp. 673-91
    • Cleary, S.1
  • 14
    • 0242676960 scopus 로고    scopus 로고
    • Financial Frictions and Investment: Requiem in Q
    • and. October. pp.
    • Cooper, R. and J. Ejarque (2003 Financial Frictions and Investment: Requiem in Q Review of Economic Dynamics, Vol. 6, No. 4 (October pp. 710 28.
    • (2003) Review of Economic Dynamics , vol.6 , Issue.4 , pp. 710-28
    • Cooper, R.1    Ejarque, J.2
  • 15
    • 0041693910 scopus 로고
    • Acquisition Activity in the Small Business Sector
    • and. in. A. Hughes. and. D.J. Storey (. eds. London: Routledge).
    • Cosh, A. and A. Hughes (1994 Acquisition Activity in the Small Business Sector in A. Hughes and D.J. Storey (eds. Finance and the Small Firm (London : Routledge).
    • (1994) Finance and the Small Firm
    • Cosh, A.1    Hughes, A.2
  • 16
    • 0039687540 scopus 로고    scopus 로고
    • Internal Capital Markets, Bank Borrowing, and Financial Constraints: Evidence from Belgian Firms
    • pp.
    • Deloof, M. (1998 Internal Capital Markets, Bank Borrowing, and Financial Constraints: Evidence from Belgian Firms Journal of Business Finance & Accounting, Vol. 25, pp. 945 68.
    • (1998) Journal of Business Finance & Accounting , vol.25 , pp. 945-68
    • Deloof, M.1
  • 18
    • 0000028238 scopus 로고
    • Evidence on the Role of Cash Flow for Investment
    • and. pp.
    • Gilchrist, S. and C.P. Himmelberg (1995 Evidence on the Role of Cash Flow for Investment Journal of Monetary Economics, Vol. 36, pp. 541 72.
    • (1995) Journal of Monetary Economics , vol.36 , pp. 541-72
    • Gilchrist, S.1    Himmelberg, C.P.2
  • 21
    • 33846190557 scopus 로고    scopus 로고
    • Whom You Know Matters: Venture Capital Networks and Investment Performance
    • and. February. pp.
    • Hochberg, Y., A. Ljungqvist and Y. Lu (2007 Whom You Know Matters: Venture Capital Networks and Investment Performance The Journal of Finance, Vol. 62, No. 1 (February pp. 251 301.
    • (2007) The Journal of Finance , vol.62 , Issue.1 , pp. 251-301
    • Hochberg, Y.1    Ljungqvist, A.2    Lu, Y.3
  • 22
    • 84998035346 scopus 로고    scopus 로고
    • Small Firm's Demand for Finance: A Research Note
    • pp.
    • Howorth, C. (2001 Small Firm's Demand for Finance: A Research Note International Small Business Journal, Vol. 19, pp. 78 86.
    • (2001) International Small Business Journal , vol.19 , pp. 78-86
    • Howorth, C.1
  • 23
    • 0000180018 scopus 로고    scopus 로고
    • Capital-Market Imperfections and Investment
    • pp.
    • Hubbard, R.G. (1998 Capital-Market Imperfections and Investment Journal of Economic Literature, Vol. XXXVI, pp. 193 225.
    • (1998) Journal of Economic Literature , vol.36 , pp. 193-225
    • Hubbard, R.G.1
  • 24
    • 0007080907 scopus 로고
    • Introduction: Financing Small Firms
    • in. A. Hughes. and. D.J. Storey (. eds. London: Routledge).
    • Hughes, A. (1994 Introduction: Financing Small Firms in A. Hughes and D.J. Storey (eds. Finance and the Small Firm (London : Routledge).
    • (1994) Finance and the Small Firm
    • Hughes, A.1
  • 25
    • 33847172726 scopus 로고    scopus 로고
    • Financial Market Development and the Importance of Internal Cash: Evidence from International Data
    • and. March. pp.
    • Islam, S.S. and A. Mozumdar (2007 Financial Market Development and the Importance of Internal Cash: Evidence from International Data Journal of Banking and Finance, Vol. 31, No. 3 (March pp. 641 58.
    • (2007) Journal of Banking and Finance , vol.31 , Issue.3 , pp. 641-58
    • Islam, S.S.1    Mozumdar, A.2
  • 26
    • 44649197264 scopus 로고
    • Theory of the Firm: Managerial Behaviour, Agency Costs, and Ownership Structure
    • and. October. pp.
