The Interaction of the Financing and Investment Decisions: Preliminary Results in the Australian Context

Carl Chiarella, Toan Pham, Ah Boon Sim and Madeleine Tan
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Toan Pham: School of Banking and Finance, University of New South Wales
Ah Boon Sim: School of Banking and Finance, University of New South Wales

No 4, Working Paper Series from Finance Discipline Group, UTS Business School, University of Technology, Sydney

Abstract: In this paper we report preliminary empirical results on the issue of the interaction of the investment and financing decisions in the Australian context. The investigation was implemented on a sample ranging from 144 to 221 firms for the period from 1980/85. Strong support for the hypothesis that investments and dividends are competing uses of funds, implying presence of interaction, is found for two (1983/84, 1984/85) of the five years under study. Work is in train to extend the sample period from five to ten years in order to obtain a reasonable persepctive of the distribution of support/non-support for the link between the investment and financing decisions.

Pages: 34 pages
Date: 1991-06-01
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Citations: View citations in EconPapers (2)

Published as: Chiarella, C., Pham, T. M., Sim, A. B. and Tan, M. M. L. 1992, "The Interaction of the Financing and Investment Decisions: Preliminary Results in the Australian Context", Asia Pacific Journal of Management, 9(2), pp. 209-229.

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