Earticle

초록

영어

Recent studies on financial constraints have tried to resolve conflicting views on the relationship between investment-cash flow sensitivities and financial constraints. One remarkable research area in such efforts focuses on the influence of uncertainty on the sensitivities.The purpose of this study is to empirically investigate the effects of uncertainty on investments, investment-cash flow sensitivities, and financial constraints. We explicitly distinguish uncertainty on future project value from that on financing. In order to know the validity of differentiating two types of uncertainty. the sample period is grouped into two periods, before and after the Korean financial crisis in 1997. After the financial crisis, uncertainty on external financing has decreased while that on future project value increased. We apply the conventional panel-data model to the sample of 214 listed Korean manufacturing firms in the period 1992-2003. Important empirical findings of this study can be summarized as follows: (1)We find evidence supporting Kaplan and Zingales' notion that large firms show higher sensitivity than small firms. (2) The sensitivity of investment to cash flow is greater for the before-crisis period than for the after-crisis period, which is consistent with our ex ante expectation. (3) For the after-financial crisis sample, the sensitivity is higher for firms with high liquidity, high leverage, and high dividend payout ratio.

목차

I. 서언
 II. 기존연구의 검토
 III. 표본 및 방법
 IV. 실증분석결과
 V. 결언
 참고문헌
 Abstract

키워드

저자

• 김병기 [ Pyung-Kee Kim | 건양대학교 경영학부 부교수 ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  생산성연구: 국제융합학술지 [Productivity Research: An International Interdisciplinary Journal]

• 간기

  격월간

• pISSN

  1225-3553

• 수록기간

  1987~2025

• 등재여부

  KCI 등재

• 십진분류

  KDC 325 DDC 330