Cash flows – investment sensitivity under financial constraints: The case of Vietnam

https://doi.org/10.31130/ud-jst.2022.050

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Author

  • Thai Thi Hong An, Ha Le Hong Ngoc
    The University of Danang - University of Economics

Từ khóa:

Investment
cash flow
financial constraints
Vietnam

Tóm tắt

This paper focuses on examining the relation between cash flow and investment within different corporate financial status in the context of Vietnamese market. Using a sample of non-financial quoted firms over the 13-year period from 2005 to 2017; We document a strong positive correlation between corporate investments and cash flows. Importantly, our results indicate that firms suffering lower level of financial constraints appear to experience stronger investment to cash flow sensitivity and vice versa. This finding provides new evidence to re-examine the existing controversy on the use of investment & cash flow
co-movement as a measurement of corporate financing constraints.

Tài liệu tham khảo

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Jun 30, 2022
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Cách trích dẫn
Thai Thi Hong An, Ha Le Hong Ngoc. “Cash Flows – Investment Sensitivity under Financial Constraints: The Case of Vietnam”. Tạp Chí Khoa học Và Công nghệ - Đại học Đà Nẵng, vol 20, số p.h 6.1, Tháng Sáu 2022, tr 64-68, doi:10.31130/ud-jst.2022.050.

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