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 - UPVD - Université de Perpignan Via Domitia - 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 - UPVD - Université de Perpignan Via Domitia - 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: financial constraints; financial crisis; G30; G31; G32; investment; Investment\textendashcash flow sensitivity (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (3)

Published in Applied Economics Letters, 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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