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دانلود رایکان مقاله انگلیسی ISI با موضوع حساسیت منابع خارجی به جریان نقدی تحت محدودیت های مالی

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حساسیت منابع خارجی به جریان نقدی تحت محدودیت های مالی

عنوان انگلیسی مقاله:

Sensitivity of external resources to cash flow under financial constraints

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7. Concluding remarks and empirical implications

This paper provides empirical evidence on the relationship between external financing and cash flow, using a data panel of Spanish listed (unconstrained) and unlisted (constrained) companies covering the period 1996–2010. Our results indicate that cash flow has a significant and negative effect on external financing regardless of the dependent variable selected (that is, variation in debt, debt plus equity or just equity). This negative relationship is stronger (that is, more negative) for listed companies, which in turn implies a stronger substitution effect, as predicted. Thus, unlisted or constrained firms tend to reduce debt (or any other source of financing) very little when they face cash flow shocks compared to listed firms. Presumably, information asymmetries could not be at the core of listed and unlisted companies’ decisions regarding financing preferences. Instead, what is substantial to this decision and responsible for the difference existing between them is the endogeneity of investment and external financing for unlisted firms, as they are financially constrained. These results are also confirmed after extending the baseline model and performing several robustness tests. Our findings point to the possibility to extent this conclusion to other European economies similar to ours.