Investment, irreversibility, and financing constraints: Evidence from a panel of transition economies

A. Guariglia, J. Tsoukalas, S. Tsoukas

Research output: Contribution to journalArticlepeer-review

12 Citations (Scopus)

Abstract

Focusing on a panel of unlisted firms from transition economies, we observe that only firms facing low irreversibility exhibit high and significant investment-cash flow sensitivities. Our findings provide a new explanation for why some financially constrained firms may exhibit low sensitivities.
Original languageEnglish
Pages (from-to)582-584
Number of pages3
JournalEconomics Letters
Volume117
Issue number3
DOIs
Publication statusPublished - 1 Dec 2012

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