The influence of investment lag on company value in a non-financing constrained region

Deng Liurui, Ke Jiafeng and Wang Dongfang

Asia-Pacific Journal of Accounting & Economics, 2023, vol. 30, issue 6, 1542-1567

Abstract: We focus on the impact of the investment time lag on a company’s value. We set up the original model in the start-up phase and the mature phase, which reflects the effect of investment time lag on the company’s value without financing constraints. Furthermore, based on the model, we obtain the explicit expressions of the company’s value in the start-up phase and the mature phase. In the empirical analysis, considering financing costs, investment opportunities and cash flow, we use PVAR to investigate how investment time lag affects the company’s value.

Date: 2023
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DOI: 10.1080/16081625.2022.2078380

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Asia-Pacific Journal of Accounting & Economics is currently edited by Yin-Wong Cheung, Hong Hwang, Jeong-Bon Kim, Shu-Hsing Li and Suresh Radhakrishnan

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