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R&D investment and internal finance: the cash flow effect

✍ Scribed by Bloch, Carter

Book ID
118001543
Publisher
Taylor and Francis Group
Year
2005
Tongue
English
Weight
109 KB
Volume
14
Category
Article
ISSN
1043-8599

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We show that higher cash #ow volatility is associated with lower average levels of investment in capital expenditures, R&D, and advertising. This association suggests that "rms do not use external capital markets to fully cover cash #ow shortfalls but rather permanently forgo investment. Cash #ow vo