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Financing patterns and corporate investment relationship : a brief overview

Investment is an important economic variable and, therefore, it is important to have an understanding of the factors that determine its evolution over time. One aspect that has been highlighted in recent research is that corporate investment behavior is influenced by the financial structure of firms. In fact, if the hypothesis of imperfect capital markets holds, there is no perfect substitutability between the ...

The existence of a financial accelerator mechanism : the case of the portuguese...

The recent financial and economic crises that affected a large number of countries, on one hand, and the recent theoretical developments in the field of information economics, on the other, drew attention to the existence of a potential link between financial factors and fluctuations in economic activity in what concerns investment in fixed assets. An issue that has been highlighted is the possibility that fluc...

Evidence on the investment-cash flow sensitivity for a panel of portuguese manu...

In the last two decades, a renewed interest about the influence of financial factors on a firm’s capital investment decision emerged. In fact, theoretical developments that occurred in the field of information economics, which emphasised the existence of information problems in financial markets, allowed to rationalise a close relationship between financial factors and investment expenses of firms. This paper a...

A business intelligence solution for public transportation sector

Smart companies in the 21st century use business intelligence solutions to gain a clearer picture of their internal operations, customers, supply chain and financial performance. In short, they are using business intelligence solutions to become intelligent about the way they do business.. Our paper reflects the result of a project that we conducted in Portugal related to the development of a business intellige...

A business intelligence solution for public transportation sector

The financing constraints hypothesis and inventory investment decisions of firms

In the last two decades there was an increasing interest of researchers on the impact of financing constraints on investment expenses of firms. However, the vast empirical literature that followed focused, mainly, on fixed investment and less attention has been given to the effect of financing constraints on inventory investment decisions of firms (Hubbard, 1998). The present paper aims to shed some light on th...

The financing constraints hypothesis controversy : some evidence for the Portug...

In the last two decades an intense debate on the influence of financing constraints on the investment decisions of firms has emerged. One point of view (e.g. Fazzari, Hubbard and Petersen, 1988) argues that investment spending of a firm is affected by its level of internal funds. Another point of view (e.g. Kaplan and Zingales, 1997) argues that the investment-cash flow sensitivity cannot be used as a measure o...

Do finance constraints affect inventory investment decisions of firms?

In recent years there has been an increasing debate on the determinants of a firm’s investment decisions. In fact, according to the investment models that assume perfect capital markets (e.g. Q-Tobin model), the availability of internal funds does not affect investment decisions. Investment outlays in each period are determined in perfectly functioning capital markets. Financial factors are only considered in t...

The financial accelerator mechanism : the case of portuguese small manufacturin...

Recent developments in the field of information economics have led to the establishment of a link between financial factors and fluctuations in economic activity. An issue that has been highlighted is the possibility that fluctuations in economic activity can be induced by fragilities in the financial status of firms. This fact is known as the financial accele rator mechanism. In terms of company investment, th...

The relationship between fixed investment and cash flow : evidence for Portugue...

Recent developments in the field of information economics have demonstrated that there is a link between financial factors and business fixed investment decisions. This link is due to the existence of information asymmetries in financial markets, which prevents a perfect substitution between funds for finance that firms can access. Therefore, internal funds become cheaper than external funds – and an hierarchy ...