    • Jensen, M. and W. Meckling (1976 Theory of the Firm: Managerial Behaviour, Agency Costs, and Ownership Structure Journal of Financial Economics, Vol. 3, No. 4 (October pp. 305 60.
    • (1976) Journal of Financial Economics , vol.3 , Issue.4 , pp. 305-60
    • Jensen, M.1    Meckling, W.2
  • 27
    • 0001551184 scopus 로고    scopus 로고
    • The Impact of Cash Flows and Firm Size on Investment: The International Evidence
    • and. March. pp.
    • Kadapakkam, P.R., P.C. Kumar and L.A. Riddick (1998 The Impact of Cash Flows and Firm Size on Investment: The International Evidence Journal of Banking and Finance, Vol. 22, No. 3 (March pp. 293 320.
    • (1998) Journal of Banking and Finance , vol.22 , Issue.3 , pp. 293-320
    • Kadapakkam, P.R.1    Kumar, P.C.2    Riddick, L.A.3
  • 28
    • 0003112060 scopus 로고    scopus 로고
    • Do Investment Cash Flow Sensitivities Provide Useful Measures of Financing Constraints
    • and. February. pp.
    • Kaplan, S.N. and L. Zingales (1997 Do Investment Cash Flow Sensitivities Provide Useful Measures of Financing Constraints Quarterly Journal of Economics, Vol. 112, No. 1 (February pp. 169 215.
    • (1997) Quarterly Journal of Economics , vol.112 , Issue.1 , pp. 169-215
    • Kaplan, S.N.1    Zingales, L.2
  • 29
    • 0039011997 scopus 로고    scopus 로고
    • Investment-Cash Flow Sensitivities are not Valid Measures of Financing Constraints
    • and. May. pp.
    • Kaplan, S.N. and L. Zingales (2000 Investment-Cash Flow Sensitivities are not Valid Measures of Financing Constraints Quarterly Journal of Economics, Vol. 115, No. 2 (May pp. 707 12.
    • (2000) Quarterly Journal of Economics , vol.115 , Issue.2 , pp. 707-12
    • Kaplan, S.N.1    Zingales, L.2
  • 30
    • 0000140435 scopus 로고
    • Informational Asymmetries, Financial Structure, and Financial Intermediation
    • and. September. pp.
    • Leland, H.E. and D.H. Pyle (1977 Informational Asymmetries, Financial Structure, and Financial Intermediation The Journal of Finance, Vol. 32, No. 2 (September pp. 371 87.
    • (1977) The Journal of Finance , vol.32 , Issue.2 , pp. 371-87
    • Leland, H.E.1    Pyle, D.H.2
  • 31
    • 0040293567 scopus 로고    scopus 로고
    • Recovering Output-Specific Inputs from Aggregate Input Data: A Generalized Cross-Entropy Approach
    • and. November. pp.
    • Lence, S.H. and D.J. Miller (1998 Recovering Output-Specific Inputs from Aggregate Input Data: A Generalized Cross-Entropy Approach American Journal of Agricultural Economics, Vol. 80, No. 4 (November pp. 852 68.
    • (1998) American Journal of Agricultural Economics , vol.80 , Issue.4 , pp. 852-68
    • Lence, S.H.1    Miller, D.J.2
  • 32
    • 34548226579 scopus 로고    scopus 로고
    • The Cash Flow Sensitivity of Cash: Evidence from Taiwan
    • August. pp.
    • Lin, Y.C. (2007 The Cash Flow Sensitivity of Cash: Evidence from Taiwan Applied Financial Economics, Vol. 17, No. 12 (August pp. 1013 24.
    • (2007) Applied Financial Economics , vol.17 , Issue.12 , pp. 1013-24
    • Lin, Y.C.1
  • 33
    • 0034396308 scopus 로고    scopus 로고
    • An Empirical Approach to the Financing Behaviour of Small and Medium-Sized Companies
    • and. February. pp.
    • Lopez-Gracia, J. and C. Aybar-Arias (2000 An Empirical Approach to the Financing Behaviour of Small and Medium-Sized Companies Small Business Economics, Vol. 14, No. 1 (February pp. 55 63.
    • (2000) Small Business Economics , vol.14 , Issue.1 , pp. 55-63
    • Lopez-Gracia, J.1    Aybar-Arias, C.2
  • 34
    • 36349021864 scopus 로고    scopus 로고
    • Costly External Financing, Investment Timing and Investment-Cash Flow Sensitivity
    • December. pp.
