文章基本信息

标题：Value of Financial Flexibility and Investment Decisions of Non-Financial Firms in Pakistan
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作者：Zeeshan Ahmed ; Mubashir Ali Khan ; Qasim Saleem 等
期刊名称：Academy of Accounting and Financial Studies Journal
印刷版ISSN：1096-3685
出版年度：2022
卷号：26
期号：1
页码：1-9
语种：English
出版社：The DreamCatchers Group, LLC
摘要：We probe the nexus between value of financial flexibility and investments of non-financial firms listed on Pakistan Stock Exchange over the period 2007-2019. For, this purpose, OLS and fixed effect models are applied to test the relationship while 2SLS and two step systems GMM utilizes for endogeneity concerns. The findings suggested value of financial flexibility based on cash holdings propensity increases the investments. However, market based measure of financial flexibility significantly decreases the level of investments. The results are conclusive across additional tests. It is helpful for finance mangers in the formulation of financial strategies in relation to the controlling and planning of financial decisions. The study attempts to contribute in prior literature by identifying the relationship of value of financial flexibility with investment decisions in a developing country like Pakistan.
关键词：Value of Financial Flexibility;Fixed Capital Investment