financial constraints in establishing the relationship between cash flow and external financing. The results reveal that there … constrained firms benefit more from investing in tangible assets because such assets not only help relax financial constraints but …

debt capacity constraints. Against this backdrop, this study investigated the effects of financial constraints on firm … capital structure in Kenya. This was implemented by interacting a financial constraints dummy with the right-hand side … variables of pecking order test equation to allow for any variation of capital structure across financial constraints regimes …

financial constraints among listed Indian manufacturing firms. It also analyses the role of tangibility in alleviating financial … manufacturing firms. Results: The analysis finds that cash flow sensitivity is a valid measure of financial constraints in the … confirms cash flow sensitivity to investment as a valid measure of financial constraints. It will confirm pooling of internal …

influenced by factors that impede investments, such as financial constraints. Using firm-level data, we show that financial … unconstrained firms. The amplifying effect of financial constraints is similar in upturns and downturns, implying that financially … constraints increase the sensitivity of employment to fluctuations in output considerably. When output changes, financially …