Search Results - subject:": Financial constraints"

The response of firms’ investment and financing to adverse cash flow shocks.The role of bank relationships in Belgium

Fuss, F.; Vermeulen, P. - In: Review of Business and Economics LIII (2008) 1, pp. 5-34

We test whether firms with a single bank are better shielded from loss of credit and investment cuts in periods of adverse cash flow shocks than firms with multiple bank relationships. Our estimates of the cash flow sensitivity of investment show that both types of firms are equally subject to...

Persistent link: https://www.econbiz.de/10008684349

Cash Breeds Success : The Role of Financing Constraints in Patent Races

Schroth, Enrique; Szalay, Dezsö - Department of Economics, University of Warwick - 2008

This paper studies the impact of financing constraints on the equilibrium of a patent race. We develop a model where firms finance their R&D expenditures with an investor who cannot verify their effort. We solve for the optimal financial contract of any firm along its best-response function. In...

Persistent link: https://www.econbiz.de/10005368737

Financial Constraints and Firm Export Behavior

Nesta, Lionel; Bellone, Flora; Musso, Patrick; Schiavo, … - Department of Economics, Sciences économiques - 2008

The paper analyzes the link between financial constraints and firm export behavior. Our main finding is that firms … any ex-ante financial advantage. On the contrary, we find that financial constraints act as a barrier to export …

Persistent link: https://www.econbiz.de/10010756393

Financial structure and corporate growth evidence from Italian panel data

Giannangeli, Silvia; Fagiolo, Giorgio; Molinari, Massimo - 2008

We study the relationships between firm financial structure and growth for a large sample of Italian firms (1998-2003). We expand upon existing analyses testing whether liquidity constraints affect firm performance by considering among growth determinants also firm debt structure. Panel...

Persistent link: https://www.econbiz.de/10008729581

2013 Awards for Excellence

In: International Journal of Gender and Entrepreneurship 6 (2014) 1

Persistent link: https://www.econbiz.de/10014774294

Financial constraints for investment in Brazil

Lima Crisóstomo, Vicente; Javier López Iturriaga, Félix - In: International Journal of Managerial Finance 10 (2014) 1, pp. 73-92

Purpose – The purpose of this paper is to verify the existence of financial constraints for investment in Brazil, an … firms face financial constraints since their investments depend on internally generated funds. Results are robust to … economy. Originality/value – The results extend empirical evidence of financial constraints in Brazil. The paper contributes …

Persistent link: https://www.econbiz.de/10014785705

Time-inconsistent investment, financial constraints, and cash flow hedging

Lien, Donald; Yu, Chia-Feng - In: International Review of Financial Analysis 35 (2014) C, pp. 72-79

This paper studies the interplay between firm investment and cash flow hedging decisions when the decision-maker has time-inconsistent preferences. We show that cash flow hedging acts as a double-edged sword. In some cases, cash flow hedging enhances firm value because the firm can thus invest...

Persistent link: https://www.econbiz.de/10011077789

Financial Dependence and Innovation: The Case of Public versus Private Firms

Acharya, Viral V; Xu, Zhaoxia - C.E.P.R. Discussion Papers - 2014

This paper examines the relationship between innovation and firms' dependence on external capital by analyzing the innovation activities of privately-held and publicly-traded firms We find that public firms in external finance dependent industries generate patents of higher quantity, quality,...

Persistent link: https://www.econbiz.de/10011084508

Political Connections and Bank Lines of Credit

Luo, Danglun; Ying, Qianwei - In: Emerging Markets Finance and Trade 50 (2014) 03, pp. 5-21

We analyze the companies listed on stock exchanges in China from 2004 to 2009 and discover that firms' political connections help them obtain bank lines of credit, especially from state-owned banks. The results also show that political connections have a stronger effect on the acquisition of...

Persistent link: https://www.econbiz.de/10011094390

Corporate Liquidity Management: A Conceptual Framework and Survey

Almeida, Heitor; Campello, Murillo; Cunha, Igor; … - In: Annual Review of Financial Economics 6 (2014) 1, pp. 135-162

issues in liquidity management can be understood through the lens of a framework in which firms face financial constraints …

Persistent link: https://www.econbiz.de/10011094548