Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/289518 
Erscheinungsjahr: 
2023
Quellenangabe: 
[Journal:] Schmalenbach Journal of Business Research (SBUR) [ISSN:] 2366-6153 [Volume:] 75 [Issue:] 4 [Year:] 2023 [Pages:] 483-518
Verlag: 
Springer, Heidelberg
Zusammenfassung: 
In order to identify the economic driver of negative investment-cash flow sensitivities (ICFS), we derive testable predictions from extending a theoretical investment model with endogenous financing costs ("revenue effect") and contrast them with the corporate life-cycle hypothesis. We find that firms with (i) lower levels of long-term debt display stronger negative ICFS, and (ii) firms with more risky revenues invest more, which contradicts the predictions of the revenue effect. At the same time firms with strongly negative ICFS are (iii) smaller, (iv) younger and (v) have higher growth opportunities, which is consistent with the life-cycle hypothesis.
Schlagwörter: 
Corporate Life-Cycle
Cost-Revenue Effect
Investment-Cash Flow Sensitivity
Nonlinearities
JEL: 
G31
G32
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