ترجمه مقاله نقش ضروری ارتباطات 6G با چشم انداز صنعت 4.0
- مبلغ: ۸۶,۰۰۰ تومان
ترجمه مقاله پایداری توسعه شهری، تعدیل ساختار صنعتی و کارایی کاربری زمین
- مبلغ: ۹۱,۰۰۰ تومان
Abstract
We examine the role of a country‟s institutional framework for investment and financing activities. A country‟s financial structure, investor rights, and legal environment are important determinants of the relation between cash flow and firms‟ investment and financing behavior. Firms from countries with a strong institutional framework exhibit higher financing-cash flow sensitivities. These firms are more likely to substitute a cash flow shortfall with issuing equity. Conversely, investment-cash flow sensitivities are higher for firms in countries with a weaker institutional framework.
Conclusion
We examine how the quality of a country‟s institutional framework affects firms‟ investment and financing behavior. Financing-cash flow sensitivities are generally higher for firms from countries with a strong institutional framework, while their investment-cash flow sensitivity tends to be lower compared to firms from countries with a weaker institutional framework.