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Long-term investment sensitivity to cash flow and financial crisis

Maurizio La Rocca (), Raffaele Staglianò and Issam Laguir
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Raffaele Staglianò: MRM - Montpellier Research in Management - UPVM - Université Paul-Valéry - Montpellier 3 - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVD - Université de Perpignan Via Domitia - UM1 - Université Montpellier 1 - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier
Issam Laguir: MRM - Montpellier Research in Management - UPVM - Université Paul-Valéry - Montpellier 3 - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVD - Université de Perpignan Via Domitia - UM1 - Université Montpellier 1 - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier

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Abstract: This study examined investment–cash flow sensitivity in unconstrained and constrained firms from 1980 to 2010 in a sample of Italian manufacturing firms. Investment sensitivity to cash flow decreased over time, and financially constrained firms showed little difference in the decline compared with unconstrained firms. Last, investment sensitivity to cash flow increased during the financial crisis of 2008.

Keywords: G30; G31; G32; investment; Investment\textendashcash flow sensitivity; financial crisis; financial constraints (search for similar items in EconPapers)
Date: 2016
Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-02012303
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Published in Applied Economics Letters, Taylor & Francis (Routledge): SSH Titles, 2016, 23 (6), pp.411--414. ⟨10.1080/13504851.2015.1078437⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02012303

DOI: 10.1080/13504851.2015.1078437

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