Cultural advice

The Australian National University acknowledges, celebrates and pays our respects to the Ngunnawal and Ngambri people of the Canberra region and to all First Nations Australians on whose traditional lands we meet and work, and whose cultures are among the oldest continuing cultures in human history.

Aboriginal and Torres Strait Islander peoples are advised that ANU Library collections may include images, names, voices, and other representations of deceased persons.

Material in the collection may contain terms, language or views that reflect the period in which the item was created and may be considered inappropriate today.

What Drives Investment-Cash Flow Sensitivity around the World? An Asset Tangibility Perspective

Simple item page
dc.contributor.authorVadilyev, Alexander A.
dc.contributor.authorNanda, Vikram
dc.contributor.authorMoshirian, Fariborz
dc.contributor.authorZhang, Bohui
dc.date.accessioned2021-10-13T23:58:39Z
dc.date.issued2017
dc.date.updated2020-11-23T11:27:33Z
dc.description.abstractMotivated by ongoing debates on investment–cash flow sensitivity (ICFS) and its documented decline and disappearance in the U.S., we investigate the determinants of ICFS. Using firm-level data across 41countries for the 1993–2013 period, we document an important role of asset tangibility in explaining the patterns in ICFS. Asset tangibility affects ICFS through two channels: investment intensity and cash flow persistence. As the share of tangible capital, investment and cash flow persistence has fallen in developed economies, ICFS has declined. In contrast, as developing economies operate with more tangible capital, have higher investment rates and more persistent cash flows, their ICFS is more stable. The results support our explanation of ICFS as a reflection of capital (investment) intensity and income predictability, rather than a measure of financial constraints.en_AU
dc.format.mimetypeapplication/pdfen_AU
dc.identifier.issn0378-4266en_AU
dc.identifier.urihttp://hdl.handle.net/1885/250798
dc.language.isoen_AUen_AU
dc.publisherElsevieren_AU
dc.rights© 2016 Elsevier B.V.en_AU
dc.sourceJournal of Banking and Financeen_AU
dc.subjectInvestment–cash flow sensitivityen_AU
dc.subjectInvestment–cash flow–tangible capitalen_AU
dc.subjectsensitivityen_AU
dc.subjectAsset tangibilityen_AU
dc.subjectInvestment intensityen_AU
dc.subjectCash flow persistenceen_AU
dc.titleWhat Drives Investment-Cash Flow Sensitivity around the World? An Asset Tangibility Perspectiveen_AU
dc.typeJournal articleen_AU
local.bibliographicCitation.lastpage17en_AU
local.bibliographicCitation.startpage1en_AU
local.contributor.affiliationVadilyev, Alexander, College of Business and Economics, ANUen_AU
local.contributor.affiliationNanda, Vikram, University of Texasen_AU
local.contributor.affiliationMoshirian, Fariborz, University of New South Walesen_AU
local.contributor.affiliationZhang, Bohui, University of New South Walesen_AU
local.contributor.authoruidVadilyev, Alexander, u5645597en_AU
local.description.embargo2099-12-31
local.description.notesImported from ARIESen_AU
local.identifier.absfor150201 - Financeen_AU
local.identifier.ariespublicationu1027566xPUB35en_AU
local.identifier.citationvolume77en_AU
local.identifier.doi10.1016/j.jbankfin.2016.12.012en_AU
local.identifier.scopusID2-s2.0-85007415772
local.identifier.thomsonID000398643400001
local.publisher.urlhttps://www.elsevier.com/en-auen_AU
local.type.statusPublished Versionen_AU

Downloads

Original bundle

Now showing 1 - 1 of 1
Thumbnail Image
Name:
01_Vadilyev_What_Drives_Investment-Cash_2017.pdf
Size:
1.33 MB
Format:
Adobe Portable Document Format
Download

Collections

ANU Research Publications

DSpace software copyright © 2002-2026 LYRASIS