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Investment - Cash Flow Sensitivity and Financing Constraints: New Evidence from Indian Business Group Firms
Pallathitta, Rejie and Kabir, Rezaul and Qian, Jing (2010) Investment - Cash Flow Sensitivity and Financing Constraints: New Evidence from Indian Business Group Firms. [Report]
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| Abstract: | A controversy exists on the use of the investment – cash flow sensitivity as a measure of financing constraints of firms. We re-examine this controversy by analyzing firms affiliated to Indian business groups. We find a strong investment – cash flow sensitivity for both group-affiliated and independent firms, but no significant difference in the sensitivity between them. Additional tests consistently demonstrate that investment – cash flow sensitivity of Indian group affiliated firms is not significantly lower relative to unaffiliated firms. |
| Item Type: | Report |
| Faculty: | Management and Governance (SMG) |
| Research Group: | |
| Link to this item: | http://purl.utwente.nl/publications/74067 |
| Official URL: | http://papers.ssrn.com/sol3/papers.cfm?abstract_id=683725 |
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