    • Lyandres, E. (2007 Costly External Financing, Investment Timing and Investment-Cash Flow Sensitivity Journal of Corporate Finance, Vol. 13, No. 5 (December pp. 959 80.
    • (2007) Journal of Corporate Finance , vol.13 , Issue.5 , pp. 959-80
    • Lyandres, E.1
  • 35
    • 0031527589 scopus 로고    scopus 로고
    • Business Angel Networks and the Development of the Informal Venture Capital Market in the U.K.: Is There Still a Role for the Public Sector
    • and. April. pp.
    • Mason, C.M. and R.T. Harrison (1997 Business Angel Networks and the Development of the Informal Venture Capital Market in the U.K.: Is There Still a Role for the Public Sector Small Business Economics, Vol. 9, No. 2 (April pp. 111 23.
    • (1997) Small Business Economics , vol.9 , Issue.2 , pp. 111-23
    • Mason, C.M.1    Harrison, R.T.2
  • 36
    • 6344223701 scopus 로고    scopus 로고
    • Investment - Cash Flow Sensitivities: Constrained versus Unconstrained Firms
    • October. pp.
    • Moyen, N. (2004 Investment - Cash Flow Sensitivities: Constrained versus Unconstrained Firms Journal of Finance, Vol. 59, No. 5 (October pp. 2061 92.
    • (2004) Journal of Finance , vol.59 , Issue.5 , pp. 2061-92
    • Moyen, N.1
  • 37
    • 48549110620 scopus 로고
    • Corporate Financing and Investment Decisions when Firms have Information that Investors Do Not Have
    • and. June. pp.
    • Myers, S. and N. Majluf (1984 Corporate Financing and Investment Decisions when Firms have Information that Investors Do Not Have Journal of Financial Economics, Vol. 13, No. 2 (June pp. 187 221.
    • (1984) Journal of Financial Economics , vol.13 , Issue.2 , pp. 187-221
    • Myers, S.1    Majluf, N.2
  • 38
    • 54749126779 scopus 로고    scopus 로고
    • and. Working Paper (Department of Agricultural and Resource Economics, University of California Davis
    • Paris, Q. and M.R. Caputo (2001 Sensitivity of the GME Estimates to Support Bounds Working Paper (Department of Agricultural and Resource Economics, University of California Davis, No. 01-008).
    • (2001) Sensitivity of the GME Estimates to Support Bounds , Issue.1-8
    • Paris, Q.1    Caputo, M.R.2
  • 39
    • 84987906816 scopus 로고    scopus 로고
    • Is Investment Cash Flow Sensitivity Caused by the Agency Costs or Asymmetric Information Evidence from the UK
    • and. September. pp.
    • Pawlina, G. and L. Renneboog (2005 Is Investment Cash Flow Sensitivity Caused by the Agency Costs or Asymmetric Information Evidence from the UK European Financial Management, Vol. 11, No. 4 (September pp. 483 513.
    • (2005) European Financial Management , vol.11 , Issue.4 , pp. 483-513
    • Pawlina, G.1    Renneboog, L.2
  • 40
    • 84993914974 scopus 로고
    • The Benefits of Lending Relationships: Evidence from Small Business Data
    • and. March. pp.
    • Petersen, M.A. and R.G. Rajan (1994 The Benefits of Lending Relationships: Evidence from Small Business Data Journal of Finance, Vol. 49, No. 1 (March pp. 3 37.
    • (1994) Journal of Finance , vol.49 , Issue.1 , pp. 3-37
    • Petersen, M.A.1    Rajan, R.G.2
  • 43
    • 0000342340 scopus 로고
    • Credit Rationing in Markets with Imperfect Information
    • and. June. pp.
    • Stiglitz, J. and A. Weiss (1981 Credit Rationing in Markets with Imperfect Information American Economic Review, Vol. 71, No. 3 (June pp. 393 410.
    • (1981) American Economic Review , vol.71 , Issue.3 , pp. 393-410
    • Stiglitz, J.1    Weiss, A.2
  • 44
    • 84978547419 scopus 로고
    • Uncertainty, Capital Immobility and Capital Rationing in the Investment Decision
    • and. pp.
    • Trivol, G.W. and W.R. McDaniel (1987 Uncertainty, Capital Immobility and Capital Rationing in the Investment Decision Journal of Business Finance & Accounting, Vol. 14, No. 2, pp. 215 28.
    • (1987) Journal of Business Finance & Accounting , vol.14 , Issue.2 , pp. 215-28
    • Trivol, G.W.1    McDaniel, W.R.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.