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dc.contributor.authorMachokoto, Michael
dc.contributor.authorTanveer, Umair
dc.contributor.authorIshaq, Shamaila
dc.contributor.authorAreneke, Geofry
dc.date.accessioned2020-02-04T09:11:51Z
dc.date.available2020-02-04T09:11:51Z
dc.date.issued2019-12-12
dc.identifier.citationMachokoto, M., Tanveer, U., Ishaq, S. and Areneke, G., (2019). 'Decreasing investment-cash flow sensitivity: Further UK evidence'. Finance Research Letters, pp. 1-8. DOI: 10.1016/j.frl.2019.101397en_US
dc.identifier.issn1544-6123
dc.identifier.doi10.1016/j.frl.2019.101397
dc.identifier.urihttp://hdl.handle.net/10545/624442
dc.description.abstractUsing publicly listed firms in the UK, we examine the time-series variation of investment-cash flow sensitivity after directly controlling for future growth opportunities in cash flow, which if overlooked, as in the literature, could bias inferences. We find that investment-cash flow sensitivity is disappearing over time, even for constrained firms during the global financial crisis when credit constraints were more significant or binding. Our results not only confirm the decline in investment-cash flow sensitivity that is not explained by factors so far identified in the literature but also its diminishing usefulness as a proxy of financial constraints.en_US
dc.description.sponsorshipN/Aen_US
dc.language.isoenen_US
dc.publisherElsevieren_US
dc.relation.urlhttps://www.sciencedirect.com/science/article/pii/S1544612319300844en_US
dc.subjectfinancial constraintsen_US
dc.subjectInvestment-cash flow sensitivityen_US
dc.subjecttime variationsen_US
dc.titleDecreasing investment-cash flow sensitivity: Further UK evidenceen_US
dc.typeArticleen_US
dc.contributor.departmentUniversity of Northamptonen_US
dc.contributor.departmentUniversity of Bristolen_US
dc.contributor.departmentUniversity of Derbyen_US
dc.contributor.departmentManchester Metropolitan Universityen_US
dc.identifier.journalFinance Research Lettersen_US
dc.source.beginpage101397
dcterms.dateAccepted2019-12-11
dc.author.detail786509en_US


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