Investment–cash flow sensitivity and financing constraints: new evidence from Indian business group firms

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George, R. and Kabir, M.R. and Qian, J. (2011) Investment–cash flow sensitivity and financing constraints: new evidence from Indian business group firms. Journal of Multinational Financial Management, 21 (2). pp. 69-88. ISSN 1042-444X

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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.Were-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:Article
Copyright:© 2011 Elsevier Ltd
Faculty:
Management and Governance (SMG)
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Link to this item:http://purl.utwente.nl/publications/76493
Official URL:http://dx.doi.org/10.1016/j.mulfin.2010.12.003
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