期刊
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE
卷 18, 期 4, 页码 643-655出版社
ELSEVIER SCIENCE BV
DOI: 10.1016/j.iref.2008.11.001
关键词
Corporate investment; Uncertainty; Managerial flexibility
This paper examines how changes in uncertainty affect corporate investment and how managerial flexibility influences this effect. Consistent with existing evidence, this study shows that increased uncertainty reduces a firm's capital expenditures even after controlling for investment opportunities and fund availability. It further shows that the negative effect of increased uncertainty on corporate investment is more pronounced for firms with fewer financial constraints and larger size. Overall, the results suggest that managerial flexibility proxied by certain firm characteristics affects the negative relation between uncertainty and investment. (C) 2008 Elsevier Inc. All rights reserved.
作者
我是这篇论文的作者
点击您的名字以认领此论文并将其添加到您的个人资料中。
推荐
暂无数据