Corporate fixed investment and internal liquidity: Evidence from Greek listed companies

Kallandranis, Christos and Kalantonis, Petros and Aljandali, Abdulkader (2020) Corporate fixed investment and internal liquidity: Evidence from Greek listed companies. Corporate Governance and Sustainability Review, 4 (2). pp. 68-76. ISSN 2519-8971

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Official URL: http://dx.doi.org/10.22495/cgsrv4i2p7

Abstract

Utilizing a unique panel dataset of 273 listed firms in the Athens Stock Exchange (ASE) we explore the issue of capital market imperfections with respect to access to investment financing. In particular, we investigate the extent to which investment is sensitive to the availability of internal finance. By employing a fixed-effect model, our empirical results indicate a positive association of cash flow and investment, leading to the conclusion of imperfect substitutability between internal and external finance and thus the importance of the former for investment decisions. According to our knowledge, this is the first study covering the specific tremble period of ASE for Greek manufacturing firms.

Item Type: Journal Article
Keywords: Capital Market Imperfections, Cash Flow, Investment, Panel Data
Faculty: Faculty of Business & Law
SWORD Depositor: Symplectic User
Depositing User: Symplectic User
Date Deposited: 12 Oct 2020 13:26
Last Modified: 20 Jan 2021 11:36
URI: https://arro.anglia.ac.uk/id/eprint/705981

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